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OPERATING LEASES
 9 Months Ended
Sep. 30, 2025
Lessee Disclosure [Abstract]  
OPERATING LEASES OPERATING LEASES
Substantially all leases in which OFG is the lessee are comprised of real estate property for branches, ATM locations, and office space with terms extending through 2038. OFG’s leases do not contain residual value guarantees or material variable lease payments. All leases are classified as operating leases and are included on the consolidated statements of financial condition as a right-of-use asset and a corresponding lease liability. OFG leases to others certain space in its principal offices for terms extending through 2026 with two additional extension through to 2030; all are operating leases.
Operating Lease Cost
Quarters Ended September 30, Nine-Month Periods Ended September 30, Statement of Operations
2025202420252024Classification
(In thousands)
Lease costs$2,284 $2,324 $6,746 $7,238 Occupancy and equipment
Variable lease costs381 465 1,185 1,246 Occupancy and equipment
Short-term lease costs104 123 371 264 Occupancy and equipment
Lease income(13)(13)(38)(64)Occupancy and equipment
Total lease costs$2,756 $2,899 $8,264 $8,684 
Operating Lease Assets and Liabilities
September 30,December 31,Statement of Financial Condition
20252024Classification
(In thousands)
Right-of-use assets$22,694 $19,197 Operating lease right-of-use assets
Lease Liabilities$24,681 $21,388 Operating leases liabilities
September 30,December 31,
20252024
(In thousands)
Weighted-average remaining lease term4.6 years4.8 years
Weighted-average discount rate7.4 %7.6 %
Future minimum payments for operating leases with initial or remaining terms of one year or more as of September 30, 2025, were as follows:
Minimum Rent
As of September 30, 2025(In thousands)
2025$2,115 
20267,539 
20276,467 
20285,117 
20293,527 
Thereafter4,373 
Total lease payments$29,138 
Less imputed interest4,457 
Present value of lease liabilities$24,681 
OFG, as lessor, leases or subleases real property to tenants under operating leases. As of September 30, 2025, no material lease concessions have been granted to tenants. As of September 30, 2025, OFG, as lessee, has not requested any lease concessions.