OFG Bancorp (OFG) 10-K 24 Feb 23 2022 FY Annual report Financial data

COVER

COVER - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Jan. 31, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-12647
Entity Registrant Name	OFG Bancorp
Entity Incorporation, State or Country Code	PR
Entity Tax Identification Number	66-0538893
Entity Address, Address Line One	254 Muñoz Rivera Avenue
Entity Address, City or Town	San Juan
Entity Address, Country	PR
Entity Address, Postal Zip Code	00918
City Area Code	787
Local Phone Number	771-6800
Title of 12(b) Security	Common shares, par value $1.00 per share
Trading Symbol	OFG
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 1,208
Entity Common Stock, Shares Outstanding		47,600,346
Documents Incorporated by Reference	Portions of the Company’s definitive proxy statement relating to the 2023 annual meeting of shareholders are incorporated herein by reference in response to Items 10 through 14 of Part III, except for certain information set forth herein under Item 12.
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Central Index Key	0001030469

AUDITOR INFORMATION

AUDITOR INFORMATION	12 Months Ended
	Dec. 31, 2022
Audit Information [Abstract]
Auditor Firm ID	185
Auditor Name	KPMG LLP
Auditor Location	San Juan, Puerto Rico

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Cash and cash equivalents:
Cash and due from banks	$ 546,146	$ 2,014,523
Money market investments	4,161	8,952
Total cash and cash equivalents	550,307	2,023,475
Restricted cash	157	175
Investments:
Trading securities, at fair value, with amortized cost of $162 (December 31, 2021 - $162)	9	20
Investment securities available-for-sale, at fair value, with amortized cost of $1,522,812 (December 31, 2021 - $503,421); no allowance for credit losses	1,412,776	510,713
Investment securities held-to-maturity, at amortized cost, with fair value of $469,186 (December 31, 2021 - $363,653); no allowance for credit losses	535,070	367,507
Equity securities	23,667	17,578
Total investments	1,971,522	895,818
Loans:
Loans held-for-sale, at lower of cost or fair value	40,587	82,662
Loans held for investment, net of allowance for credit losses of $152,673 (December 31, 2021 - $155,937)	6,682,649	6,246,649
Total loans	6,723,236	6,329,311
Other assets:
Foreclosed real estate	11,214	15,039
Accrued interest receivable	62,402	56,560
Deferred tax asset, net	55,485	99,063
Premises and equipment, net	106,820	92,124
Customers' liability on acceptances	28,607	35,329
Servicing assets	50,921	48,973
Goodwill	84,241	86,069
Other intangible assets	27,593	36,093
Operating lease right-of-use assets	25,363	28,846
Other assets	120,912	152,845
Total assets	9,818,780	9,899,720
Deposits:
Demand deposits	5,176,758	5,204,340
Savings accounts	2,227,965	2,177,780
Time deposits	1,163,641	1,220,998
Total deposits	8,568,364	8,603,118
Borrowings:
Advances from Federal Home Loan Bank	26,716	28,488
Subordinated capital notes	0	36,083
Other borrowings	318	0
Total borrowings	27,034	64,571
Other liabilities:
Derivative liabilities	0	804
Acceptances executed and outstanding	28,607	35,329
Operating lease liabilities	27,370	30,498
Accrued expenses and other liabilities	124,999	96,240
Total liabilities	8,776,374	8,830,560
Commitments and contingencies (See Note 25)
Stockholders’ equity:
Common stock, $1 par value; 100,000,000 shares authorized; 59,885,234 shares issued: 47,581,375 shares outstanding (December 31, 2021 - 59,885,234 shares issued; 49,636,352 shares outstanding)	59,885	59,885
Additional paid-in capital	636,793	637,061
Legal surplus	133,901	117,677
Retained earnings	516,371	399,949
Treasury stock, at cost, 12,303,859 shares (December 31, 2021 - 10,248,882 shares)	(211,135)	(150,572)
Accumulated other comprehensive (loss) income, net of tax of $16,221 (December 31, 2021 - $1,328)	(93,409)	5,160
Total stockholders’ equity	1,042,406	1,069,160
Total liabilities and stockholders’ equity	$ 9,818,780	$ 9,899,720

CONSOLIDATED STATEMENTS OF FI_2

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Trading securities, amortized cost	$ 162	$ 162
Investment securities available-for-sale, amortized cost	1,522,812	503,421
Investment securities available-for-sale, allowance for credit loss	0	0
Investment securities held-to-maturity, fair value	469,186	363,653
Investment securities held-to-maturity, allowance for credit loss	0	0
Loans held for investment, allowance for credit losses	$ 152,673	$ 155,937
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, authorized (in shares)	100,000,000	100,000,000
Common stock, issued (in shares)	59,885,234	59,885,234
Common stock, outstanding (in shares)	47,581,375	49,636,352
Treasury stock, at cost (in shares)	12,303,859	10,248,882
Accumulated other comprehensive income, tax (benefit) expense	$ (16,221)	$ 1,328

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Interest income:
Loans	$ 460,162	$ 433,788	$ 457,435
Mortgage-backed securities	31,298	11,614	7,558
Investment securities and other	24,113	3,797	8,354
Total interest income	515,573	449,199	473,347
Interest expense:
Deposits	32,239	39,014	60,198
Securities sold under agreements to repurchase	0	0	1,335
Advances from FHLB and other borrowings	733	1,641	1,988
Subordinated capital notes	521	1,174	1,394
Total interest expense	33,493	41,829	64,915
Net interest income	482,080	407,370	408,432
Provision for credit losses	24,119	221	92,672
Net interest income after provision for credit losses	457,961	407,149	315,760
Non-interest income:
Banking service revenue	71,161	71,706	62,579
Wealth management revenue	32,635	35,044	31,789
Mortgage banking activities	21,929	22,508	16,504
Total banking and financial service revenues	125,725	129,258	110,872
Net (loss) gain on:
Sale of securities	(247)	19	4,728
Early extinguishment of debt	42	(1,481)	(63)
Bargain purchase from Scotiabank Acquisition	0	0	7,336
Other non-interest income	6,170	5,414	1,479
Non-interest income	131,690	133,210	124,352
Non-interest expense:
Compensation and employee benefits	142,930	133,442	132,926
Occupancy, equipment and infrastructure costs	51,308	50,158	47,283
Electronic banking charges	39,554	37,202	34,698
Information technology expenses	21,891	18,965	20,823
Professional and service fees	24,842	20,080	17,135
Taxes, other than payroll and income taxes	12,999	13,829	13,831
Insurance	9,898	10,092	11,424
Loan servicing and clearing expenses	9,161	7,604	6,752
Advertising, business promotion, and strategic initiatives	8,240	6,999	5,851
Communication	4,296	4,555	4,067
Printing, postage, stationery and supplies	3,563	4,037	3,847
Director and investor relations	1,125	1,135	1,174
Merger and restructuring charges	0	0	16,083
Climate events expenses	1,574	0	0
Foreclosed real estate and other repossessed assets (income) expenses, net	(2,074)	(3,007)	7,767
Other	16,239	20,665	21,625
Total non-interest expense	345,546	325,756	345,286
Income before income taxes	244,105	214,603	94,826
Income tax expense	77,866	68,452	20,499
Net income	166,239	146,151	74,327
Less: dividends on preferred stock	0	(1,255)	(6,512)
Income available to common shareholders	$ 166,239	$ 144,896	$ 67,815
Earnings per common share:
Basic (in dollars per share)	$ 3.46	$ 2.85	$ 1.32
Diluted (in dollars per share)	$ 3.44	$ 2.81	$ 1.32
Average common shares outstanding and equivalents (in shares)	48,436	51,370	51,555
Cash dividends per share of common stock (in dollars per share)	$ 0.70	$ 0.40	$ 0.28

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 166,239	$ 146,151	$ 74,327
Other comprehensive (loss) income before tax:
Unrealized (loss) gain on securities available-for-sale	(117,575)	(6,951)	19,296
Realized loss (gain) on sale of securities available-for-sale	247	(19)	(4,728)
Unrealized gain (loss) on cash flow hedges	1,210	908	(804)
Other comprehensive (loss) income before taxes	(116,118)	(6,062)	13,764
Income tax effect	17,549	200	(1,734)
Other comprehensive (loss) income after taxes	(98,569)	(5,862)	12,030
Comprehensive income	$ 67,670	$ 140,289	$ 86,357

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands		Total	Preferred stock	Common stock	Additional paid-in capital	Legal surplus	Retained earnings	Retained earnings Impact of ASC 326 adoption	Retained earnings Cumulative effect, adjusted balance	Treasury stock	Accumulated other comprehensive (loss) income, net of tax
Balance at beginning of year at Dec. 31, 2019			$ 92,000		$ 621,515	$ 95,779	$ 279,646		$ 254,152	$ (102,339)	$ (1,008)
Balance at beginning of year (Topic 326 adoption) at Dec. 31, 2019								$ (25,494)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense					2,170
Lapsed restricted stock units					(1,033)					1,616
Transfer from retained earnings						7,490
Net income		$ 74,327					74,327
Cash dividends declared on common stock	[1]						(14,381)
Cash dividends declared on preferred stock							(6,512)
Transfer to legal surplus							(7,490)
Stock repurchased		(2,226)								(2,226)
Other comprehensive (loss) income, net of tax		12,030									12,030
Balance at end of year at Dec. 31, 2020		1,085,975	92,000	$ 59,885	622,652	103,269	300,096		300,096	(102,949)	11,022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemption of preferred stock			(92,000)
Stock-based compensation expense					6,245
Lapsed restricted stock units					(1,966)					2,249
Redemption of preferred stock, issuance costs					10,130		(10,130)
Transfer from retained earnings						14,408
Net income		146,151					146,151
Cash dividends declared on common stock	[1]						(20,505)
Cash dividends declared on preferred stock							(1,255)
Transfer to legal surplus		14,400					(14,408)
Stock repurchased		(49,872)								(49,872)
Other comprehensive (loss) income, net of tax		(5,862)									(5,862)
Balance at end of year at Dec. 31, 2021		1,069,160	0	59,885	637,061	117,677	399,949		$ 399,949	(150,572)	5,160
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense					4,185
Lapsed restricted stock units					(4,453)					3,547
Transfer from retained earnings						16,224
Net income		166,239					166,239
Cash dividends declared on common stock	[1]						(33,593)
Transfer to legal surplus		16,200					(16,224)
Stock repurchased		(64,110)								(64,110)
Other comprehensive (loss) income, net of tax		(98,569)									(98,569)
Balance at end of year at Dec. 31, 2022		$ 1,042,406	$ 0	$ 59,885	$ 636,793	$ 133,901	$ 516,371			$ (211,135)	$ (93,409)
[1]Dividends declared per common share during 2022 - $0.70 (2021 - $0.40; 2020 - $0.28).

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (Parenthetical) - $ / shares	3 Months Ended		12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]
Dividends declared per common share (in dollars per share)	$ 0.20	$ 0.12	$ 0.70	$ 0.40	$ 0.28

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net income	$ 166,239	$ 146,151	$ 74,327
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred loan origination fees and fair value (discounts) premiums on loans	683	(10,193)	(11,061)
Amortization of fair value premiums on acquired deposits	0	0	(2,607)
Amortization of investment securities premiums, net of accretion of (discounts)	(3,628)	3,111	4,971
Amortization of other intangible assets	8,500	9,803	11,069
Net change in operating leases	360	469	455
Depreciation and amortization of premises and equipment	15,812	14,128	12,687
Deferred income tax expense, net	61,126	63,616	27,846
Provision for (recapture of) credit losses	24,119	221	92,672
Stock-based compensation	4,185	6,245	2,170
Bargain purchase from Scotiabank PR & USVI acquisition	0	0	(7,336)
Loss (gain) on:
Sale of securities	247	(19)	(4,728)
Sale of loans	(1,202)	(7,292)	(4,451)
Early extinguishment of debt	(42)	1,481	63
Foreclosed real estate and other repossessed assets	(12,186)	(10,435)	2,250
Sale of other assets	(4,962)	(571)	(6)
Originations and purchases of loans held-for-sale	(185,884)	(353,685)	(236,107)
Proceeds from sale of loans held-for-sale	97,608	220,684	128,018
Net decrease (increase) in:
Accrued interest receivable	(5,825)	9,537	(23,598)
Servicing assets	(1,948)	(1,678)	3,484
Other assets	35,371	(9,051)	(7,184)
Net increase (decrease) in:
Accrued interest on deposits and borrowings	34	(861)	(10,538)
Accrued expenses and other liabilities	(34,151)	18,383	(17,436)
Net cash provided by operating activities	164,456	100,044	34,960
Purchases of:
Investment securities available-for-sale	(1,266,569)	(29,095)	(158,412)
Investment securities held-to-maturity	(196,742)	(380,322)	0
FHLB stock	(122)	0	0
Equity securities	(4,550)	(7,650)	(3,402)
Maturities and redemptions of:
Investment securities available-for-sale	132,756	102,034	569,658
Investment securities held-to-maturity	29,438	12,445	0
FHLB stock	83	2,312	4,770
Proceeds from sales of:
Investment securities available-for-sale	242,126	2,174	320,984
Foreclosed real estate and other repossessed assets, including write-offs	48,805	44,966	40,622
Loans held for investment	0	4,846	0
Premises and equipment	4,784	570	52
Other assets	1,060	0	0
Origination and purchase of loans, excluding loans held-for-sale	(2,885,018)	(2,036,516)	(1,493,854)
Principal repayment of loans	2,412,011	2,124,355	1,492,748
Additions to premises and equipment	(30,999)	(23,053)	(15,263)
Outlays for business acquisitions	0	0	(402)
Net cash (used in) provided by investing activities	(1,512,937)	(182,934)	757,501
Net increase (decrease) in:
Deposits	6,906	152,699	735,830
Securities sold under agreements to repurchase	0	0	(190,063)
Subordinated capital notes	(34,958)	0	0
FHLB advances, federal funds purchased, and other borrowings	(1,547)	(39,174)	(12,872)
Exercise of stock options and restricted units lapsed, net	(906)	283	583
Purchase of treasury stock	(64,110)	(49,872)	(2,226)
Redemption of preferred stock	0	(92,000)	0
Dividends paid on preferred stock	0	(1,255)	(6,512)
Dividends paid on common stock	(30,090)	(19,718)	(14,381)
Net cash (used in) provided by financing activities	(124,705)	(49,037)	510,359
Net change in cash, cash equivalents and restricted cash	(1,473,186)	(131,927)	1,302,820
Cash, cash equivalents and restricted cash at beginning of year	2,023,650	2,155,577	852,757
Cash, cash equivalents and restricted cash at end of year	550,464	2,023,650	2,155,577
Reconciliation of the Consolidated Statements of Cash Flows to the Consolidated Statements of Financial Condition:
Cash and due from banks	546,146	2,014,523	2,142,294
Money market investments	4,161	8,952	11,908
Restricted cash	157	175	1,375
Total cash, cash equivalents, restricted cash and restricted cash equivalents at end of year	550,464	2,023,650	2,155,577
Supplemental Cash Flow Disclosure and Schedule of Non-cash Activities:
Interest paid	26,959	35,338	56,442
Income taxes paid	5,126	2,794	6,255
Operating lease liabilities paid	10,107	10,948	12,778
Mortgage loans held-for-sale securitized into mortgage-backed securities	126,082	149,080	90,174
Transfer from loans to foreclosed real estate and other repossessed assets	37,233	39,547	23,332
Reclassification of loans held-for-investment portfolio to held-for-sale portfolio	17,476	54,983	2,542
Reclassification of loans held-for-sale portfolio to held-for-investment portfolio	22,723	7,053	0
Financed sales of foreclosed real estate	1,767	1,444	284
Interest on loans subject to the temporary payment moratorium	0	0	35,593
Delinquent loans booked under the GNMA buy-back option	32,590	14,511	56,193
Conversion of debt security to equity security	$ 1,500	$ 0	$ 0

