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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities on Recurring and Non-Recurring Basis
Assets and liabilities measured at fair value on a recurring and non-recurring basis are summarized below:
September 30, 2025
Fair Value Measurements
Level 1Level 2Level 3Total
(In thousands)
Recurring fair value measurements:
Investment securities available-for-sale$1,635 $2,565,334 $— $2,566,969 
Trading securities— 21 — 21 
Money market investments3,265 — — 3,265 
Servicing assets— — 67,437 67,437 
$4,900 $2,565,355 $67,437 $2,637,692 
Non-recurring fair value measurements:
Collateral dependent loans$— $— $6,327 $6,327 
Foreclosed real estate— — 3,160 3,160 
Other repossessed assets— — 4,865 4,865 
Mortgage loans held for sale— — 9,680 9,680 
Other loans held for sale— — 6,248 6,248 
$— $— $30,280 $30,280 
December 31, 2024
Fair Value Measurements
Level 1Level 2Level 3Total
(In thousands)
Recurring fair value measurements:
Investment securities available-for-sale$1,150 $2,337,055 $— $2,338,205 
Trading securities— 18 — 18 
Money market investments6,670 — — 6,670 
Servicing assets— — 70,435 70,435 
$7,820 $2,337,073 $70,435 $2,415,328 
Non-recurring fair value measurements:
Collateral dependent loans$— $— $6,877 $6,877 
Foreclosed real estate— — 4,002 4,002 
Other repossessed assets— — 6,595 6,595 
Mortgage loans held for sale— — 13,286 13,286 
Other loans held for sale$— $— $4,446 4,446 
$— $— $35,206 $35,206 
Schedule of Reconciliation of Assets and Liabilities Using Significant Unobservable Inputs (Level 3)
The tables below present a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the quarters and nine-month periods ended September 30, 2025 and 2024:
Level 3 Instruments Only
Servicing Assets
Quarters Ended September 30, Nine-Month Periods Ended September 30,
2025202420252024
(In thousands)
Balance at beginning period$68,588 $49,789 $70,435 $49,520 
New instruments acquired723 21,923 2,133 22,753 
Principal repayments and amortization(1,407)(1,108)(4,015)(2,759)
Losses included in earnings
(467)(2,092)(1,116)(1,002)
Balance at end of period$67,437 $68,512 $67,437 $68,512 
Schedule of Qualitative Information for Assets and Liabilities The table below presents quantitative information for all assets measured at fair value on a recurring and non-recurring basis using significant unobservable inputs (Level 3) at September 30, 2025 and December 31, 2024:
September 30, 2025
Fair ValueValuation TechniqueUnobservable InputRangeWeighted Average
(In thousands)
Servicing assets$67,437 Cash flow valuationConstant prepayment rate
2.52% - 19.69%
5.57 %
Discount rate
10.00% - 15.50%
11.62 %
Collateral dependent loans
$6,327 Fair value of property
or collateral		Appraised value less disposition costs
8.20% - 33.20%
26.35 %
Foreclosed real estate$3,160 Fair value of property
or collateral		Appraised value less disposition costs
8.20% - 33.20%
11.94 %
Other repossessed assets$4,865 Fair value of property
or collateral		Estimated net realizable value less disposition costs
30.00% - 62.00%
50.41 %
Mortgage loans held for sale$9,680 Market pricesPricing and execution whole loan
93.96% - 101.66%
97.61 %
Other loans held for sale$6,248 Bids or sales contract pricesEstimated market value
100.00% - 105.50%
103.82 %
December 31, 2024
Fair ValueValuation TechniqueUnobservable InputRangeWeighted Average
(In thousands)
Servicing assets$70,435 Cash flow valuationConstant prepayment rate
1.09% - 15.28%
5.83 %
Discount rate
10.00% - 15.50%
11.61 %
Collateral dependent loans$6,877 Fair value of property
or collateral		Appraised value less disposition costs
10.20% - 33.20%
18.14 %
Foreclosed real estate$4,002 Fair value of property
or collateral		Appraised value less disposition costs
10.20% - 33.20%
13.16 %
Other repossessed assets$6,595 Fair value of property
or collateral		Estimated net realizable value less disposition costs
37.00% - 69.00%
54.73 %
Mortgage loans held for sale$13,286 Fair value of propertyEstimated net realizable value
89.38% - 101.38%
95.01%
Other loans held for sale$4,446 Bids or sales contract pricesEstimated market value
101.21% - 101.21%
101.21%
Schedule of Estimated Fair Value and Carrying Value
The estimated fair value and carrying value of OFG’s financial instruments at September 30, 2025 and December 31, 2024 was as follows:
September 30, 2025December 31, 2024
Fair
Value		Carrying
Value		Fair
Value		Carrying
Value
(In thousands)
Financial Assets:
Level 1
Cash and cash equivalents$740,349 $740,349 $591,137 $591,137 
Investment securities available-for-sale$1,635 $1,635 $1,150 $1,150 
Level 2
Financial Assets:
Trading securities$21 $21 $18 $18 
Investment securities available-for-sale$2,565,334 $2,565,334 $2,337,055 $2,337,055 
Investment securities held-to-maturity$227,864 $275,116 $232,152 $292,158 
Federal Home Loan Bank (FHLB) stock$27,421 $27,421 $24,280 $24,280 
Equity securities$34,485 $34,485 $30,616 $30,616 
Level 3
Financial Assets:
Investment securities held-to-maturity$35,001 $35,000 $35,022 $35,000 
Total loans, net (including loans held-for-sale)
$7,876,724 $7,935,413 $7,567,075 $7,633,831 
Accrued interest receivable$71,591 $71,591 $71,667 $71,667 
Servicing assets$67,437 $67,437 $70,435 $70,435 
Accounts receivable and other assets$61,222 $61,222 $70,191 $70,191 
Financial Liabilities:
Deposits$10,035,679 $10,008,633 $9,625,803 $9,604,786 
Securities sold under agreements to repurchase$100,239 $100,791 $75,226 $75,222 
Advances from FHLB$457,208 $456,530 $324,510 $325,952 
Accrued expenses and other liabilities$183,487 $183,487 $146,771 $146,771