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accounting policies of OFG Bancorp (“OFG” or the “Company”) conform with GAAP and to banking industry practices. The following is a description of OFG’s most significant accounting policies: Nature of Operations OFG is a publicly-owned financial holding company incorporated under the laws of the Commonwealth of Puerto Rico. OFG operates through various subsidiaries including, a commercial bank, Oriental Bank (the “Bank”), a securities broker-dealer and investment adviser, Oriental Financial Services LLC (“Oriental Financial Services”), an insurance agency, Oriental Insurance, LLC (“Oriental Insurance”), a captive reinsurance company, OFG Reinsurance Ltd (“OFG Reinsurance”), a retirement plan administrator, Oriental Pension Consultants, Inc. (“OPC”), and OFG Ventures LLC (“OFG Ventures”), which holds investments. Through these subsidiaries and their respective divisions, OFG provides a wide range of banking and financial services such as commercial, consumer and mortgage lending, auto leasing and lending, financial planning, insurance sales, money management, investment banking and securities brokerage services, as well as corporate and individual trust services. Effective December 31, 2022, OFG sold its retirement plan administration business which was operated under the OPC subsidiary and OPC thereafter discontinued its operations. Annual results include these operations until the date of sale. OFG conducts its business through its main office in San Juan, Puerto Rico, forty-one branches in Puerto Rico and two branches in the U.S. Virgin Islands (the “USVI”). OFG has three subsidiaries with operations in Puerto Rico: the Bank, Oriental Financial Services and Oriental Insurance; two subsidiaries in the United States, OPC and OFG Ventures; and a subsidiary in the Cayman Islands, OFG Reinsurance. OFG is subject to supervision and regulation by the Board of Governors of the Federal Reserve System (the “Federal Reserve Board”) under the U.S. Bank Holding Company Act of 1956, as amended, and the Dodd-Frank Act. The Bank is subject to the supervision, examination and regulation of the Office of the Commissioner of Financial Institutions of Puerto Rico (“OCFI”) and the Federal Deposit Insurance Corporation (the “FDIC”). The Bank offers banking services such as commercial, consumer and mortgage lending, auto leasing and lending, savings and time deposit products, financial planning, and corporate and individual trust services, and capitalizes on its commercial banking network to provide mortgage lending products to its clients. The Bank has an operating subsidiary, OFG USA LLC, a wholly-owned subsidiary of the Bank, which is a commercial lender organized in Delaware. Oriental International Bank Inc. (“OIB”), a wholly-owned subsidiary of the Bank, and Oriental Overseas, a division of the Bank, are international banking entities licensed pursuant to the International Banking Center Regulatory Act of Puerto Rico, as amended. OIB and Oriental Overseas offer the Bank certain Puerto Rico tax advantages. Their activities are limited under Puerto Rico law to persons located in Puerto Rico with assets/liabilities located outside of Puerto Rico. The Bank’s USVI operations are also subject to the supervision, examination and regulation of the USVI Banking Board. Oriental Financial Services is registered as a securities broker-dealer and as an investment adviser, and is subject to the supervision, examination and regulation of the Financial Industry Regulatory Authority (“FINRA”), the U.S. Securities and Exchange Commission (the “SEC”), and the OCFI. Oriental Financial Services is also a member of the Securities Investor Protection Corporation. Oriental Insurance is an insurance agency and is subject to the supervision, examination and regulation of the Office of the Commissioner of Insurance of Puerto Rico. OFG Reinsurance is subject to regulation by the Cayman Islands Monetary Authority (the “CIMA”). OFG’s mortgage banking activities are conducted through a division of the Bank. The mortgage banking activities include the origination of mortgage loans for the Bank’s own portfolio, the sale of loans directly in the secondary market or the securitization of conforming loans into mortgage-backed securities, and the purchase or assumption of the right to service loans originated by others. The Bank originates Federal Housing Administration (“FHA”) insured and Veterans Administration (“VA”) guaranteed mortgages that are primarily securitized for issuance of Government National Mortgage Association (“GNMA”) mortgage-backed securities which can be resold to individual or institutional investors in the secondary market. Conventional loans that meet the underwriting requirements for sale or exchange under certain Federal National Mortgage Association (“FNMA”) or Federal Home Loan Mortgage Corporation (“FHLMC”) programs are referred to as conforming mortgage loans and are also securitized for issuance of FNMA or FHLMC mortgage-backed securities. The Bank is an approved seller of FNMA mortgage loans for issuance of FNMA mortgage-backed securities. The Bank is also an approved issuer of GNMA mortgage-backed securities. The Bank is the master servicer of the GNMA, FNMA and FHLMC pools that it issues and of its mortgage loan portfolio and up to December 31, 2022 had a subservicing arrangement with a third party for a portion of its acquired loan portfolio. This subservicing arrangement will conclude on May 1, 2023. OFG services most of its mortgage loan portfolio. On December 31, 2019, OFG purchased from the The Bank of Nova Scotia (“BNS”) all outstanding common stock of Scotiabank de Puerto Rico (“SBPR”). Immediately following the closing, OFG merged SBPR with and into the Bank, with the Bank continuing as the surviving entity. As part of this transaction, the Bank also acquired the USVI banking operations of BNS through an acquisition of certain assets (including loans, ATMs and physical branch locations) and an assumption of certain liabilities (including deposits). In addition, OFG acquired certain loans and assumed certain liabilities, from BNS’s Puerto Rico branch. This transaction is referred to as the “Scotiabank Acquisition.” Principles of Consolidation The accompanying consolidated financial statements include the accounts of OFG Bancorp and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The Statutory Trust II was exempt from the consolidation requirements of GAAP. Business Combinations OFG accounted for the Scotiabank Acquisition under the accounting guidance of ASC Topic No. 805, Business Combinations, which requires the use of the acquisition method of accounting. All identifiable assets and liabilities acquired were initially recorded at fair value. No allowance for credit losses related to the acquired loans was recorded on the acquisition date. Loans acquired were recorded at fair value in accordance with the fair value methodology prescribed in ASC Topic 820. These fair value estimates associated with the loans included estimates related to expected prepayments and the amount and timing of expected principal, interest and other cash flows. The valuation of these loans required management to make subjective judgments concerning estimates about how the acquired loans would perform in the future using valuation methods, including discounted cash flow analyses and other factors as market-based and industry data related to expected changes in interest rates, assumptions related to probability and severity of credit losses, estimated timing of credit losses including the timing of foreclosure and liquidation of collateral, expected prepayment rates, and specific industry and market conditions. Refer to Note 2 – Business Combination for further discussion of the Scotiabank Acquisition. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amount of revenue and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate mainly to the determination of the allowance for credit losses, the valuation of securities, the determination of income taxes, impairment of securities, and goodwill valuation and impairment assessment. Earnings per Common Share Basic earnings per share is calculated by dividing income available to common shareholders (net income reduced by dividends on preferred stock) by the weighted average of outstanding common shares. Diluted earnings per share is similar to the computation of basic earnings per share except that the weighted average of common shares is increased to include the number of additional common shares that would have been outstanding if the potentially dilutive common shares underlying stock options and restricted units had been issued, assuming that proceeds from exercise are used to repurchase shares in the market (treasury stock method). Any stock splits and dividends are retroactively recognized in all periods presented in the consolidated financial statements. Cash Equivalents OFG considers as cash equivalents all money market instruments that are not pledged and that have maturities of three months or less. Investment Securities OFG classifies its investments in debt and equity securities into one of four categories: Held-to-maturity - Securities that management has the intent and ability to hold to maturity. These securities are carried at amortized cost. Since the adoption of current expected credit losses (“CECL”) on January 1, 2020, an allowance for credit losses is established for the expected credit losses over the remaining term of debt securities held to maturity. OFG’s portfolio of held to maturity securities is comprised of US Treasury notes and obligations from the U.S. Government. These securities have an explicit or implicit guarantee from the U.S. government, are highly rated by major rating agencies, and have a long history of no credit losses. Accordingly, OFG applies a zero-credit loss assumption and no ACL for these securities has been established. OFG monitors its securities portfolio composition and credit performance on a quarterly basis to determine if any allowance is considered necessary. Available for sale - Securities to be held for indefinite periods of time. These securities are carried at fair value. Declines in fair value below the securities’ amortized cost which are not related to estimated credit losses are recorded through other comprehensive income or loss, net of taxes. If OFG intends to sell or believes it is more likely than not that it will be required to sell the debt security, it is written down to fair value through earnings. Since the adoption of CECL on January 1, 2020, credit losses relating to available-for-sale debt securities are recorded through an allowance for credit losses (“ACL”), which are limited to the difference between the amortized cost and the fair value of the asset. The ACL is established for the expected credit losses over the remaining term of debt security. OFG’s portfolio of available for sale securities is comprised mainly of U.S. Treasury notes and obligations from the U.S. Government. These securities have an explicit or implicit guarantee from the U.S. government, are highly rated by major rating agencies, and have a long history of no credit losses. Accordingly, OFG applies a zero-credit loss assumption and no ACL for these securities has been established. OFG monitors its securities portfolio composition and credit performance on a quarterly basis to determine if any allowance is considered necessary. Debt securities available-for-sale are written-off when a portion or the entire amount is deemed uncollectible, based on the information considered to develop expected credit losses through the life of the asset. The specific identification method is used to determine realized gains and losses on debt securities available for sale, which are included in net gain (loss) on sale of securities in the Consolidated Statements of Operations. Trading - Securities held for resale in anticipation of short-term market movements. These securities are carried at fair value, with changes in unrealized holding gains and losses included in income. Management determines the appropriate classification of securities at the time of purchase. Equity securities - Equity securities do not have readily available fair values and are measured at cost, less any impairment. Impairment is reviewed on a quarterly basis through a qualitative assessment. Stock that is owned by OFG to comply with regulatory requirements, such as Federal Home Loan Bank (“FHLB”) stock, is included in this category, and their realizable value equals their cost. Unrealized and realized gains and losses and any impairment on equity securities are included in net gain (loss) in the Consolidated Statements of Operations. Dividend income from investments in equity securities is included in interest income in the Consolidated Statements of Operations. Premiums and discounts are amortized to interest income over the life of the related securities using the interest method. Net realized gains or losses on sales of investment securities and unrealized gains and losses valuation adjustments considered other than temporary, if any, on securities classified as either available-for-sale or held-to-maturity are reported separately in the statements of operations. Purchases and sales of securities are recorded at trade date. The cost of securities sold is determined by the specific identification method. Financial Instruments Certain financial instruments, including derivatives, trading securities and investment securities available-for-sale, are recorded at fair value and unrealized gains and losses are recorded in other comprehensive (loss) income or as part of non-interest income, as appropriate. Fair values are based on listed market prices, if available. If listed market prices are not available, fair value is determined based on other relevant factors, including price quotations for similar instruments. The fair values of certain derivative contracts are derived from pricing models that consider current market and contractual prices for the underlying financial instruments as the well as time value and yield curve or volatility factors underlying the positions. OFG determines the fair value of its financial instruments based on the fair value measurement framework, which establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy are described below: Level 1 — Level 1 assets and liabilities include equity securities that are traded in an active exchange market. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities. Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include (i) mortgage-backed securities for which the fair value is estimated based on valuations obtained from third-party pricing services for identical or comparable assets, (ii) debt securities with quoted prices that are traded less frequently than exchange-traded instruments and (iii) derivative contracts and financial liabilities whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models for which the determination of fair value requires significant management judgment or estimation. OFG’s policy is to recognize any transfer into or out of the Levels referred to above at the date of the event or change in circumstances that caused the transfer. Derivative Instruments and Hedging Activities OFG uses financial derivatives, as interest rate swaps and caps, to both mitigate exposure to market (primarily interest rate) and credit risks inherent in its business activities, as well as to facilitate customer risk management activities. OFG manages these risks as part of its asset and liability management process and through credit policies and procedures. OFG recognizes all derivative instruments at fair value as either other assets or derivative liabilities on the consolidated statement of financial condition and the related cash flows in the operating activities section of the consolidated statement of cash flows. Adjustments for counterparty credit risk are included in the determination of fair value. The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a cash flow or net investment hedging relationship. For all other derivatives, changes in fair value are recognized in earnings. OFG utilizes a net presentation for derivative instruments on the consolidated statement of financial condition taking into consideration the effects of legally enforceable master netting agreements. Cash collateral exchanged with counterparties is also netted against the applicable derivative exposures by offsetting obligations to return, or general rights to reclaim, cash collateral against the fair values of the net derivatives being collateralized. For those derivative instruments that are designated and qualify as accounting hedges, OFG designates the hedging instrument, based on the exposure being hedged, as a cash flow hedge. OFG formally documents the relationship between the hedging instruments and hedged items, as well as the risk management objective and strategy, before undertaking an accounting hedge. To qualify for hedge accounting, the derivatives and related hedged items must be designated as a hedge at inception of the hedge relationship. In addition, a derivative must be highly effective at reducing the risk associated with the exposure being hedged. For accounting hedge relationships, OFG formally assesses, both at the inception of the hedge and on an ongoing basis, if the derivatives are highly effective in offsetting designated changes in the fair value or cash flows of the hedged item. If it is determined that the derivative instrument is not highly effective, hedge accounting is discontinued. OFG assesses effectiveness using statistical regression analysis. Where the critical terms of the derivative and hedged item match, effectiveness may be assessed qualitatively. For derivatives designated as cash flow hedges (hedging the exposure to variability in expected future cash flows), the gain or loss on derivatives is reported as a component of accumulated other comprehensive (loss) income and subsequently reclassified to income in the same period or periods during which the hedged cash flows affect earnings and recorded in the same income statement line item as the hedged cash flows. OFG discontinues hedge accounting when it is determined that the derivative no longer qualifies as an effective hedge; the derivative expires or is sold, terminated or exercised; or the derivative is de-designated as a cash flow hedge. Mortgage Banking Activities and Mortgage Loans Held-For-Sale The residential mortgage loans reported as held-for-sale are stated at the lower of amortized cost or fair value, cost being determined on the outstanding loan balance less unearned income, and fair value determined in the aggregate. The amount for which amortized cost exceeds fair value is recognized through a valuation allowance by a charge to income in the period in which the change occurs. Realized gains or losses on these loans are determined using the specific identification method. Loans held-for-sale include all conforming mortgage loans originated and purchased, which from time to time Oriental sells to other financial institutions or securitizes conforming mortgage loans into GNMA, FNMA and FHLMC pass-through certificates . Accounting for Transfers and Servicing of Financial Assets and Extinguishment of Liabilities OFG recognizes the financial and servicing assets it controls and the liabilities it has incurred, derecognizes financial assets when control has been surrendered, and derecognizes liabilities when extinguished. OFG is not engaged in sales of mortgage loans and mortgage-backed securities subject to recourse provisions except for those provisions that allow for the repurchase of loans as a result of a breach of certain representations and warranties other than those related to the credit quality of the loans included in the sale transactions. The transfer of an entire financial asset, a group of entire financial assets, or a participating interest in an entire financial asset in which OFG surrenders control over the assets is accounted for as a sale if all of the following conditions set forth in Accounting Standards Codification (“ASC”) Topic 860 are met: (i) the assets must be isolated from creditors of the transferor, (ii) the transferee must obtain the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (iii) the transferor cannot maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. When OFG transfers financial assets and the transfer fails any one of these criteria, OFG is prevented from derecognizing the transferred financial assets and the transaction is accounted for as a secured borrowing. For transfers of financial assets that satisfy the conditions to be accounted for as sales, OFG derecognizes all assets sold; recognizes all assets obtained and liabilities incurred in consideration as proceeds of the sale, including servicing assets and servicing liabilities, if applicable; initially measures at fair value assets obtained and liabilities incurred in a sale; and recognizes in earnings any gain or loss on the sale. The guidance on transfer of financial assets requires a true sale analysis of the treatment of the transfer under state law as if OFG was a debtor under the bankruptcy code. A true sale legal analysis includes several legally relevant factors, such as the intent of the parties, the nature and level of recourse to the transferor, and the nature of retained interests in the loans sold. The analytical conclusion as to a true sale is never absolute and unconditional, and contains qualifications based on the inherent equitable powers of a bankruptcy court, as well as any unsettled matters of state law or common law. Once the legal isolation test has been met, other factors concerning the nature and extent of the transferor’s control over the transferred assets are taken into account in order to determine whether derecognition of assets is warranted. When OFG sells or securitizes mortgage loans, it generally makes customary representations and warranties regarding the characteristics of the loans sold. Conforming conventional mortgage loans are combined into pools which are exchanged for FNMA and GNMA mortgage-backed securities, which are generally sold to private investors, or sold directly to FNMA or other private investors for cash. To the extent the loans do not meet the specified characteristics, investors are generally entitled to require OFG to repurchase such loans or indemnify the investor against losses if the assets do not meet certain guidelines. GNMA programs allow financial institutions to buy back individual delinquent mortgage loans that meet certain criteria from the securitized loan pool for which OFG provides servicing. At OFG’s option and without GNMA’s prior authorization, OFG may repurchase such delinquent loans for an amount equal to 100% of the loan’s remaining principal balance. This buy-back option is considered a conditional option until the delinquency criteria is met, at which time the option becomes unconditional. When the loans backing a GNMA security are initially securitized, OFG treats the transaction as a sale for accounting purposes because the conditional nature of the buy-back option means that OFG does not maintain effective control over the loans and, therefore, these are derecognized from the statement of financial condition. When individual loans later meet GNMA’s specified delinquency criteria and are eligible for repurchase, OFG is deemed to have regained effective control over these loans, and these must be brought back into OFG’s books as assets, regardless of whether OFG intends to exercise the buy-back option. Quality review procedures are performed by OFG as required under the government agency programs to ensure that asset guideline qualifications are met. OFG has not recorded any specific contingent liability in the consolidated financial statements for these customary representation and warranties related to loans sold by OFG, and management believes that, based on historical data, the probability of payments and expected losses under these representation and warranty arrangements is not significant. OFG has liability for residential mortgage loans sold subject to credit recourse, principally loans associated with FNMA residential mortgage loan sales and securitization programs. In the event of any customer default, pursuant to the credit recourse provided, OFG is required to repurchase the loan or reimburse the third-party investor for the incurred loss. The maximum potential amount of future payments that OFG would be required to make under the recourse arrangements in the event of nonperformance by the borrowers is equivalent to the total outstanding balance of the residential mortgage loans serviced with recourse and interest, if applicable. In the event of nonperformance by the borrower, OFG has rights to the underlying collateral securing the mortgage loan. OFG suffers ultimate losses on these loans when the proceeds from a foreclosure sale of the property underlying a defaulted mortgage loan are less than the outstanding principal balance of the loan plus any uncollected interest advanced and the costs of holding and disposing the related property. OFG has established a liability to cover the estimated credit loss exposure related to loans sold with credit recourse. The estimated losses to be absorbed under the credit recourse arrangements are recorded as a liability when the loans are sold or credit recourse is assumed as part of acquired servicing rights, and are updated by accruing or reversing expense (included as mortgage banking activities in the consolidated statements of operations) throughout the life of the loan, as necessary, when additional relevant information becomes available. The methodology used to estimate the recourse liability is a function of the recourse arrangements given and considers historical and forecast loss experience. The methodology leverages the expected loss framework for mortgage loans to estimate expected future losses. The reserve for the estimated losses under the credit recourse arrangements is presented separately within other liabilities in the consolidated statements of financial condition. Servicing Assets OFG periodically sells or securitizes mortgage loans while retaining the obligation to perform the servicing of such loans. In addition, OFG may purchase or assume the right to service mortgage loans originated by others. Whenever OFG undertakes an obligation to service a loan, management assesses whether a servicing asset and/or liability should be recognized. A servicing asset is recognized whenever the compensation for servicing is expected to more than adequately compensate OFG for servicing the loans. Likewise, a servicing liability would be recognized in the event that servicing fees to be received are not expected to adequately compensate OFG for its expected cost. All separately recognized servicing assets are recognized at fair value using the fair value measurement method. Under the fair value measurement method, OFG measures servicing rights at fair value at each reporting date and reports changes in the fair value of servicing asset in the statement of operations in the period in which the changes occur, and includes these changes, if any, with mortgage banking activities in the consolidated statement of operations. The fair value of servicing rights is subject to fluctuations as a result of changes in estimated and actual prepayment speeds and default rates and losses. The fair value of servicing rights is estimated by using a cash flow valuation model, which calculates the present value of estimated future net servicing cash flows, taking into consideration actual and expected loan prepayment rates, discount rates, servicing costs, and other economic factors, which are determined based on current market conditions. Loans and Allowance for Credit Losses Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at amortized cost. Amortized cost is the principal balance outstanding, net of purchase premiums and discounts, deferred loan fees, and costs. Loans held for investment that were not purchased with credit deterioration are referred to as Non-PCD loans, and loans that were purchased with credit deterioration are referred to as PCD loans. OFG discontinues accrual of interest after payments become more than 90 days past due or earlier if OFG does not expect the full collection of principal or interest, except for residential mortgage loans insured or guaranteed under applicable FHA and VA programs that are not placed in non-accrual status until they become 12 months or more past due, as they are insured loans. At that time, any accrued income is reversed. The delinquency status is based on the contractual terms of the loans. Loans for which the recognition of interest income has been discontinued are designated as non-accruing. Thereafter, collections are accounted for as a cash method, until qualifying to return to accrual status. Such loans are not reinstated to accrual status until interest is received on a current basis and other factors indicative of doubtful collection cease to exist. The determination as to the ultimate collectability of the loan’s balance may involve management’s judgment in the evaluation of the borrower’s financial condition and prospects for repayment. Interest income is based on the effective yield on the Non-PCD loans. Purchased Credit Deteriorated (PCD) Loans: OFG has purchased loans, some of which have experienced more than insignificant credit deterioration since origination. OFG considered the following factors as indicators that an acquired loan had evidence of deterioration in credit quality: loans that were 90 days or more past due; loans that had an internal loan grade of substandard or worse - substandard loans have a well-defined weakness that jeopardizes collection of the loan; loans that were classified as nonaccrual by the acquired bank at the time of acquisition; and loans that had been previously modified in a troubled debt restructuring. As such, our PCD loans are recorded at the purchase price plus the allowance for credit losses expected at the time of acquisition or implementation of the standard. An allowance for credit losses is determined using an undiscounted cash flow methodology. Upon adoption of CECL, OFG elected to maintain pools of loans that were previously accounted for under ASC 310-30 and will continue to account for these pools as a unit of account. As such, for these loans, the determination of nonaccrual or accrual status is made at the pool level, not the individual loan level. On the adoption

BUSINESS COMBINATIONS

BUSINESS COMBINATIONS	12 Months Ended
	Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]
BUSINESS COMBINATIONS	BUSINESS COMBINATIONS The assets acquired and liabilities assumed in the Scotiabank Acquisition as of December 31, 2019 were presented at their estimated fair value. The fair values initially assigned to the assets acquired and liabilities assumed were preliminary and subject to refinement for up to one year after the closing date of the acquisition as new information relative to closing date fair values became available. During 2020, OFG finalized its fair value analysis of the acquired assets and liabilities assumed and recorded remeasurement adjustments of approximately $7.3 million to the preliminary estimated fair values of certain accrued interest receivables, deferred tax asset, and accounts receivables to reflect new information obtained during the measurement period (as defined by ASC Topic 805), about facts and circumstances that existed as of the acquisition date that, if known, would have affected the acquisition-date fair value measurements. Merger and Restructuring Charges Merger and restructuring charges incurred during 2020 were recorded in the consolidated statement of operations and included incremental costs to integrate the operations of OFG and its most recent acquisition. These charges represent costs associated with these activities and do not represent ongoing costs of the fully integrated combined organization. The following table presents severance and employee charges, systems integrations charges, branch consolidation, and other merger and restructuring charges related to the Scotiabank Acquisition, for 2020: Year Ended December 31, 2020 (In thousands) Severance and employee-related charges $ 220 Professional services and system integrations 9,973 Branch consolidation 3,707 Other 2,183 Total merger and restructuring charges $ 16,083 Restructuring Reserve Restructuring reserves are established by a charge to merger and restructuring charges, and the restructuring charges are included in the merger and restructuring charges table. The following table presents the changes in restructuring reserves for 2021 and 2020: Year Ended December 31, 2021 2020 (In thousands) Balance at the beginning of the year $ 15,129 $ 17,491 Merger and restructuring charges — 16,083 Cash payments (15,129) (18,445) Balance at the end of the year $ — $ 15,129 Payments under merger and restructuring reserves associated with the Scotiabank Acquisition continued into 2021 but they were not material and were accounted under applicable accounting guidance to the cost being incurred.

RESTRICTED CASH

RESTRICTED CASH	12 Months Ended
	Dec. 31, 2022
Restricted Cash and Investments [Abstract]
RESTRICTED CASH	RESTRICTED CASH OFG has a contract with FNMA which requires collateral to guarantee the repurchase, if necessary, of loans sold with recourse. At December 31, 2022 and 2021, OFG delivered as collateral cash amounting to approximately $157 thousand and $175 thousand, respectively. The Bank is required by Puerto Rico law to maintain average weekly reserve balances to cover demand deposits. The amount of those minimum average reserve balances for the week that covered December 31, 2022 was $482.9 million (December 31, 2021 - $456.5 million). At December 31, 2022 and 2021, the Bank complied with this requirement. Cash and due from bank, as well as other short-term highly liquid securities, are used to cover the required average reserve balances.

INVESTMENT SECURITIES

INVESTMENT SECURITIES	12 Months Ended
	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
INVESTMENT SECURITIES	INVESTMENT SECURITIES Money Market Investments OFG considers as cash equivalents all money market instruments that are not pledged and that have maturities of three months or less at the date of acquisition. At December 31, 2022 and 2021, money market instruments included as part of cash and cash equivalents amounted to $4.2 million and $9.0 million, respectively. Investment Securities The amortized cost, gross unrealized gains and losses, fair value, weighted average yield and contractual maturities of the securities owned by OFG at December 31, 2022 and 2021 were as follows: December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Weighted Average Yield (In thousands) Available-for-sale Mortgage-backed securities FNMA and FHLMC certificates Due from 1 to 5 years $ 10,155 $ — $ 550 $ 9,605 1.76 % Due from 5 to 10 years 59,167 — 3,764 55,403 2.00 % Due after 10 years 768,381 59 65,332 703,108 2.87 % Total FNMA and FHLMC certificates 837,703 59 69,646 768,116 2.79 % GNMA Securities Due from 1 to 5 years 12,505 — 632 11,873 1.66 % Due from 5 to 10 years 24,575 14 1,585 23,004 2.13 % Due after 10 years 320,417 892 36,652 284,657 2.90 % Total GNMA certificates 357,497 906 38,869 319,534 2.80 % CMOs issued by US government-sponsored agencies Due from 1 to 5 years 14,190 — 755 13,435 1.78 % Due from 5 to 10 years 485 — 10 475 2.14 % Due after 10 years 959 — 18 941 5.06 % Total CMOs issued by US government-sponsored agencies 15,634 — 783 14,851 1.99 % Total mortgage-backed securities 1,210,834 965 109,298 1,102,501 2.79 % Investment securities US Treasury securities Due less than 1 year 310,862 — 1,729 309,133 3.34 % Other debt securities Due from 1 to 5 years 1,116 30 4 1,142 4.45 % Total investment securities 311,978 30 1,733 310,275 3.35 % Total securities available for sale $ 1,522,812 $ 995 $ 111,031 $ 1,412,776 2.90 % December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Weighted Average Yield (In thousands) Held-to-maturity Mortgage-backed securities FNMA and FHLMC certificates Due after 10 years $ 337,435 $ — $ 62,358 $ 275,077 1.71 % Investment securities US Treasury securities Due from 1 to 5 years 197,635 — 3,526 194,109 3.36 % Total securities held-to-maturity $ 535,070 $ — $ 65,884 $ 469,186 2.30 % December 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Weighted Average Yield (In thousands) Available-for-sale Mortgage-backed securities FNMA and FHLMC certificates Due from 5 to 10 years $ 90,560 2,502 $ — $ 93,062 1.94 % Due after 10 years 93,440 — 3,200 90,240 1.37 % Total FNMA and FHLMC certificates 184,000 2,502 3,200 183,302 1.65 % GNMA Securities Due from 1 to 5 years 10,536 233 1 10,768 1.66 % Due from 5 to 10 years 26,419 556 — 26,975 1.80 % Due after 10 years 244,106 6,927 198 250,835 2.40 % Total GNMA certificates 281,061 7,716 199 288,578 2.32 % CMOs issued by US government-sponsored agencies Due from 1 to 5 years 1,788 22 — 1,810 1.70 % Due from 5 to 10 years 20,705 299 — 21,004 1.81 % Due after 10 years 1,601 16 1 1,616 4.24 % Total CMOs issued by US government-sponsored agencies 24,094 337 1 24,430 1.96 % Total mortgage-backed securities 489,155 10,555 3,400 496,310 2.05 % Investment securities US Treasury securities Due less than 1 year 10,737 88 — 10,825 1.48 % Obligations of US government-sponsored agencies Due less than 1 year 1,182 1 — 1,183 1.40 % Other debt securities Due less than 1 year 500 — — 500 0.57 % Due from 1 to 5 years 1,847 48 — 1,895 5.43 % Total other debt securities 2,347 48 — 2,395 4.39 % Total investment securities 14,266 137 — 14,403 1.95 % Total securities available for sale $ 503,421 $ 10,692 $ 3,400 $ 510,713 2.05 % December 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Weighted Average Yield (In thousands) Held-to-maturity Mortgage-backed securities FNMA and FHLMC certificates Due after 10 years $ 367,507 $ — $ 3,854 $ 363,653 1.71 % Securities not due on a single contractual maturity date, such as collateralized mortgage obligations, are classified in the period of final contractual maturity. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. The weighted average yield on debt securities available-for-sale is based on amortized cost and does not give effect to changes in fair value. Weighted average yields on tax-exempt obligations have been computed on a fully taxable equivalent basis. At December 31, 2022 and 2021, most securities held by OFG are issued by U.S. government entities and government-sponsored agencies that have a zero-credit loss assumption. Investment securities at December 31, 2022 include $294.2 million pledged to secure government deposits, derivatives, and regulatory collateral that the secured parties are not permitted to sell or repledge, of which $293.7 million serve as collateral for public funds. Investment securities as of December 31, 2021 include $145.6 million pledged to secure government deposits, derivatives, and regulatory collateral that the secured parties are not permitted to sell or repledge, of which $143.8 million serve as collateral for public funds. At both December 31, 2022 and 2021, the Bank’s international banking entities held short-term US Treasury securities in the amount of $305 thousand and $325 thousand, respectively, as the legal reserve required for international banking entities under Puerto Rico law. These instruments cannot be withdrawn or transferred without the prior written approval of the Office of the Commissioner of Financial Institutions of Puerto Rico (“OCFI”). During 2022, 2021 and 2020, OFG retained securitized GNMA pools totaling $112.4 million, $149.1 million, and $90.1 million amortized cost, respectively, at a yield of 3.90%, 2.45%, and 2.48%, respectively, from its own originations. Also, during 2022, OFG retained FNMA pools totaling $13.7 million, at a yield of 4.97%, from its own originations. OFG did not retain FNMA pools during 2021 and 2020. During 2022, OFG purchased $550 million of available for sale US Treasury securities and $200 million of held to maturity US Treasury securities. During 2021, OFG did not purchase US Treasury securities. During 2020, OFG purchased $75 million of available for sale short-term US Treasury securities that matured before year end. US Treasury securities are exempt of income taxes. During 2022, OFG sold $242.4 million of available for sale US Treasury securities and recognized a $247 thousand loss in the sale. During 2021 and 2020, OFG sold $2.2 million and $316.3 million, respectively, of available-for-sale mortgage-backed securities and recognized gains of $19 thousand and $4.7 million, respectively. These losses and gains are included in the consolidated statements of operations. Year Ended December 31, 2022 Description Sale Price Book Value at Sale Gross Gains Gross Losses (In thousands) Sale of securities available-for-sale Investment securities US Treasury securities $ 242,126 $ 242,373 $ — $ 247 Year Ended December 31, 2021 Description Sale Price Book Value at Sale Gross Gains Gross Losses (In thousands) Sale of securities available-for-sale Mortgage-backed securities GNMA certificates $ 2,175 $ 2,156 $ 19 $ — Year Ended December 31, 2020 Description Sale Price Book Value at Sale Gross Gains Gross Losses (In thousands) Sale of securities available-for-sale Mortgage-backed securities FNMA and FHLMC certificates $ 229,571 $ 227,213 $ 2,358 $ — GNMA certificates 91,413 89,043 2,370 — Total mortgage-backed securities $ 320,984 $ 316,256 $ 4,728 $ — The following table shows OFG’s gross unrealized losses and fair value of investment securities available-for-sale and held-to-maturity at December 31, 2022 and 2021, aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position: December 31, 2022 12 months or more Amortized Unrealized Fair (In thousands) Securities available-for-sale CMOs issued by US Government-sponsored agencies 337 7 330 FNMA and FHLMC certificates $ 88,600 $ 18,989 $ 69,611 GNMA certificates 82,074 14,031 68,043 $ 171,011 $ 33,027 $ 137,984 Held-to-maturity FNMA and FHLMC certificates $ 337,435 $ 62,358 $ 275,077 December 31, 2022 Less than 12 months Amortized Unrealized Fair (In thousands) Securities available-for-sale CMOs issued by US Government-sponsored agencies $ 15,297 $ 776 $ 14,521 FNMA and FHLMC certificates 745,566 50,657 694,909 GNMA certificates 251,835 24,838 226,997 US Treasury securities 310,862 1,729 309,133 Other debt securities 240 4 236 $ 1,323,800 $ 78,004 $ 1,245,796 Held-to-maturity FNMA and FHLMC certificates $ — $ — $ — US Treasury securities 197,635 3,526 194,109 $ 197,635 $ 3,526 $ 194,109 December 31, 2022 Total Amortized Unrealized Fair (In thousands) Securities available-for-sale CMOs issued by US Government-sponsored agencies $ 15,634 $ 783 $ 14,851 FNMA and FHLMC certificates 834,166 69,646 764,520 GNMA certificates 333,909 38,869 295,040 US Treasury securities 310,862 1,729 309,133 Other debt securities 240 4 236 $ 1,494,811 $ 111,031 $ 1,383,780 Held-to-maturity FNMA and FHLMC certificates $ 337,435 $ 62,358 $ 275,077 US Treasury securities 197,635 3,526 194,109 $ 535,070 $ 65,884 $ 469,186 December 31, 2021 Less than 12 months Amortized Unrealized Fair (In thousands) Securities available-for-sale CMOs issued by US Government-sponsored agencies $ 500 $ 1 $ 499 FNMA and FHLMC certificates 93,440 3,200 90,240 GNMA certificates 5,022 199 4,823 $ 98,962 $ 3,400 $ 95,562 Held-to-maturity FNMA and FHLMC certificates $ 367,507 $ 3,854 $ 363,653 OFG had no investment securities in a continuous loss position for 12 months or more at December 31, 2021.

PLEDGED ASSETS

PLEDGED ASSETS	12 Months Ended
	Dec. 31, 2022
Pledged Assets [Abstract]
PLEDGED ASSETS	PLEDGED ASSETS The following table shows a summary of pledged and not pledged assets at December 31, 2022 and 2021. Investment securities available for sale are presented at fair value, and investment securities held to maturity, residential mortgage loans, commercial loans and leases are presented at amortized cost: December 31, 2022 2021 (In thousands) Pledged investment securities to secure: Derivatives $ 443 $ 1,679 Bond for the Bank's trust operations 104 105 Puerto Rico public fund deposits 293,650 143,775 Total pledged investment securities 294,197 145,559 Pledged residential mortgage loans to secure: Advances from the Federal Home Loan Bank 473,600 550,209 Pledged commercial loans to secure: Advances from the Federal Home Loan Bank 477,516 398,754 Federal Reserve Bank Credit Facility 49,117 47,239 Puerto Rico public fund deposits 73,617 85,148 600,250 531,141 Pledged auto loans and leases to secure: Federal Reserve Bank Credit Facility 1,160,678 1,138,126 Total pledged assets $ 2,528,725 $ 2,365,035 Financial assets not pledged: Investment securities $ 1,653,649 $ 732,661 Residential mortgage loans 1,250,120 1,408,158 Commercial loans 2,050,767 1,879,755 Consumer loans 537,257 409,675 Auto loans and leases 803,237 568,184 Total assets not pledged $ 6,295,030 $ 4,998,433

LOANS

LOANS	12 Months Ended
	Dec. 31, 2022
Receivables [Abstract]
LOANS	LOANS OFG’s loan portfolio is composed of four segments: commercial, mortgage, consumer, and auto loans and leases. Loans are further segregated into classes which OFG uses when assessing and monitoring the risk and performance of the portfolio. The composition of the amortized cost basis of OFG’s loan portfolio at December 31, 2022 and 2021 was as follows: December 31, 2022 December 31, 2021 Non-PCD PCD Total Non-PCD PCD Total (In thousands) Commercial loans: Commercial secured by real estate $ 974,202 $ 138,678 $ 1,112,880 $ 883,994 $ 176,186 $ 1,060,180 Other commercial and industrial 847,740 20,474 868,214 759,172 28,149 787,321 Other commercial and industrial - Paycheck Protection Program (PPP Loans) 6,702 — 6,702 86,889 — 86,889 US commercial loans 642,133 — 642,133 444,940 — 444,940 2,470,777 159,152 2,629,929 2,174,995 204,335 2,379,330 Mortgage 675,793 1,028,428 1,704,221 718,848 1,188,423 1,907,271 Consumer: Personal loans 480,620 338 480,958 346,859 546 347,405 Credit lines 12,826 300 13,126 14,775 370 15,145 Credit cards 42,872 — 42,872 46,795 — 46,795 Overdraft 301 — 301 330 — 330 536,619 638 537,257 408,759 916 409,675 Auto loans and leases 1,958,257 5,658 1,963,915 1,693,029 13,281 1,706,310 5,641,446 1,193,876 6,835,322 4,995,631 1,406,955 6,402,586 Allowance for credit losses (141,841) (10,832) (152,673) (132,065) (23,872) (155,937) Total loans held for investment, net 5,499,605 1,183,044 6,682,649 4,863,566 1,383,083 6,246,649 Mortgage loans held for sale 19,499 — 19,499 51,096 — 51,096 Other loans held for sale 21,088 — 21,088 31,566 — 31,566 Total loans held for sale 40,587 — 40,587 82,662 — 82,662 Total loans, net $ 5,540,192 $ 1,183,044 $ 6,723,236 $ 4,946,228 $ 1,383,083 $ 6,329,311 During 2022, OFG transferred to held for sale two commercial loans amounting to $9.7 million, net of $8.8 million charge-offs, one of them was sold during the fourth quarter of 2022. In addition, during 2022, OFG sold $21.9 million of past due mortgage loans held for sale. These mortgage loans were transferred to held for sale during the fourth quarter of 2021. At December 31, 2022 and 2021, OFG had carrying balances of $73.7 million and $87.3 million, respectively, in loans held for investment granted to the Puerto Rico government, including its municipalities and public corporations, as part of the commercial loan segment. The Bank’s loans to the Puerto Rico government amounting to $73.7 million and $86.2 million at December 31, 2022 and 2021, respectively, were general obligations of municipalities secured by ad valorem taxation, without limitation as to rate or amount, on all taxable property within the issuing municipalities in current status. The good faith, credit and unlimited taxing power of each issuing municipality are pledged for the payment of its general obligations. At December 31, 2021, total loan exposure to the Puerto Rico government included a $1.1 million PCD loan granted to a public corporation classified as non-accrual, which was repaid during 2022. The tables below present the aging of the amortized cost of loans held for investment at December 31, 2022 and 2021, by class of loans. Mortgage loans past due include $32.6 million and $14.5 million of delinquent loans in the GNMA buy-back option program at December 31, 2022 and 2021, respectively. Servicers of loans underlying GNMA mortgage-backed securities must report as their own assets the defaulted loans that they have the option (but not the obligation) to repurchase, even when they elect not to exercise that option. December 31, 2022 30-59 Days 60-89 Days 90+ Days Total Past Current Total Loans Loans 90+ (In thousands) Commercial Commercial secured by real estate $ 923 $ 164 $ 6,147 $ 7,234 $ 966,968 $ 974,202 $ — Other commercial and industrial 943 720 3,225 4,888 849,554 854,442 — US commercial loans — — — — 642,133 642,133 — 1,866 884 9,372 12,122 2,458,655 2,470,777 — Mortgage 9,267 5,848 56,714 71,829 603,964 675,793 3,856 Consumer Personal loans 4,263 2,669 2,314 9,246 471,374 480,620 — Credit lines 500 154 117 771 12,055 12,826 — Credit cards 730 486 682 1,898 40,974 42,872 — Overdraft 91 2 — 93 208 301 — 5,584 3,311 3,113 12,008 524,611 536,619 — Auto loans and leases 75,237 36,954 19,613 131,804 1,826,453 1,958,257 — Total loans $ 91,954 $ 46,997 $ 88,812 $ 227,763 $ 5,413,683 $ 5,641,446 $ 3,856 As of December 31, 2022, total past due loans exclude $21.1 million of past due commercial loans held for sale. December 31, 2021 30-59 Day 60-89 Days 90+ Days Total Past Current Total Loans Loans 90+ (In thousands) Commercial Commercial secured by real estate $ 2,210 $ 102 $ 8,446 $ 10,758 $ 873,236 $ 883,994 $ — Other commercial and industrial 1,886 538 946 3,370 842,691 846,061 — US commercial loans — — — — 444,940 444,940 — 4,096 640 9,392 14,128 2,160,867 2,174,995 — Mortgage 8,704 7,855 43,468 60,027 658,821 718,848 2,346 Consumer Personal loans 2,382 1,131 1,116 4,629 342,230 346,859 — Credit lines 531 141 227 899 13,876 14,775 — Credit cards 610 336 631 1,577 45,218 46,795 — Overdraft 130 14 — 144 186 330 — 3,653 1,622 1,974 7,249 401,510 408,759 — Auto loans and leases 60,038 30,234 13,461 103,733 1,589,296 1,693,029 — Total loans $ 76,491 $ 40,351 $ 68,295 $ 185,137 $ 4,810,494 $ 4,995,631 $ 2,346 As of December 31, 2021, total past due loans excludes $4.7 million of past due commercial loans held for sale. Upon adoption of the CECL methodology, OFG elected to maintain pools of loans that were previously accounted for under ASC 310-30 and will continue to account for these pools as a unit of account. As such, PCD loans are not included in the tables above. Non-accrual Loans The following table presents the amortized cost basis of loans held for investment on nonaccrual status as of December 31, 2022 and 2021: December 31, 2022 December 31, 2021 Non-accrual with Allowance for Credit Loss Non-accrual with no Allowance for Credit Loss Total Non-accrual with Allowance for Credit Loss Non-accrual with no Allowance for Credit Loss Total (In thousands) (In thousands) Non-PCD: Commercial Commercial secured by real estate $ 4,091 $ 17,098 $ 21,189 $ 16,299 $ 19,538 $ 35,837 Other commercial and industrial 2,769 885 3,654 1,283 483 1,766 US commercial loans 9,589 — 9,589 — — — 16,449 17,983 34,432 17,582 20,021 37,603 Mortgage 11,719 11,522 23,241 16,429 12,840 29,269 Consumer Personal loans 1,950 379 2,329 1,143 302 1,445 Personal lines of credit 116 — 116 226 — 226 Credit cards 683 — 683 632 — 632 2,749 379 3,128 2,001 302 2,303 Auto loans and leases 19,612 1 19,613 19,827 2 19,829 Total $ 50,529 $ 29,885 $ 80,414 $ 55,839 $ 33,165 $ 89,004 PCD: Commercial Commercial secured by real estate $ 2,807 $ 6,084 $ 8,891 $ 5,205 $ 6,198 $ 11,403 Other commercial and industrial — 36 36 1,102 40 1,142 2,807 6,120 8,927 6,307 6,238 12,545 Mortgage 259 — 259 334 — 334 Total $ 3,066 $ 6,120 $ 9,186 $ 6,641 $ 6,238 $ 12,879 Total non-accrual loans $ 53,595 $ 36,005 $ 89,600 $ 62,480 $ 39,403 $ 101,883 The determination of nonaccrual or accrual status of PCD loans is made at the pool level, not the individual loan level. As of December 31, 2022 and 2021, total commercial non-accrual loans excludes $16.4 million and $9.9 million of non-accrual commercial loans held for sale, respectively. Delinquent residential mortgage loans insured or guaranteed under applicable FHA and VA programs are classified as non-performing loans when they become 90 days or more past due but are not placed in non-accrual status until they become 12 months or more past due, since they are insured loans. Therefore, those loans are included as non-performing loans but excluded from non-accrual loans. At December 31, 2022 and 2021, loans whose terms have been extended and which were classified as troubled-debt restructurings that were not included in non-accrual loans amounted to $145.2 million and $125.9 million, respectively, as they were performing under their modified terms. Modifications OFG offers various types of concessions when modifying a loan. Concessions made to the original contractual terms of the loan typically consists of the deferral of interest and/or principal payments due to deterioration in the borrowers’ financial condition. In these cases, the principal balance on the TDR had matured and/or was in default at the time of restructure. The amount of outstanding commitments to lend additional funds to commercial borrowers whose terms have been modified in TDRs amounted to $3.2 million and $3.7 million at December 31, 2022 and 2021, respectively. The following table presents the troubled-debt restructurings in all loan portfolios as of December 31, 2022 and 2021. December 31, 2022 December 31, 2021 Accruing Non-accruing Total Related Allowance Accruing Non-accruing Total Related Allowance (In thousands) (In thousands) Commercial loans: Commercial secured by real estate $ 31,437 $ 13,187 $ 44,624 $ 181 $ 10,981 $ 14,444 $ 25,425 $ 202 Other commercial and industrial 2,272 354 2,626 42 2,785 473 3,258 41 US commercial loans 7,132 — 7,132 89 7,156 — 7,156 126 40,841 13,541 54,382 312 20,922 14,917 35,839 369 Mortgage 102,387 6,773 109,160 2,495 101,487 9,475 110,962 3,867 Consumer: Personal loans 1,850 15 1,865 73 3,275 139 3,414 159 Auto loans and leases 77 — 77 3 203 8 211 11 Total loans $ 145,155 $ 20,329 $ 165,484 $ 2,883 $ 125,887 $ 24,539 $ 150,426 $ 4,406 The following tables present the troubled-debt restructurings by loan portfolios and modification type as of December 31, 2022 and 2021 : December 31, 2022 Reduction in interest rate Maturity or term extension Combination of reduction in interest rate and extension of maturity Forbearance Total (In thousands) Commercial loans: Commercial secured by real estate $ 7,746 $ 29,454 $ 7,424 $ — $ 44,624 Other commercial and industrial 785 1,367 474 — 2,626 US commercial loans 7,132 — — — 7,132 15,663 30,821 7,898 — 54,382 Mortgage 31,709 8,020 35,194 34,237 109,160 Consumer: Personal loans 825 176 793 71 1,865 Auto loans and leases 39 — 20 18 77 Total loans $ 48,236 $ 39,017 $ 43,905 $ 34,326 $ 165,484 December 31, 2021 Reduction in interest rate Maturity or term extension Combination of reduction in interest rate and extension of maturity Forbearance Total (In thousands) Commercial loans: Commercial secured by real estate $ 8,461 $ 1,227 $ 12,401 $ 3,336 $ 25,425 Other commercial and industrial 723 1,985 522 28 3,258 US commercial loans 7,156 — — — 7,156 16,340 3,212 12,923 3,364 35,839 Mortgage 37,307 6,796 32,456 34,403 110,962 Consumer: Personal loans 1,496 287 1,430 201 3,414 Auto loans and leases 74 — 28 109 211 Total loans $ 55,217 $ 10,295 $ 46,837 $ 38,077 $ 150,426 TDRs disclosed above were not related to Covid-19 modifications. Section 4013 of CARES Act and the " Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus (Revised)" provided banks an option to elect to not account for certain loan modifications related to Covid-19 as TDRs as long as the borrowers were not more than 30 days past due as of December 31, 2019 and at the time of implementation of the modification program, and the borrowers meet other applicable criteria. At December 31, 2021, there were $28.0 million loans deferred from the Covid-19 pandemic that were not classified as a TDR, which consisted of FHA and VA insured mortgage loans. There were no deferred loans from the COVID-19 pandemic at December 31, 2022. At December 31, 2022 and 2021, TDR mortgage loans include $43.5 million and $40.8 million, respectively, of government-guaranteed loans ( e.g. FHA/VA). Upon adoption of CECL, OFG elected to maintain pools of loans that were previously accounted for under ASC 310-30 and will continue to account for these pools as a unit of account. As such, PCD loans are not included in the TDR tables. Loan modifications that are considered TDR loans completed during 2022, 2021 and 2020 were as follows: Year Ended December 31, 2022 Number of contracts Pre-Modification Pre-Modification Pre-Modification Post-Modification Post-Modification Post-Modification (Dollars in thousands) Mortgage 103 $ 12,580 4.63 % 258 $ 13,199 3.79 % 342 Commercial 5 38,873 3.57 % 131 38,729 3.64 % 184 Consumer 4 77 13.42 % 74 77 10.41 % 70 Year Ended December 31, 2021 Number of contracts Pre-Modification Pre-Modification Pre-Modification Post-Modification Post-Modification Post-Modification (Dollars in thousands) Mortgage 160 $ 20,077 4.33 % 323 $ 20,241 3.47 % 345 Commercial 7 10,093 5.50 % 86 9,979 4.48 % 60 Consumer 17 294 13.72 % 69 295 10.12 % 78 Auto loans and leases 9 148 8.70 % 72 148 9.35 % 49 Year Ended December 31, 2020 Number of contracts Pre-Modification Pre-Modification Pre-Modification Post-Modification Post-Modification Post-Modification (Dollars in thousands) Mortgage 88 $ 11,081 4.70 % 332 $ 10,151 4.13 % 327 Commercial 8 14,896 5.45 % 63 14,896 4.36 % 77 Consumer 23 349 14.11 % 64 391 10.57 % 76 Auto loans and leases 31 217 10.88 % 74 219 11.02 % 71 The following table presents troubled-debt restructurings for which there was a payment default during 2022, 2021 and 2020: Year Ended December 31, 2022 2021 2020 Number of Contracts Recorded Investment Number of Contracts Recorded Investment Number of Contracts Recorded Investment (Dollars in thousands) Mortgage 13 $ 1,701 19 $ 2,488 9 $ 1,345 Commercial 1 $ 633 — $ — — $ — Consumer 1 $ 40 6 $ 76 1 $ 2 Auto loans and leases — $ — 1 $ 10 — $ — As of December 31, 2022 and 2021 , the recorded investment on residential mortgage loans collateralized by residential real estate property that were in the process of foreclosure amounted to $14.9 million and $16.9 million, respectively. OFG commences the foreclosure process on residential real estate loans when a borrower becomes 120 days delinquent. Puerto Rico and the USVI require the foreclosure to be processed through the respective territory’s courts. Foreclosure timelines vary according to local law and investor guidelines. Occasionally, foreclosures may be delayed due to, among other reasons, mandatory mediation, bankruptcy, court delays and title issues. As a result of the effects of Hurricane Fiona and Puerto Rico being declared a disaster zone by local and federal authorities during 2022, OFG granted loan payment accommodations to certain qualified borrowers in order to provide them with flexibility to address the hurricane’s immediate impact. In addition, for its business banking segment, OFG granted loans up to $50,000 with three months of interest-only payments followed by up to thirty-three payments of principal and interest. At December 31, 2022, the total loans outstanding under the payment accommodations program amounted to $33.1 million. The table below presents the amortized cost of collateral-dependent loans held for investment at December 31, 2022 and 2021, by class of loans. December 31, 2022 2021 (In thousands) Commercial secured by real estate $ 8,805 $ 10,233 PCD loans, except for single pooled loans, are not included in the table above as their unit of account is the loan pool. Credit Quality Indicators OFG categorizes its loans into loan grades based on relevant information about the ability of borrowers to service their debts, such as economic conditions, portfolio risk characteristics, prior loss experience, and the results of periodic credit reviews of individual loans. OFG uses the following definitions for loan grades: Pass: Loans classified as “pass” have a well-defined primary source of repayment very likely to be sufficient, with no apparent risk, strong financial position, minimal operating risk, profitability, liquidity and capitalization better than industry standards. Special Mention: Loans classified as “special mention” have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date. Substandard: Loans classified as “substandard” are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful: Loans classified as “doubtful” have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, questionable and improbable. Loss: Loans classified as “loss” are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off this worthless loan even though partial recovery may be effected in the future. Loans not meeting the criteria above that are analyzed individually as part of the process described above are considered to be pass loans. As of December 31, 2022 and 2021 and based on the most recent analysis performed, the risk category of loans held for investment subject to risk rating by class of loans is as follows. Term Loans Revolving Total 2022 2021 2020 2019 2018 Prior (In thousands) Commercial: Commercial secured by real estate: Loan grade: Pass $ 220,035 $ 177,775 $ 110,809 $ 118,518 $ 50,454 $ 159,721 $ 69,523 $ 906,835 Special Mention 1,899 — 6,007 17,004 2,095 13,934 439 41,378 Substandard 103 8,410 345 405 473 14,722 1,185 25,643 Doubtful — — — — — 15 331 346 Loss — — — — — — — — Total commercial secured by real estate 222,037 186,185 117,161 135,927 53,022 188,392 71,478 974,202 Other commercial and industrial: Loan grade: Pass 123,659 198,776 67,147 35,678 13,807 7,863 397,944 844,874 Special Mention 3 60 31 654 1,819 21 3,823 6,411 Substandard 112 — 260 472 280 74 1,920 3,118 Doubtful — — — — — — 39 39 Loss — — — — — — — — Total other commercial and industrial: 123,774 198,836 67,438 36,804 15,906 7,958 403,726 854,442 US commercial loans: Loan grade: Pass 81,155 92,688 43,965 33,827 49,356 — 308,183 609,174 Special Mention 6,346 — — — — — 1,122 7,468 Substandard 3,363 — 8,090 — 4,449 — 9,589 25,491 Doubtful — — — — — — — — Loss — — — — — — — — Total US commercial loans: 90,864 92,688 52,055 33,827 53,805 — 318,894 642,133 Total commercial loans $ 436,675 $ 477,709 $ 236,654 $ 206,558 $ 122,733 $ 196,350 $ 794,098 $ 2,470,777 Term Loans Revolving Total 2021 2020 2019 2018 2017 Prior (In thousands) Commercial: Commercial secured by real estate: Loan grade: Pass $ 183,820 $ 120,855 $ 114,208 $ 94,864 $ 52,439 $ 183,026 $ 45,178 $ 794,390 Special Mention 654 628 32,578 4,581 4,053 5,102 643 48,239 Substandard 8,415 10,694 58 849 1,357 17,555 1,671 40,599 Doubtful — — — — — 22 744 766 Loss — — — — — — — — Total commercial secured by real estate 192,889 132,177 146,844 100,294 57,849 205,705 48,236 883,994 Other commercial and industrial: Loan grade: Pass 276,165 93,809 45,976 57,989 6,106 6,004 330,072 816,121 Special Mention 78 23 8,076 2,213 3,525 — 13,642 27,557 Substandard 112 48 155 394 81 28 1,513 2,331 Doubtful — — — — — — 52 52 Loss — — — — — — — — Total other commercial and industrial: 276,355 93,880 54,207 60,596 9,712 6,032 345,279 846,061 US commercial loans: Loan grade: Pass 85,394 61,098 41,924 47,179 — — 171,928 407,523 Special Mention — — 1,515 19,095 — — — 20,610 Substandard — 7,156 — 9,651 — — — 16,807 Doubtful — — — — — — — — Loss — — — — — — — — Total US commercial loans: 85,394 68,254 43,439 75,925 — — 171,928 444,940 Total commercial loans $ 554,638 $ 294,311 $ 244,490 $ 236,815 $ 67,561 $ 211,737 $ 565,443 $ 2,174,995 At December 31, 2022 and 2021, the balance of revolving loans converted to term loans was $78.0 million and $37.5 million, respectively. OFG considers the performance of the loan portfolio and its impact on the allowance for credit losses. For mortgage and consumer loan classes, OFG also evaluates credit quality based on the aging status of the loan, which was previously presented, and by payment activity. The following tables present the amortized cost in mortgage and consumer loans held for investment based on payment activity as of December 31, 2022 and 2021: Term Loans Revolving Total 2022 2021 2020 2019 2018 Prior (In thousands) Mortgage: Payment performance: Performing $ 18,700 $ 25,274 $ 16,175 $ 15,457 $ 16,790 $ 549,885 $ — $ 642,281 Nonperforming — — 110 574 241 32,587 — 33,512 Total mortgage loans: 18,700 25,274 16,285 16,031 17,031 582,472 — 675,793 Consumer: Personal loans: Payment performance: Performing 284,183 112,591 31,876 31,850 12,022 5,768 — 478,290 Nonperforming 831 661 111 300 81 346 — 2,330 Total personal loans 285,014 113,252 31,987 32,150 12,103 6,114 — 480,620 Credit lines: Payment performance: Performing — — — — — — 12,710 12,710 Nonperforming — — — — — — 116 116 Total credit lines — — — — — — 12,826 12,826 Credit cards: Payment performance: Performing — — — — — — 42,189 42,189 Nonperforming — — — — — — 683 683 Total credit cards — — — — — — 42,872 42,872 Overdrafts: Payment performance: Performing — — — — — — 301 301 Nonperforming — — — — — — — — Total overdrafts — — — — — — 301 301 Total consumer loans 285,014 113,252 31,987 32,150 12,103 6,114 55,999 536,619 Total mortgage and consumer loans $ 303,714 $ 138,526 $ 48,272 $ 48,181 $ 29,134 $ 588,586 $ 55,999 $ 1,212,412 Term Loans Revolving Total 2021 2020 2019 2018 2017 Prior (In thousands) Mortgage: Payment performance: Performing $ 18,486 $ 16,585 $ 15,461 $ 19,261 $ 24,872 $ 584,792 $ — $ 679,457 Nonperforming — 126 129 510 1,830 36,796 — 39,391 Total mortgage loans: 18,486 16,711 15,590 19,771 26,702 621,588 — 718,848 Consumer: Personal loans: Payment performance: Performing 175,273 55,960 65,425 29,808 12,287 6,661 — 345,414 Nonperforming 296 239 411 143 20 336 — 1,445 Total personal loans 175,569 56,199 65,836 29,951 12,307 6,997 — 346,859 Credit lines: Payment performance: Performing — — — — — — 14,549 14,549 Nonperforming — — — — — — 226 226 Total credit lines — — — — — — 14,775 14,775 Credit cards: Payment performance: Performing — — — — — — 46,163 46,163 Nonperforming — — — — — — 632 632 Total credit cards — — — — — — 46,795 46,795 Overdrafts: Payment performance: Performing — — — — — — 330 330 Nonperforming — — — — — — — — Total overdrafts — — — — — — 330 330 Total consumer loans 175,569 56,199 65,836 29,951 12,307 6,997 61,900 408,759 Total mortgage and consumer loans $ 194,055 $ 72,910 $ 81,426 $ 49,722 $ 39,009 $ 628,585 $ 61,900 $ 1,127,607 At December 31, 2022 and 2021, there were no revolving loans that converted to term loans. OFG evaluates credit quality for auto loans and leases based on FICO score. The following tables present the amortized cost in auto loans and leases held for investment based on their most recent FICO score as of December 31, 2022 and 2021: Term Loans Total 2022 2021 2020 2019 2018 Prior (In thousands) Auto loans and leases: FICO score: 1-660 178,426 143,926 72,148 58,069 44,156 31,980 528,705 661-699 171,723 93,359 42,388 31,033 21,283 13,518 373,304 700+ 375,845 235,743 144,783 135,517 88,597 47,499 1,027,984 No FICO 7,766 6,553 3,741 5,873 3,008 1,323 28,264 Total auto loans and leases: $ 733,760 $ 479,581 $ 263,060 $ 230,492 $ 157,044 $ 94,320 $ 1,958,257 Term Loans Total 2021 2020 2019 2018 2017 Prior (In thousands) Auto loans and leases: FICO score: 1-660 161,534 90,402 80,745 65,681 38,001 23,171 459,534 661-699 134,507 68,422 48,173 33,854 16,761 10,534 312,251 700+ 245,148 180,737 184,307 133,098 63,229 38,474 844,993 No FICO 26,759 13,580 17,062 10,119 5,515 3,216 76,251 Total auto loans and leases: $ 567,948 $ 353,141 $ 330,287 $ 242,752 $ 123,506 $ 75,395 $ 1,693,029 Upon adoption of CECL, OFG elected to maintain pools of loans that were previously accounted for under ASC 310-30 and will continue to account for these pools as a unit of account. As such, PCD loans are not included in the tables above.

ALLOWANCE FOR CREDIT LOSSES

ALLOWANCE FOR CREDIT LOSSES	12 Months Ended
	Dec. 31, 2022
Credit Loss [Abstract]
ALLOWANCE FOR CREDIT LOSSES	ALLOWANCE FOR CREDIT LOSSES On January 1, 2020, OFG adopted the accounting standard that requires the measurement of the allowance for credit losses to be based on management’s best estimate of lifetime expected credit losses inherent in OFG’s relevant financial assets. The ACL is estimated using quantitative methods that consider a variety of factors such as historical loss experience, the current credit quality of the portfolio, and an economic outlook over the life of the loan. Also included in the ACL are qualitative reserves to cover losses that are expected but, in OFG’s assessment, may not be adequately represented in the quantitative methods or the economic assumptions. In its loss forecasting framework, OFG incorporates forward-looking information through the use of macroeconomic scenarios applied over the forecasted life of the assets. The scenarios that are chosen each quarter and the amount of weighting given to each scenario depend on a variety of factors, including recent economic events, leading economic indicators, views of internal as well as third-party economists and industry trends. For more information on OFG’s credit loss accounting policies, including the allowance for credit losses, see Note 1 - Summary of Significant Accounting Policies. At December 31, 2022, OFG used an economic probability weighted scenario approach consisting of the baseline and moderate recession scenarios, giving more weight to the baseline scenario, except for the US loan segment that used the same level of probability in both economic scenarios. In addition, the ACL at December 31, 2022 continues to include qualitative reserves for certain segments that OFG views as higher risk that may not be fully recognized through its quantitative models, such as the evolution of risk ratings applied to the commercial loans and consumer retail portfolios. There are still many unknown variables including the results of the government’s fiscal and monetary actions resulting from the effect of inflation and geopolitical tension from the military conflict between Ukraine and Russia. As of December 31, 2022, the allowance for credit losses decreased by $3.3 million when compared to December 31, 2021. The provision for credit losses for 2022 reflected a provision of $25.9 million related to the growth in loan balances, a provision of $11.8 million related to commercial-specific loan reserves due to certain commercial loans placed in non-accrual status, and a provision of $1.9 million for changes in the economic and loss rate models, offset by a $15.2 million release associated with qualitative adjustment due to improvement in the performance of the portfolios and in Puerto Rico’s labor market. The net charge-offs for 2022, amounted to $27.7 million, a decrease of $22.1 million when compared to 2021. The decrease is mainly due to reductions of $27.1 million in mortgage loans and $7.3 million in commercial loans, offset by increases of $8.9 million in auto loans and leases, and $3.4 million in consumer loans. During 2021, OFG recognized $30.1 million net charge-offs related to the decision to sell $65.5 million past due loans, which were subsequently sold during 2022. The following tables present the activity in OFG’s allowance for credit losses by segment for 2022, 2021 and 2020: Year Ended December 31, 2022 Commercial Mortgage Consumer Auto loans and leases Total (In thousands) Non-PCD: Balance at beginning of year $ 32,262 $ 15,299 $ 19,141 $ 65,363 $ 132,065 Provision for (recapture of) credit losses 19,076 (8,758) 16,084 16,016 42,418 Charge-offs (13,380) (284) (15,198) (32,662) (61,524) Recoveries 1,200 3,314 3,237 21,131 28,882 Balance at end of year $ 39,158 $ 9,571 $ 23,264 $ 69,848 $ 141,841 PCD: Balance at beginning of year $ 4,508 $ 19,018 $ 34 $ 312 $ 23,872 (Recapture) provision of credit losses (6,855) (10,629) 62 (588) (18,010) Charge-offs (69) (1,695) (176) (310) (2,250) Recoveries 3,804 2,665 94 657 7,220 Balance at end of year $ 1,388 $ 9,359 $ 14 $ 71 $ 10,832 Total allowance for credit losses at end of year $ 40,546 $ 18,930 $ 23,278 $ 69,919 $ 152,673 Total commercial charge-offs for 2022 included $12.3 million charge-offs that were previously reserved for four commercial loans, two of them were sold during 2022. Total recoveries for 2022 included a $2.8 million recovery from a Puerto Rico government public corporation PCD commercial loan repaid during the first quarter of 2022 and $1.1 million recoveries associated with the final settlement of the past due mortgage loans transferred to held for sale during the fourth quarter of 2021 and subsequently sold during the first quarter of 2022. Year Ended December 31, 2021 Commercial Mortgage Consumer Auto loans and leases Total (In thousands) Non-PCD: Balance at beginning of year $ 45,779 $ 19,687 $ 25,253 $ 70,296 $ 161,015 (Recapture of) provision for credit losses (7,130) (242) 2,868 (2,373) (6,877) Charge-offs (8,788) (5,789) (11,880) (26,530) (52,987) Recoveries 2,401 1,643 2,900 23,970 30,914 Balance at end of year $ 32,262 $ 15,299 $ 19,141 $ 65,363 $ 132,065 PCD: Balance at beginning of year $ 16,405 $ 26,389 $ 57 $ 943 $ 43,794 (Recapture of) provision for credit losses (2,585) 11,556 (317) (894) 7,760 Charge-offs (12,241) (20,350) (22) (946) (33,559) Recoveries 2,929 1,423 316 1,209 5,877 Balance at end of year $ 4,508 $ 19,018 $ 34 $ 312 $ 23,872 Total allowance for credit losses at end of year $ 36,770 $ 34,317 $ 19,175 $ 65,675 $ 155,937 As a result of the decision to sell mortgage and commercial loans during 2021, OFG recognized $30.1 million in net charge-offs and an additional provision of $9.7 million, decreasing the allowance for credit losses by $20.4 million. Year Ended December 31, 2020 Commercial Mortgage Consumer Auto loans and leases Total (In thousands) Non-PCD: Balance at beginning of year $ 25,993 $ 8,727 $ 18,446 $ 31,878 $ 85,044 Impact of ASC 326 adoption 3,562 10,980 8,418 16,238 39,198 Provision for credit losses 18,462 258 16,579 51,233 86,532 Charge-offs (4,979) (884) (21,772) (48,547) (76,182) Recoveries 2,741 606 3,582 19,494 26,423 Balance at end of year $ 45,779 $ 19,687 $ 25,253 $ 70,296 $ 161,015 PCD: Balance at beginning of year $ 8,893 $ 21,655 $ — $ 947 $ 31,495 Impact of ASC 326 adoption 42,143 7,830 181 368 50,522 Provision for credit losses 480 6,392 126 187 7,185 Charge-offs (36,097) (10,342) (542) (2,023) (49,004) Recoveries 986 854 292 1,464 3,596 Balance at end of year $ 16,405 $ 26,389 $ 57 $ 943 $ 43,794 Total allowance for credit losses at end of year $ 62,184 $ 46,076 $ 25,310 $ 71,239 $ 204,809 The allowance for credit losses for 2020 included a $39.9 million provision to incorporate changes in the macro-economic scenario and qualitative adjustments as a result of the Covid-19 pandemic.

FORECLOSED REAL ESTATE

FORECLOSED REAL ESTATE	12 Months Ended
	Dec. 31, 2022
Other Real Estate [Abstract]
FORECLOSED REAL ESTATE	FORECLOSED REAL ESTATE The following table presents the activity related to foreclosed real estate for 2022, 2021 and 2020: Year Ended December 31, 2022 2021 2020 (In thousands) Balance at beginning of year $ 15,039 $ 11,596 $ 29,909 Additions 7,872 18,221 3,654 Sales (16,855) (14,758) (18,521) Decline in value (1,256) (1,450) (2,489) Other adjustments 6,414 1,430 (957) Balance at end of year $ 11,214 $ 15,039 $ 11,596

PREMISES AND EQUIPMENT

PREMISES AND EQUIPMENT	12 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
PREMISES AND EQUIPMENT	PREMISES AND EQUIPMENT Premises and equipment at December 31, 2022 and 2021 are stated at cost less accumulated depreciation and amortization as follows: Useful Life December 31, 2022 2021 (In thousands) Land — $ 4,031 $ 4,080 Buildings and improvements 20 — 40 74,349 77,988 Leasehold improvements 1 — 10 17,901 20,929 Furniture and fixtures 3 — 10 23,460 19,378 Information technology and other 3 — 7 59,130 43,156 178,871 165,531 Less: accumulated depreciation and amortization (72,051) (73,407) $ 106,820 $ 92,124 Depreciation and amortization of premises and equipment totaled $15.8 million, $14.1 million and $12.7 million for 2022, 2021 and 2020, respectively. These are included in the consolidated statements of operations as part of occupancy and equipment expenses.

SERVICING ASSETS

SERVICING ASSETS	12 Months Ended
	Dec. 31, 2022
Transfers and Servicing [Abstract]
SERVICING ASSETS	SERVICING ASSETS At December 31, 2022, the fair value of mortgage servicing rights was $50.9 million ($49.0 million — December 31, 2021). The following table presents the changes in servicing rights measured using the fair value method for 2022, 2021 and 2020: Year Ended December 31, 2022 2021 2020 (In thousands) Fair value at beginning of year $ 48,973 $ 47,295 $ 50,779 Servicing from mortgage securitization or asset transfers 3,998 6,089 2,394 Changes due to payments on loans (5,312) (6,738) (4,067) Changes in fair value due to changes in valuation model inputs or assumptions 3,262 2,327 (1,811) Fair value at end of year $ 50,921 $ 48,973 $ 47,295 The following table presents key economic assumption ranges used in measuring the mortgage-related servicing asset fair value as of December 31, 2022, 2021 and 2020: Year Ended December 31, 2022 2021 2020 Constant prepayment rate 3.43% - 21.20% 3.90% - 24.48% 5.02% - 35.22% Discount rate 10.00% - 15.50% 10.00% - 15.50% 10.00% - 15.50% The sensitivity of the current fair value of servicing assets to immediate 10 percent and 20 percent adverse changes in the above key assumptions were as follows: December 31, 2022 2021 (In thousands) Mortgage-related servicing asset Carrying value of mortgage servicing asset $ 50,921 $ 48,973 Weighted average life (in years) 7.8 7.8 Constant prepayment rate Decrease in fair value due to 10% adverse change $ (956) $ (1,020) Decrease in fair value due to 20% adverse change $ (1,880) $ (2,004) Discount rate Decrease in fair value due to 10% adverse change $ (2,265) $ (2,175) Decrease in fair value due to 20% adverse change $ (4,356) $ (4,183) These sensitivities are hypothetical and should be used with caution. As the figures indicate, changes in fair value based on a 10% variation in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, in this table, the effect of a variation in a particular assumption on the fair value of the retained interest is calculated without changing any other assumption. Changes in one factor may result in changes in another (for example, increases in market interest rates may result in lower prepayments), which may magnify or offset the sensitivities. Mortgage banking activities, a component of total banking and financial service revenue in the consolidated statements of operations, include the changes from period to period in the fair value of the mortgage loan servicing rights, which may result from changes in the valuation model inputs or assumptions (principally reflecting changes in discount rates and prepayment speed assumptions) and other changes, including changes due to collection/realization of expected cash flows. Servicing fee income is based on a contractual percentage of the outstanding principal balance and is recorded as income when earned. Servicing fees on mortgage loans for 2022, 2021 and 2020 totaled $20.3 million, $21.4 million and $17.2 million, respectively.

DERIVATIVES

DERIVATIVES	12 Months Ended
	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES	DERIVATIVES OFG’s overall interest rate risk-management strategy incorporates the use of derivative instruments to minimize significant unplanned fluctuations in earnings that are caused by interest rate volatility. Derivative instruments that are used as part of OFG’s interest rate risk-management strategy include interest rate swaps and caps. As of December 31, 2022 and 2021, the notional amount of derivative contracts outstanding was $26.6 million and $28.5 million respectively. The gross fair value of derivative asset was $406 thousand and $1 thousand, respectively, and the gross fair value of derivatives liabilities was zero and $804 thousand, respectively. The impact of master netting agreements was not material. As of December 31, 2022 and 2021, derivative and hedging activities were not material.

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND OTHER INTANGIBLE ASSETS	GOODWILL AND OTHER INTANGIBLE ASSETS The changes in the carrying amount of goodwill attributable to operating segments are reflected in the table below. The activity during 2022 reflects the sale on December 31, 2022 of OFG’s retirement plan administration business. Refer to Note 28 – Business Segments for additional information on OFG’s reportable business segments. Banking Wealth Management Treasury Total (In thousands) December 31, 2021 $ 84,063 $ 2,006 $ — $ 86,069 Goodwill written off related to sale of business unit — (1,828) — (1,828) December 31, 2022 $ 84,063 $ 178 $ — $ 84,241 There were no changes in the carrying amount of goodwill as of December 31, 2021 and 2020. There were no accumulated impairment losses during 2022, 2021 and 2020. Relevant events and circumstances for evaluating whether it is more likely than not that the fair value of a reporting segment is less than its carrying amount may include macroeconomic conditions (such as deterioration of the Puerto Rico economy or the liquidity for Puerto Rico securities or loans secured by assets in Puerto Rico), adverse changes in legal factors or in the business climate, adverse actions by a regulator, unanticipated competition, the loss of key employees, natural disasters, or similar events. OFG performed its annual impairment review of goodwill during the fourth quarter of 2022 and 2021 using October 31, 2022 and 2021, respectively, as the annual evaluation date and concluded that there was no impairment at December 31, 2022 and 2021. The following table reflects the components of other intangible assets subject to amortization at December 31, 2022 and 2021: Gross Accumulated Net (In thousands) December 31, 2022 Core deposit intangibles $ 41,507 $ 20,376 $ 21,131 Customer relationship intangibles 12,693 6,231 6,462 Total other intangible assets $ 54,200 $ 26,607 $ 27,593 December 31, 2021 Core deposit intangibles $ 51,402 $ 23,772 $ 27,630 Customer relationship intangibles 17,753 9,385 8,368 Other intangibles 567 472 95 Total other intangible assets $ 69,722 $ 33,629 $ 36,093 In connection with previous acquisitions, OFG recorded a core deposit intangible representing the value of checking and savings deposits acquired. In addition, OFG recorded a customer relationship intangible representing the value of customer relationships acquired with the acquisitions of insurance agencies. During 2022, the core deposit intangible and customer relationship intangible recorded during the BBVAPR acquisition was fully amortized. Other intangible assets have a definite useful life. Amortization of other intangible assets for 2022, 2021 and 2020 was $8.5 million, $9.8 million, and $11.1 million, respectively. Year Ending December 31, (In thousands) 2023 $ 6,898 2024 5,913 2025 4,927 2026 3,942 2027 2,956 Thereafter 2,957

ACCRUED INTEREST RECEIVABLE AND

ACCRUED INTEREST RECEIVABLE AND OTHER ASSETS	12 Months Ended
	Dec. 31, 2022
Accrued Interest Receivable and Other Assets [Abstract]
ACCRUED INTEREST RECEIVABLE AND OTHER ASSETS	ACCRUED INTEREST RECEIVABLE AND OTHER ASSETS Accrued interest receivable at December 31, 2022 and 2021 consists of the following: December 31, 2022 2021 (In thousands) Loans $ 58,144 $ 54,794 Investments 4,258 1,766 $ 62,402 $ 56,560 Accrued interest receivable on loans that participated in the Hurricane Fiona and Covid-19 deferral programs amounted to $21.8 million at December 31, 2022, of which $20.7 million corresponds to loans in current status. Accrued interest receivable on loans that participated in the Covid-19 deferral program amounted to $23.9 million at December 31, 2021, of which $21.5 million corresponds to loans in current status. OFG estimates expected credit losses on accrued interest receivable for loans that participated in moratorium programs. An allowance has been established for loans with delinquency status in 30 to 89 days past due and is calculated by applying the corresponding loan projected loss factors to the accrued interest receivable balance. At December 31, 2022 and 2021, the allowance for credit losses for accrued interest receivable for loans that participated in moratorium programs amounted to $144 thousand and $161 thousand, respectively, and is included in accrued interest receivable in the statement of financial condition. Other assets at December 31, 2022 and 2021 consist of the following: December 31, 2022 2021 (In thousands) Prepaid expenses $ 54,875 $ 61,061 Other repossessed assets 4,617 1,945 Investment in Statutory Trust — 1,083 Accounts receivable and other assets 61,420 88,756 $ 120,912 $ 152,845 Prepaid expenses amounting to $54.9 million at December 31, 2022, include prepaid municipal, property and income taxes aggregating to $47.2 million. At December 31, 2021 prepaid expenses amounted to $61.1 million, including prepaid municipal, property and income taxes aggregating to $54.6 million. Other repossessed assets totaled $4.6 million and $1.9 million at December 31, 2022 and 2021, respectively, and consist of repossessed automobiles, which are recorded at their net realizable value.

DEPOSITS AND RELATED INTEREST

DEPOSITS AND RELATED INTEREST	12 Months Ended
	Dec. 31, 2022
Deposits and Related Interest [Abstract]
DEPOSITS AND RELATED INTEREST	DEPOSITS AND RELATED INTEREST Total deposits, including related accrued interest payable, as of December 31, 2022 and 2021 consist of the following: December 31, 2022 2021 (In thousands) Non-interest-bearing demand deposits $ 2,630,458 $ 2,501,644 Interest-bearing savings and demand deposits 4,774,265 4,880,476 Retail certificates of deposit 979,545 1,007,577 Institutional certificates of deposit 172,725 202,050 Total core deposits 8,556,993 8,591,747 Brokered deposits 11,371 11,371 Total deposits $ 8,568,364 $ 8,603,118 At December 31, 2022 and 2021, the aggregate amount of uninsured deposits was $3.498 billion and $3.270 billion, respectively. The weighted average interest rate of OFG’s deposits was 0.41% and 0.49%, respectively, at December 31, 2022 and 2021. Interest expense for 2022, 2021 and 2020 was as follows: Year Ended December 31, 2022 2021 2020 (In thousands) Demand and savings deposits $ 24,261 $ 23,713 $ 25,798 Certificates of deposit 7,978 15,301 34,400 $ 32,239 $ 39,014 $ 60,198 At December 31, 2022 and 2021, time deposits in denominations of $250 thousand or higher, excluding accrued interest and unamortized discounts, amounted to $384.4 million and $360.8 million, respectively. At December 31, 2022 and 2021, total public fund deposits from various Puerto Rico government municipalities, agencies and corporations amounted to $284.2 million and $183.8 million, respectively. These public funds were collateralized with commercial loans and securities amounting to $367.3 million and $228.9 million at December 31, 2022 and 2021, respectively. Excluding accrued interest of approximately $682 thousand and $736 thousand, the scheduled maturities of certificates of deposit at December 31, 2022 and 2021 are as follows: December 31, 2022 Year-end amount Uninsured amount (In thousands) Within one year: Three months or less $ 238,776 $ 29,503 Over 3 months through 6 months 152,940 18,238 Over 6 months through 1 year 262,976 59,093 654,692 106,834 Over 1 through 2 years 279,034 64,109 Over 2 through 3 years 136,732 26,481 Over 3 through 4 years 51,505 8,276 Over 4 through 5 years 39,888 2,230 Over 5 years 1,108 — $ 1,162,959 $ 207,930 December 31, 2021 Year-end amount Uninsured amount (In thousands) Within one year: Three months or less $ 252,513 25,003 Over 3 months through 6 months 147,400 12,113 Over 6 months through 1 year 239,830 45,280 639,743 82,396 Over 1 through 2 years 328,177 60,108 Over 2 through 3 years 114,403 18,578 Over 3 through 4 years 77,604 22,536 Over 4 through 5 years 58,918 8,505 Over 5 years 1,417 — $ 1,220,262 $ 192,123 The tables of scheduled maturities of certificates of deposits above includes brokered-deposits and individual retirement accounts. The aggregate amount of overdrafts in demand deposit accounts that were reclassified to loans amounted to $495 thousand and $491 thousand as of December 31, 2022 and 2021, respectively.

BORROWINGS AND RELATED INTEREST

BORROWINGS AND RELATED INTEREST	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
BORROWINGS AND RELATED INTEREST	BORROWINGS AND RELATED INTEREST Advances from the Federal Home Loan Bank of New York Advances are received from the FHLB under an agreement whereby OFG is required to maintain a minimum amount of qualifying collateral with a fair value of at least 110% of the outstanding advances. At December 31, 2022 and 2021, these advances were secured by mortgage and commercial loans amounting to $951.1 million and $949.0 million, respectively. Also, at December 31, 2022 and 2021, OFG had an additional borrowing capacity with the FHLB of $628.1 million and $697.3 million, respectively. At December 31, 2022 and 2021, the weighted average remaining maturity of FHLB’s advances was 3 days. The original term of the outstanding advance at December 31, 2022 is 1 month. The following table shows a summary of the advances and their terms, excluding accrued interest in the amount of $103 thousand and $8 thousand at December 31, 2022 and 2021, respectively: December 31, 2022 2021 (In thousands) Short-term fixed-rate advances from FHLB, with a weighted average interest rate of 4.46% (December 31, 2021 - 0.35%) $ 26,613 $ 28,480 Advances from FHLB mature as follows: December 31, 2022 2021 (In thousands) Under 90 days $ 26,613 $ 28,480 Subordinated Capital Notes In August 2003, the Statutory Trust II, a special purpose entity of OFG, was formed for the purpose of issuing trust redeemable preferred securities. In September 2003, $35.0 million of trust redeemable preferred securities were issued by the Statutory Trust II as part of a pooled underwriting transaction. The proceeds from this issuance were used by the Statutory Trust II to purchase a like amount of a floating rate junior subordinated deferrable interest debenture issued by OFG with a par value of $36.1 million. During 2022, OFG redeemed all outstanding $36.1 million subordinated capital notes before maturity, and as a result, it wrote off $405 thousand in unamortized issuance costs, included as interest expense in the consolidated statements of operations. OFG also recorded a gain on early debt extinguishment of $42 thousand included in other non-interest income in the consolidated statements of operations. Prior to redemption, such subordinated capital notes carried an interest rate of 3.23% based on 3-month LIBOR plus 295 basis points and were schedule to mature on September 17, 2033. Following the redemption of the subordinated capital notes, the Statutory Trust II was dissolved.

EMPLOYEE BENEFIT PLAN

EMPLOYEE BENEFIT PLAN	12 Months Ended
	Dec. 31, 2022
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLAN	EMPLOYEE BENEFIT PLANOFG has a profit-sharing plan containing a cash or deferred arrangement qualified under Sections 1081.01(a) and 1081.01(d) of the Puerto Rico Internal Revenue Code of 2011, as amended, (the “PR Code”), and Sections 401(a) and 401(k) of the United States Internal Revenue Code of 1986, as amended (the “US Code”). The plan is subject to the provisions of Title I of the Employee Retirement Income Security Act of 1976, as amended (“ERISA”). This plan covers all full-time employees of OFG who are age 21 or older. Under this plan, participants may contribute each year up to $20,500. OFG’s matching contribution is 50 cents for each dollar contributed by an employee, up to 4% of such employee’s base salary. It is invested in accordance with the employee’s decision among the available investment alternatives provided by the plan. This plan is entitled to acquire and hold qualifying employer securities as part of its investment of the trust assets pursuant to ERISA Section 407. OFG contributed $2.4 million in cash during 2022 and $2.3 million during both 2021 and 2020. OFG’s contribution becomes 100% vested once the employee completes three years of service. In December 2020, all the balances related to the Retirement Plan for SBPR employee accounts were merged into the plan. Also, OFG offers to its senior management a non-qualified deferred compensation plan, whereby participants can defer taxable income. Both the employer and the employee have flexibility because non-qualified plans may not be subject to ERISA and the PR Code and the US Code contribution limits and discrimination tests in terms of who must be included in the plan. Under this plan, the employee’s current taxable income is reduced by the amount being deferred. Generally, funds deposited in a deferred compensation plan can accumulate without current income tax to the individual. Income taxes are due when the funds are withdrawn.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS OFG grants loans to its directors and executive officers and to certain related individuals or organizations in the ordinary course of business. These loans are offered at the same terms as loans to unrelated third parties. The activity and balance of these loans for 2022, 2021, and 2020 was as follows: Year Ended December 31, 2022 2021 2020 (In thousands) Balance at the beginning of year $ 25,915 $ 21,112 $ 22,312 New loans and disbursements 9,706 8,233 17,896 Repayments (2,829) (3,430) (19,096) Balance at the end of year $ 32,792 $ 25,915 $ 21,112 OFG also hired professional services amounting to $4.3 million, $5.0 million and $3.2 million for 2022, 2021, and 2020, respectively, from a related party. OFG, through its banking subsidiary, entered into a commitment to make an equity investment in a limited partnership classified as a small business investment company. The partnership is managed by a Puerto Rico limited liability company, as general partner, which is led by a group of investment professionals, including a person related to a member of OFG’s Board of Directors. OFG, as limited partner, committed to the partnership $3.0 million. At December 31, 2022 and 2021, OFG’s investment in the partnership amounted to $2.4 million and $1.8 million, respectively.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES OFG is subject to the provisions of the PR Code. The PR Code imposed a maximum statutory corporate tax rate of 37.5%. OFG has operations in the mainland United States through its wholly owned subsidiaries OPC, OFG Ventures and OFG USA LLC (“OFG USA”), which is a direct subsidiary of the Bank, and has two branches in the USVI. The United States subsidiaries are subject to federal income taxes at the corporate level, while the USVI branches are subject to federal income taxes under a mirror system and a 10% surtax included in the maximum tax rate. OPC is subject to Florida state taxes, OFG USA is subject to North Carolina state taxes, and current investments in OFG Ventures are subject to state taxes in Missouri. In addition, during 2021, OFG incorporated in Grand Cayman, as a foreign wholly owned subsidiary, OFG Reinsurance. OFG Reinsurance is tax exempt in Grand Cayman. Effective December 30, 2022, OFG sold its pension plan administration operations in OPC and thereafter OPC discontinued its operations. Under the PR Code, all companies are treated as separate taxable entities and are not entitled to file consolidated tax returns. OFG and its subsidiaries organized under the laws of Puerto Rico are subject to Puerto Rico regular income tax or the alternative minimum tax (“AMT”) on income earned from all sources. OFG’s subsidiaries organized outside of Puerto Rico are taxed in Puerto Rico only with respect to income from Puerto Rico sources or effectively connected to a Puerto Rico trade or business. The AMT is payable if it exceeds regular income tax. The excess of AMT over regular income tax paid in any one year may be used to offset regular income tax in future years, subject to certain limitations. The components of income tax expense for 2022, 2021, and 2020 were as follows: Year Ended December 31, 2022 2021 2020 (In thousands) Current income tax expense (benefit) $ 16,740 $ 4,836 $ (7,347) Deferred income tax expense 61,126 63,616 27,846 Total income tax expense $ 77,866 $ 68,452 $ 20,499 In relation to the exempt income level, the Bank’s investment securities portfolio and loans portfolio generated net tax-exempt interest income of $26.3 million, $14.4 million and $15.2 million during 2022, 2021 and 2020, respectively. OIB generated exempt income of $4.4 million, $9.5 million and $4.1 million for 2022, 2021, and 2020, respectively. OFG maintained an effective tax rate lower than statutory rate for 2022, mainly related to an increase in US Treasury securities and other exempt investments. OFG’s income tax expense differs from amounts computed by applying the applicable statutory rate to income before income taxes as follows: Year Ended December 31, 2022 2021 2020 Amount Rate Amount Rate Amount Rate (Dollars in thousands) Income tax expense at statutory rates $ 91,539 37.50 % $ 80,476 37.50 % $ 35,567 37.50 % Tax of exempt income, net (11,523) -4.72 % (9,489) -4.42 % (7,272) -7.67 % Disallowed net operating loss carryover (267) -0.11 % (179) (0.08) % 202 0.21 % Change in valuation allowance (502) -0.21 % 803 0.37 % 2,267 2.39 % Unrecognized tax benefits, net 69 0.03 % 70 0.03 % (1,941) -2.05 % Capital gain at preferential rate (787) -0.32 % (3) — % (450) -0.47 % Tax rate difference (ordinary vs capital) (247) -0.10 % (480) -0.22 % (4,218) -4.45 % Bargain purchase gain — — % — — % (2,751) -2.90 % Return to provision adjustments (407) -0.17 % (933) -0.43 % (1,099) -1.16 % Foreign tax credit — — % 187 0.09 % 361 0.38 % Other items, net (9) — % (2,000) -0.94 % (167) -0.16 % Income tax expense $ 77,866 31.90 % $ 68,452 31.90 % $ 20,499 21.62 % OFG’s effective tax rate for 2022 and 2021 was 31.90%. For 2020, the effective tax rate was 21.62%, and it was mainly affected by several items pertaining to the year 2020 that were not expected to reoccur on future years, such as the bargain purchase gain and tax rate differentials. OFG classifies unrecognized tax benefits in other liabilities. These gross unrecognized tax benefits would affect the effective tax rate if realized. At December 31, 2022, the amount of unrecognized tax benefits was $867 thousand (December 31, 2021 - $798 thousand). OFG had accrued $69 thousand at December 31, 2022 (December 31, 2021 - $70 thousand) for the payment of interest and penalties related to unrecognized tax benefits. The following table presents a reconciliation of unrecognized tax benefits: Year Ended December 31, 2022 2021 2020 (In thousands) Balance at beginning of year $ 798 $ 728 $ 2,668 Additions for tax positions of prior years 69 70 50 Reduction for tax positions as a result of lapse of statute of limitations or new information resulting in a change in assessment — — (1,990) Balance at end of year $ 867 $ 798 $ 728 OFG follows a two-step approach for recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals of litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. The amount of unrecognized tax benefits may increase or decrease in the future due to new or current tax year positions, expiration of open income tax returns, changes in management’s judgment about the level of uncertainty, status of examinations, litigation and legislative activity. For 2022, there was a net increase in unrecognized tax benefit of $69 thousand. The statute of limitations under the PR Code is four years and the statute of limitations for federal tax purposes is three years, after a tax return is due or filed, whichever is later. OFG is potentially subject to income tax audits in the Commonwealth of Puerto Rico for taxable years 2018 to 2021, until the applicable statute of limitations expires. In addition, OFG’s US subsidiaries are potentially subject to income tax audits by the IRS for taxable years 2019 to 2021. Tax audits by their nature are often complex and can require several years to complete. The determination of the deferred tax expense or benefit is generally based on changes in the carrying amounts of assets and liabilities that generate temporary differences. The carrying value of OFG’s net deferred tax assets assumes that OFG will be able to generate sufficient future taxable income based on estimates and assumptions. If these estimates and related assumptions change in the future, OFG may be required to record valuation allowances against its deferred tax assets resulting in additional income tax expense in the consolidated statements of operations. Significant components of OFG’s deferred tax assets and liabilities as of December 31, 2022, and 2021 were as follows: December 31, 2022 2021 (In thousands) Deferred tax asset: Allowance for credit losses and other reserves $ 57,273 $ 61,009 Scotiabank PR discount 1,453 $ 2,053 Loans and other real estate valuation adjustment 2,313 3,660 Deferred loan charge-offs 72,376 115,661 Net operating loss carry forwards 9,022 8,460 Alternative minimum tax 14,467 15,385 Unrealized net loss included in other comprehensive income — 301 Unrealized net loss on available-for-sale securities 16,422 — Goodwill 10,252 16,961 Acquired portfolio 45,761 53,687 Other assets allowances 1,538 929 Other deferred tax assets 16,570 20,291 Total gross deferred tax asset 247,447 298,397 Less: valuation allowance (9,143) (9,645) Net gross deferred tax assets 238,304 288,752 Deferred tax liability: Acquired loans tax basis (137,195) (137,402) FDIC-assisted Eurobank acquisition, net (5,760) (6,636) Customer deposit and customer relationship intangibles (7,314) (10,324) Building valuation adjustment (6,540) (6,976) Unrealized net gain on available-for-sale securities — (1,572) Unrealized net gain included in other comprehensive income (152) — Servicing asset (16,041) (15,311) Other deferred tax liabilities (9,817) (11,468) Total gross deferred tax liabilities (182,819) (189,689) Net deferred tax asset $ 55,485 $ 99,063 As of December 31, 2022 and 2021, OFG’s net deferred tax asset, net of a valuation allowance of $9.1 million and $9.6 million, respectively, amounted to $55.5 million and $99.1 million, respectively. The decrease in valuation allowance of $502 thousand was mainly related to additional taxable income in OFG’s operations. In assessing the realizability of the deferred tax asset, management considers whether it is more likely than not that some portion or the entire deferred tax asset will not be realized. The ultimate realization of the deferred tax asset is dependent upon the generation of future income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future income, and tax planning strategies in making this assessment. Based upon the assessment of positive and negative evidence, the level of historical taxable income, projections for future taxable income over the periods in which the deferred tax asset are deductible, and provisions of certain closing agreements, management believes it is more likely than not that OFG will realize the benefits of these deductible differences, net of the existing valuation allowances, at December 31, 2022. The amount of the deferred tax asset that is considered realizable could be reduced in the near term if there are changes in estimates of future taxable income.

REGULATORY CAPITAL REQUIREMENTS

REGULATORY CAPITAL REQUIREMENTS	12 Months Ended
	Dec. 31, 2022
Capital Disclosure [Abstract]
REGULATORY CAPITAL REQUIREMENTS	REGULATORY CAPITAL REQUIREMENTS Regulatory Capital Requirements OFG (on a consolidated basis) and the Bank are subject to various regulatory capital requirements administered by federal and Puerto Rico banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on OFG’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, OFG and the Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. The risk-based capital standards applicable to OFG and the Bank (“Basel III capital rules”) are based on the final capital framework for strengthening international capital standards, known as Basel III, of the Basel Committee on Banking Supervision. Pursuant to the Basel III capital rules, OFG and the Bank are required to maintain the following: • A minimum ratio of Common equity Tier 1 capital (“CET1”) to risk-weighted assets of at least 4.5%, plus a 2.5% “capital conservation buffer” that is composed entirely of CET1 capital (resulting in a minimum ratio of CET1 to risk-weighted assets of at least 7.0%). • A minimum ratio of Tier 1 capital to risk-weighted assets of at least 6.0%, plus the capital conservation buffer (resulting in a minimum Tier 1 capital ratio of 8.5%). • A minimum ratio of total capital (Tier 1 capital plus Tier 2 capital) to risk-weighted assets of at least 8.0%, plus the capital conservation buffer (resulting in a minimum total capital ratio of 10.5%). • A minimum leverage ratio of 4.0%, calculated as the ratio of Tier 1 capital to average assets. The federal banking regulatory agencies adopted a final rule, pursuant to the Economic Growth and Regulatory Paperwork Reduction Act of 1996 that simplifies for banking organizations following non-advanced approaches the regulatory capital treatment for mortgage servicing assets (“MSAs”) and certain deferred tax assets arising from temporary differences (temporary difference DTAs). It increased CET1 capital threshold deductions from 10% to 25% and removed the aggregate 15% CET1 threshold deduction. However, it retained the 250% risk weight applicable to non-deducted amounts of MSAs and temporary difference DTAs. OFG implemented the simplifications to the capital rule on January 1, 2020. On January 1, 2020, OFG adopted CECL with the initial implementation adjustment to Non-PCD loans and off-balance sheet instruments against retained earnings. On March 27, 2020, in response to the Covid-19 pandemic, U.S. banking regulators issued an interim final rule that OFG adopted to delay for two years the initial adoption impact of CECL on regulatory capital, followed by a three-year transition period to phase out the aggregate amount of the capital benefit provided during 2021 and 2022 (i.e., a five-year transition period). During the two-year delay, OFG added back to CET1 capital 100 percent of the initial adoption impact of CECL plus 25 percent of the cumulative quarterly changes in the allowance for credit losses (i.e., quarterly transitional amounts). After two years, starting on January 1, 2022, the quarterly transitional amounts along with the initial adoption impact of CECL will be phased out of CET1 capital over the three-year period. OFG’s and the Bank’s actual capital amounts and ratios as of December 31, 2022 and 2021 are as follows: Actual Minimum Capital Minimum to be Well Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) OFG Bancorp Ratios As of December 31, 2022 Total capital to risk-weighted assets $ 1,132,658 14.89 % $ 798,574 10.50 % $ 760,547 10.00 % Tier 1 capital to risk-weighted assets $ 1,037,385 13.64 % $ 646,465 8.50 % $ 608,437 8.00 % Common equity tier 1 capital to risk-weighted assets $ 1,037,385 13.64 % $ 532,383 7.00 % $ 494,355 6.50 % Tier 1 capital to average total assets $ 1,037,385 10.36 % $ 400,445 4.00 % $ 500,557 5.00 % As of December 31, 2021 Total capital to risk-weighted assets $ 1,086,897 15.52 % $ 735,512 10.50 % $ 700,488 10.00 % Tier 1 capital to risk-weighted assets $ 999,284 14.27 % $ 595,414 8.50 % $ 560,390 8.00 % Common equity tier 1 capital to risk-weighted assets $ 964,284 13.77 % $ 490,341 7.00 % $ 455,317 6.50 % Tier 1 capital to average total assets $ 999,284 9.69 % $ 412,359 4.00 % $ 515,449 5.00 % Actual Minimum Capital Minimum to be Well Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) Bank Ratios As of December 31, 2022 Total capital to risk-weighted assets $ 1,028,126 13.61 % $ 793,124 10.50 % $ 755,356 10.00 % Tier 1 capital to risk-weighted assets $ 933,494 12.36 % $ 642,053 8.50 % $ 604,285 8.00 % Common equity tier 1 capital to risk-weighted assets $ 933,494 12.36 % $ 528,749 7.00 % $ 490,981 6.50 % Tier 1 capital to average total assets $ 933,494 9.42 % $ 396,525 4.00 % $ 495,656 5.00 % As of December 31, 2021 Total capital to risk-weighted assets $ 995,549 14.34 % $ 728,867 10.50 % $ 694,159 10.00 % Tier 1 capital to risk-weighted assets $ 908,717 13.09 % $ 590,035 8.50 % $ 555,327 8.00 % Common equity tier 1 capital to risk-weighted assets $ 908,717 13.09 % $ 485,911 7.00 % $ 451,203 6.50 % Tier 1 capital to average total assets $ 908,717 8.87 % $ 409,855 4.00 % $ 512,319 5.00 %

EQUITY-BASED COMPENSATION PLAN

EQUITY-BASED COMPENSATION PLAN	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
EQUITY-BASED COMPENSATION PLAN	EQUITY-BASED COMPENSATION PLAN The Omnibus Plan provides for equity-based compensation incentives through the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, and dividend equivalents, as well as equity-based performance awards. The activity in outstanding options for 2022, 2021, and 2020 is set forth below: Year Ended December 31, 2022 2021 2020 Number Weighted Number Weighted Number Weighted Beginning of year 338,494 $ 15.76 481,444 $ 15.10 634,294 $ 14.60 Options exercised (103,544) 14.34 (140,850) 13.51 (119,500) 12.36 Options forfeited — — (2,100) 16.55 (33,350) 15.42 End of year 234,950 $ 16.38 338,494 $ 15.76 481,444 $ 15.10 The following table summarizes the range of exercise prices and the weighted average remaining contractual life of the options outstanding at December 31, 2022: Outstanding Exercisable Range of Exercise Prices Number of Weighted Weighted Number of Weighted 14.09 to 16.90 139,700 15.66 1.1 139,700 15.66 16.91 to 19.71 95,250 17.44 1.6 95,250 17.44 234,950 $ 16.38 1.3 234,950 $ 16.38 Aggregate Intrinsic Value $ 2,626,986 $ 2,626,986 There were no options granted during 2022, 2021 and 2020. The average fair value of each option granted would have been estimated at the date of the grant using the Black-Scholes option pricing model. The Black-Scholes option-pricing model was developed for use in estimating the fair value of traded options that have no restrictions and are fully transferable and negotiable in a free trading market. Black-Scholes does not consider the employment, transfer or vesting restrictions that are inherent in OFG’s stock options. Use of an option valuation model, as required by GAAP, includes highly subjective assumptions based on long-term predictions, including the expected stock price volatility and average life of each option grant. The following table summarizes the activity in restricted units under the Omnibus Plan for 2022, 2021 and 2020: Year Ended December 31, 2022 2021 2020 Restricted Weighted Restricted Weighted Restricted Weighted Beginning of year 511,740 $ 19.35 529,770 $ 15.58 379,150 $ 15.32 Restricted units granted 178,281 27.89 205,440 18.76 257,850 16.82 Restricted units lapsed (277,866) 17.08 (218,188) 13.85 (102,525) 14.74 Restricted units forfeited (3,323) 22.89 (5,282) 19.38 (4,705) 15.93 End of year 408,832 $ 22.27 511,740 $ 19.35 529,770 $ 15.58 The total unrecognized compensation cost related to non-vested restricted units to members of management at December 31, 2022 was $4.8 million and is expected to be recognized over a weighted-average period of 1.7 years.

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	12 Months Ended
	Dec. 31, 2022
Stockholders' Equity Note [Abstract]
STOCKHOLDERS’ EQUITY	STOCKHOLDERS’ EQUITY Preferred Stock and Common Stock During 2021, OFG redeemed all of its outstanding $92.0 million (in the aggregate) Series A, Series B, and Series D preferred stock at a redemption price of $25.00 per share. As a result of such redemptions, OFG no longer has any outstanding preferred stock. At both December 31, 2022 and December 31, 2021, common stock amounted to $59.9 million. Additional Paid-in Capital Additional paid-in capital represents contributed capital in excess of par value of common stock, net of the costs of issuance. At both December 31, 2022 and 2021, accumulated common stock issuance costs charged against additional paid-in capital amounted to $13.6 million. Legal Surplus The Puerto Rico Banking Act requires that a minimum of 10% of the Bank’s net income for the year be transferred to a reserve fund until such fund (legal surplus) equals the total paid-in capital on common and preferred stock. At December 31, 2022 and 2021, the Bank’s legal surplus amounted to $133.9 million and $117.7 million, respectively. During 2022 and 2021, OFG transferred $16.2 million and $14.4 million to the legal surplus account. The amount transferred to the legal surplus account is not available for the payment of dividends to shareholders. Treasury Stock In January 2022, OFG announced the approval by the Board of Directors of a stock repurchase program to purchase $100 million of its outstanding shares of common stock. The shares of common stock repurchased are held by OFG as treasury shares. During 2022, OFG repurchased 2,351,868 shares for a total of $64.1 million at an average price of $27.26 per share. During 2021, OFG repurchased 2,052,429 shares under the $50.0 million repurchase program approved at that time for a total of $49.9 million, at an average price of $24.29 per share. During 2020, OFG repurchased 175,000 shares under the $70.0 million repurchase program approved at that time for a total of $2.2 million, at an average price of $12.69 per share. At December 31, 2022 the number of shares that may yet be purchased under the $100 million program is estimated at 1,302,242 and was calculated by dividing the remaining balance of $35.9 million by $27.56 (closing price of OFG’s common stock at December 31, 2022). OFG did not repurchase any shares of its common stock during 2022, 2021 and 2020, other than through its publicly announced stock repurchase program. The activity in connection with common shares held in treasury by OFG for 2022, 2021 and 2020 is set forth below: Year Ended December 31, 2022 2021 2020 Shares Dollar Shares Dollar Shares Dollar (In thousands, except shares data) Beginning of year 10,248,882 $ 150,572 8,498,163 $ 102,949 8,486,278 $ 102,339 Common shares used upon lapse of restricted stock units and options (296,891) (3,547) (301,710) (2,249) (163,115) (1,616) Common shares repurchased as part of the stock repurchase programs 2,351,868 64,110 2,052,429 49,872 175,000 2,226 End of year 12,303,859 $ 211,135 10,248,882 $ 150,572 8,498,163 $ 102,949

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME	ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME Accumulated other comprehensive (loss) income, net of income taxes, as of December 31, 2022 and 2021 consisted of: December 31, 2022 2021 (In thousands) Unrealized (loss) gain on securities available-for-sale $ (110,036) $ 7,292 Income tax effect of unrealized loss (gain) on securities available-for-sale 16,373 (1,629) Net unrealized (loss) gain on securities available-for-sale (93,663) 5,663 Unrealized gain (loss) on cash flow hedges 406 (804) Income tax effect of unrealized (gain) loss on cash flow hedges (152) 301 Net unrealized gain (loss) on cash flow hedges 254 (503) Accumulated other comprehensive (loss) income, net of income taxes $ (93,409) $ 5,160 The following table presents changes in accumulated other comprehensive (loss) income by component, net of taxes, for 2022, 2021 and 2020: Year Ended December 31, 2022 Net unrealized Net unrealized Accumulated (In thousands) Beginning balance $ 5,663 $ (503) $ 5,160 Other comprehensive (loss) income before reclassifications (99,087) 24 (99,063) Amounts reclassified out of accumulated other comprehensive (loss) income (239) 733 494 Other comprehensive (loss) income (99,326) 757 (98,569) Ending balance $ (93,663) $ 254 $ (93,409) Year Ended December 31, 2021 Net unrealized Net unrealized Accumulated (In thousands) Beginning balance $ 12,092 $ (1,070) $ 11,022 Other comprehensive (loss) income before reclassifications (6,454) (1,074) (7,528) Amounts reclassified out of accumulated other comprehensive income 25 1,641 1,666 Other comprehensive (loss) income (6,429) 567 (5,862) Ending balance $ 5,663 $ (503) $ 5,160 Year Ended December 31, 2020 Net unrealized Net unrealized Accumulated (In thousands) Beginning balance $ (441) $ (567) $ (1,008) Other comprehensive income (loss) before reclassifications 7,803 (2,491) 5,312 Amounts reclassified out of accumulated other comprehensive income 4,730 1,988 6,718 Other comprehensive income (loss) 12,533 (503) 12,030 Ending balance $ 12,092 $ (1,070) $ 11,022 The following table presents reclassifications out of accumulated other comprehensive (loss) income for 2022, 2021 and 2020: Amount reclassified out of accumulated other comprehensive (loss) income Affected Line Item in Year Ended December 31, 2022 2021 2020 (In thousands) Cash flow hedges: Interest-rate contracts $ 733 $ 1,641 $ 1,988 Net interest expense Available-for-sale securities: Gain on sale of investments (247) 19 4,728 Net gain on sale of securities Tax effect from changes in tax rates 8 6 2 Income tax expense $ 494 $ 1,666 $ 6,718

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
EARNINGS PER COMMON SHARE	EARNINGS PER COMMON SHARE The calculation of earnings per common share for 2022, 2021 and 2020 is as follows: Year Ended December 31, 2022 2021 2020 (In thousands, except per share data) Net income $ 166,239 $ 146,151 $ 74,327 Less: Dividends on preferred stock Non-convertible preferred stock (Series A, B, and D) — (1,255) (6,512) Income available to common shareholders $ 166,239 $ 144,896 $ 67,815 Average common shares outstanding 48,033 50,956 51,358 Effect of dilutive securities: Average potential common shares-options 403 414 197 Total weighted average common shares outstanding and equivalents 48,436 51,370 51,555 Earnings per common share - basic $ 3.46 $ 2.85 $ 1.32 Earnings per common share - diluted $ 3.44 $ 2.81 $ 1.32 For 2022, 2021 and 2020, weighted-average stock options with an anti-dilutive effect on earnings per share not included in the calculation amounted to 1,279, 3,175 and 7,481, respectively. During 2022, OFG increased its quarterly common stock cash dividend to $0.20 per share from $0.12 per share at December 31, 2021.

GUARANTEES

GUARANTEES	12 Months Ended
	Dec. 31, 2022
Guarantees [Abstract]
GUARANTEES	GUARANTEES At December 31, 2022 and 2021, the notional amount of the obligations undertaken in issuing the guarantees under standby letters of credit represented a liability of $24.7 million and $25.2 million, respectively. OFG has a liability for residential mortgage loans sold subject to credit recourse pursuant to GNMA’s and FNMA’s residential mortgage loan sales and securitization programs. At December 31, 2022 and 2021, the unpaid principal balance of residential mortgage loans sold subject to credit recourse was $110.9 million and $121.8 million, respectively. The following table shows the changes in OFG’s liability for estimated losses from these credit recourse agreements, included in the consolidated statements of financial condition during 2022, 2021 and 2020: Year Ended December 31, 2022 2021 2020 (In thousands) Balance at beginning of year $ 294 $ 218 $ 985 Net recoveries (charge-offs/terminations) (147) 76 (767) Balance at end of year $ 147 $ 294 $ 218 The estimated losses to be absorbed under the credit recourse arrangements were recorded as a liability when the credit recourse was assumed and are updated on a quarterly basis. The expected loss, which represents the amount expected to be lost on a given loan, considers the probability of default and loss severity. The probability of default represents the probability that a loan in good standing would become 120 days delinquent, in which case OFG is obligated to repurchase the loan. If a borrower defaults, pursuant to the credit recourse provided, OFG is required to repurchase the loan or reimburse the third-party investor for the incurred loss. The maximum potential amount of future payments that OFG would be required to make under the recourse arrangements is equivalent to the total outstanding balance of the residential mortgage loans serviced with recourse and interest, if applicable. During 2022, 2021 and 2020, OFG repurchased $1.5 million, $3.1 million and $481 thousand, respectively, in such mortgage loans. If a borrower defaults, OFG has rights to the underlying collateral securing the mortgage loan. OFG suffers losses on these mortgage loans when the proceeds from a foreclosure sale of the collateral property are less than the outstanding principal balance of the loan, any uncollected interest advanced, and the costs of holding and disposing the related property. At December 31, 2022, OFG’s liability for estimated credit losses related to loans sold with credit recourse amounted to $147 thousand (December 31, 2021– $294 thousand). When OFG sells or securitizes mortgage loans, it generally makes customary representations and warranties regarding the characteristics of the loans sold. OFG’s mortgage operations division groups conforming mortgage loans into pools which are exchanged for FNMA and GNMA mortgage-backed securities, which are generally sold to private investors, or are sold directly to FNMA or other private investors for cash. As required under such mortgage-backed securities programs, quality review procedures are performed by OFG to ensure that asset guideline qualifications are met. To the extent the loans do not meet specified characteristics, OFG may be required to repurchase such loans or indemnify for losses and bear any subsequent loss related to the loans. During 2022, OFG repurchased $24.2 million (December 31, 2021 – $38.9 million) of unpaid principal balance in mortgage loans, excluding mortgage loans subject to such credit recourse provision. At December 31, 2022 and 2021, OFG had a $1.4 million and a $3.4 million liability, respectively, for the estimated credit losses related to these loans. During 2022, 2021 and 2020, OFG recognized $148 thousand in gains, $157 thousand in losses and $658 thousand in gains, respectively, from the repurchase of residential mortgage loans sold subject to credit recourse, and $281 thousand, $4.3 million and $2.2 million, respectively, in losses from the repurchase of residential mortgage loans as a result of breaches of customary representations and warranties. At December 31, 2022, OFG serviced $5.8 billion (December 31, 2021 - $5.7 billion) in mortgage loans for third parties. Servicing agreements relating to the mortgage-backed securities programs of FNMA and GNMA, and to mortgage loans sold or serviced to certain other investors, including the FHLMC, require OFG to advance funds to make scheduled payments of principal, interest, taxes and insurance, if such payments have not been received from the borrowers. OFG generally recovers funds advanced pursuant to these arrangements from the mortgage owner, from liquidation proceeds when the mortgage loan is foreclosed or, in the case of FHA/VA loans, under the applicable FHA and VA insurance and guarantees programs. However, in the meantime, OFG must absorb the cost of the funds it advances during the time the advance is outstanding. OFG must also bear the costs of attempting to collect on delinquent and defaulted mortgage loans. In addition, if a defaulted loan is not cured, the mortgage loan would be canceled as part of the foreclosure proceedings and OFG would not receive any future servicing income with respect to that loan. At December 31, 2022, the outstanding balance of funds advanced by OFG under such mortgage loan servicing agreements was approximately $7.8 million (December 31, 2021 - $12.9 million). To the extent the mortgage loans underlying OFG’s servicing portfolio experience increased delinquencies, OFG would be required to dedicate additional cash resources to comply with its obligation to advance funds as well as incur additional administrative costs related to increases in collection efforts.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Commitments In the normal course of business, OFG becomes a party to credit-related financial instruments with off-balance-sheet risk to meet the financing needs of its customers. These financial instruments include commitments to extend credit, standby and commercial letters of credit, and financial guarantees. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the consolidated statements of financial condition. The contract or notional amount of those instruments reflects the extent of OFG’s involvement in particular types of financial instruments. OFG’s exposure to credit losses in the event of nonperformance by the counterparty to the financial instrument for commitments to extend credit, including commitments under credit card arrangements, and commercial letters of credit is represented by the contractual notional amounts of those instruments, which do not necessarily represent the amounts potentially subject to risk. In addition, the measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are identified. OFG uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. Credit-related financial instruments at December 31, 2022 and 2021 were as follows: December 31, 2022 2021 (In thousands) Commitments to extend credit $ 1,403,118 $ 1,365,273 Commercial letters of credit 1,082 48,196 Commitments to extend credit represent agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. OFG evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if it is deemed necessary by OFG upon the extension of credit, is based on management’s credit evaluation of the counterparty. At December 31, 2022 and 2021, commitments to extend credit consisted mainly of undisbursed available amounts on commercial lines of credit, construction loans, and revolving credit card arrangements. Since many of the unused commitments are expected to expire unused or be only partially used, the total amount of these unused commitments does not necessarily represent future cash requirements. Commercial letters of credit are issued or confirmed to guarantee payment of customers’ payables or receivables in short-term international trade transactions. Generally, drafts will be drawn when the underlying transaction is consummated as intended. However, the short-term nature of this instrument serves to mitigate the risk associated with these contracts. The summary of instruments that are considered financial guarantees in accordance with the authoritative guidance related to guarantor’s accounting and disclosure requirements for guarantees, including indirect guarantees of indebtedness of others, at December 31, 2022 and 2021, is as follows: December 31, 2022 2021 (In thousands) Standby letters of credit and financial guarantees $ 24,749 $ 25,203 Loans sold with recourse 110,891 121,778 Standby letters of credit and financial guarantees are written conditional commitments issued by OFG to guarantee the payment and/or performance of a customer to a third party (“beneficiary”). If the customer fails to comply with the agreement, the beneficiary may draw on the standby letter of credit or financial guarantee as a remedy. The amount of credit risk involved in issuing letters of credit in the event of non-performance is the face amount of the letter of credit or financial guarantee. These guarantees are primarily issued to support public and private borrowing arrangements, including commercial paper, bond financing, and similar transactions. The amount of collateral obtained, if it is deemed necessary by OFG upon extension of credit, is based on management’s credit evaluation of the customer. At December 31, 2022 and 2021, the allowance for credit losses for off-balance sheet credit exposures corresponding to commitments to extend credit and standby letters of credit amounted to $734 thousand and $1.0 million, respectively, and is included in other liabilities in the statement of financial condition. At December 31, 2022 and 2021, OFG maintained other non-credit commitments amounting to $21.5 million and $8.9 million, respectively, primarily for the acquisition of equity securities. In addition, as we continue to transform OFG with a focus on simplification and building a culture of excellence and customer service, we continue to invest in technology. Some of our technology investments are table stakes and required to continuously upgrade our systems. Others require us to focus our technology on investments that drive our strategy, namely digital, data analytics, cloud migration, cyber security, and our sales and service capabilities. At December 31, 2022 and 2021, OFG had commitments for capital expenditures in technology amounting to $8.6 million and $15.4 million, respectively. Contingencies OFG and its subsidiaries are defendants in a number of legal proceedings incidental to their business. In the ordinary course of business, OFG and its subsidiaries are also subject to governmental and regulatory examinations. Certain subsidiaries of OFG, including the Bank (and its subsidiary, OIB), Oriental Financial Services, and Oriental Insurance, are subject to regulation by various U.S., Puerto Rico and other regulators. OFG seeks to resolve all arbitration, litigation and regulatory matters in the manner management believes is in the best interests of OFG and its shareholders, and contests allegations of liability or wrongdoing and, where applicable, the amount of damages or scope of any penalties or other relief sought as appropriate in each pending matter. In accordance with applicable accounting guidance, OFG establishes an accrued liability when those matters present loss contingencies that are both probable and estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. As a matter develops, OFG, in conjunction with any outside counsel handling the matter, evaluates on an ongoing basis whether such matter presents a loss contingency that is probable and estimable. Once the loss contingency is deemed to be both probable and estimable, OFG will establish an accrued liability and record a corresponding amount of expense. At December 31, 2022 and 2021, this accrued liability amounted to $2.4 million and $7.0 million, respectively. OFG continues to monitor the matter for further developments that could affect the amount of the accrued liability that has been previously established.

OPERATING LEASES

OPERATING LEASES	12 Months Ended
	Dec. 31, 2022
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 2024; all are operating leases. Operating Lease Cost Year Ended December 31, 2022 2021 2020 Statement of Operations (In thousands) Lease costs $ 10,467 $ 11,417 $ 13,233 Occupancy and equipment Variable lease costs 1,529 1,881 2,133 Occupancy and equipment Short-term lease cost 565 859 800 Occupancy and equipment Lease income (226) (442) (499) Occupancy and equipment Total lease cost $ 12,335 $ 13,715 $ 15,667 Operating Lease Assets and Liabilities December 31, 2022 2021 Statement of Financial Condition Classification (In thousands) Right-of-use assets $ 25,363 $ 28,846 Operating lease right-of-use assets Lease Liabilities $ 27,370 $ 30,498 Operating leases liabilities December 31, 2022 2021 (In thousands) Weighted-average remaining lease term 5.1 years 5.6 years Weighted-average discount rate 6.8 % 6.6 % Future minimum payments for operating leases with initial or remaining terms of one year or more as of December 31, 2022 were as follows: Minimum Rent As of December 31, 2022 (In thousands) 2023 $ 9,326 2024 7,134 2025 5,127 2026 3,106 2027 2,290 Thereafter 5,773 Total lease payments $ 32,756 Less imputed interest 5,386 Present value of lease liabilities $ 27,370 OFG, as lessor, leases and subleases real property to lessee tenants under operating leases. As of December 31, 2022, no material lease concessions have been granted to lessees. As of December 31, 2022, OFG, as lessee, has not requested any lease concessions.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	FAIR VALUE OF FINANCIAL INSTRUMENTS OFG follows the fair value measurement framework under U.S. Generally Accepted Accounting Principles (“GAAP”). Fair Value Measurement The fair value measurement framework defines fair value as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This framework also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Money market investments The fair value of money market investments is based on the carrying amounts reflected in the consolidated statements of financial condition as these are reasonable estimates of fair value given the short-term nature of the instruments. Investment securities The fair value of investment securities is based on valuations obtained from an independent pricing provider, ICE Data Pricing (formerly known as IDC). ICE is a well-recognized pricing company and an established leader in financial information. Such securities are classified as Level 1 or Level 2 depending on the basis for determining fair value. OFG holds one security categorized as other debt that is classified as Level 3. The estimated fair value of this security is determined by using an adjusted third-party model to calculate the present value of projected future cash flows. The assumptions are highly uncertain and include primarily market discount rates and current spread. The assumptions used are drawn from similar securities that are actively traded in the market and have similar risk characteristics. The valuation is performed on a quarterly basis. Derivative instruments The fair value of the interest rate swaps is largely a function of the financial market’s expectations regarding the future direction of interest rates. Accordingly, current market values are not necessarily indicative of the future impact of derivative instruments on earnings. This will depend, for the most part, on the shape of the yield curve, the level of interest rates, as well as the expectations for rates in the future. The fair value of most of these derivative instruments is based on observable market parameters, which include discounting the instruments’ cash flows using the U.S. dollar LIBOR-based discount rates (or its fallback benchmark when applicable), and also applying yield curves that account for the industry sector and the credit rating of the counterparty and/or OFG. Certain other derivative instruments with limited market activity are valued using externally developed models that consider unobservable market parameters. Based on their valuation methodology, derivative instruments are classified as Level 2. Servicing assets Servicing assets do not trade in an active market with readily observable prices. Servicing assets are priced using a discounted cash flow model. The valuation model considers servicing fees, portfolio characteristics, prepayment assumptions, delinquency rates, late charges, other ancillary revenues, cost to service and other economic factors. Due to the unobservable nature of certain valuation inputs, the servicing rights are classified as Level 3. Foreclosed real estate Foreclosed real estate includes real estate properties securing residential mortgage and commercial loans. The fair value of foreclosed real estate may be determined using an external appraisal, broker price opinion or an internal valuation. These foreclosed assets are classified as Level 3 given certain internal adjustments that may be made to external appraisals. Other repossessed assets Other repossessed assets is mainly composed of repossessed automobiles. The fair value of the repossessed automobiles may be determined using internal valuation and an external appraisal. These repossessed assets are classified as Level 3 given certain internal adjustments that may be made to external appraisals. Assets and liabilities measured at fair value on a recurring and non-recurring basis are summarized below: December 31, 2022 Fair Value Measurements Level 1 Level 2 Level 3 Total (In thousands) Recurring fair value measurements: Investment securities available-for-sale $ 309,133 $ 1,103,237 $ 406 $ 1,412,776 Trading securities — 9 — 9 Money market investments 4,161 — — 4,161 Derivative assets — 406 — 406 Servicing assets — — 50,921 50,921 $ 313,294 $ 1,103,652 $ 51,327 $ 1,468,273 Non-recurring fair value measurements: Collateral dependent loans $ — $ — $ 8,805 $ 8,805 Foreclosed real estate — — 11,214 11,214 Other repossessed assets — — 4,617 4,617 Mortgage loans held for sale — — 19,499 19,499 Other loans held for sale $ — $ — $ 21,088 21,088 $ — $ — $ 65,223 $ 65,223 December 31, 2021 Fair Value Measurements Level 1 Level 2 Level 3 Total (In thousands) Recurring fair value measurements: Investment securities available-for-sale $ 10,825 $ 498,358 $ 1,530 $ 510,713 Trading securities — 20 — 20 Money market investments 8,952 — — 8,952 Derivative assets — 1 — 1 Servicing assets — — 48,973 48,973 Derivative liabilities — (804) — (804) $ 19,777 $ 497,575 $ 50,503 $ 567,855 Non-recurring fair value measurements: Collateral dependent loans $ — $ — $ 10,233 $ 10,233 Foreclosed real estate — — 15,039 15,039 Other repossessed assets — — 1,945 1,945 Mortgage loans held for sale — — 51,096 51,096 Other loans held for sale $ — $ — $ 31,566 31,566 $ — $ — $ 109,879 $ 109,879 The fair value information included in the tables above for non-recurring fair value measurements is not as of year-end. Instead, it is as of the date that the fair value measurement was recorded during 2022 and 2021, and excludes nonrecurring fair value measurements of assets no longer outstanding as of the reporting date. 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 2022, 2021 and 2020: Level 3 Instruments Only Year Ended December 31, 2022 2021 2020 Other debt securities available for sale Servicing Assets Total Other debt securities available for sale Servicing Assets Total Servicing Assets (In thousands) Balance at beginning year $ 1,530 $ 48,973 $ 50,503 $ — $ 47,295 $ 47,295 $ 50,779 New instruments acquired 376 3,998 4,374 — 6,089 $ 6,089 2,394 Transfer from Level 2 — — — 1,500 — $ 1,500 — Principal repayments and amortization — (5,312) (5,312) — (6,738) $ (6,738) (4,067) Instrument converted to equity security (1,581) — (1,581) — — — — Gains included in earnings — 3,262 3,262 — 2,327 $ 2,327 (1,811) Gains included in other comprehensive income 81 — 81 30 — $ 30 — Balance at end of year $ 406 $ 50,921 $ 51,327 $ 1,530 $ 48,973 $ 50,503 $ 47,295 During 2021, OFG transferred from level 2 to level 3 a $1.5 million convertible note classified as other debt securities. Subsequently, during 2022, this security was converted to an equity security. There were no transfers in and/or out of Level 3 for financial instruments measured at fair value on a recurring basis during 2022, and 2020. Servicing assets gains (losses) included in earnings during 2022, 2021 and 2020 were included as mortgage servicing activities in the consolidated statements of operations. For more information on the qualitative information about Level 3 fair value measurements, see Note 10 – Servicing Assets. During 2022, 2021 and 2020, there were purchases and sales of assets and liabilities measured at fair value on a recurring basis. The table below presents quantitative information for all assets and liabilities measured at fair value on a recurring and non-recurring basis using significant unobservable inputs (Level 3) at December 31, 2022 and 2021: December 31, 2022 Fair Value Valuation Technique Unobservable Input Range Weighted Average (In thousands) Other debt securities available-for-sale $ 406 Cash flow valuation Credit Rating Baa1 - Baa3 Baa2 Probability of Default Rate 0.15% - 2.12% 0.15 % Recovery Rate 34.73 % 34.73 % Servicing assets $ 50,921 Cash flow valuation Constant prepayment rate 3.43% - 21.20% 5.66 % Discount rate 10.00% - 15.50% 11.45 % Collateral dependent loans $ 8,805 Fair value of property Appraised value less disposition costs 10.20% - 51.20% 17.11 % Foreclosed real estate $ 11,214 Fair value of property Appraised value less disposition costs 10.20% - 33.20% 11.81 % Other repossessed assets $ 4,617 Fair value of property Estimated net realizable value less disposition costs 22.00% - 80.00% 58.49 % Mortgage loans held for sale $ 19,499 Fair value of property Estimated net realizable value 83.25% - 102.43% 71.86 % Other loans held for sale $ 21,088 Bids or sales contract prices Estimated market value 100.00% - 103.20% 74.65 % December 31, 2021 Fair Value Valuation Technique Unobservable Input Range Weighted Average (In thousands) Other debt securities available-for-sale $ 1,530 Cash flow valuation Credit Rating Baa1 - Baa3 Baa2 Probability of Default Rate 0.16% - 2.28% 0.35 % Recovery Rate 33.08% 33.08 % Servicing assets $ 48,973 Cash flow valuation Constant prepayment rate 3.90% - 24.48% 6.17 % Discount rate 10.00% - 15.50% 11.47 % Collateral dependent loans $ 10,233 Fair value of property Appraised value less disposition costs 10.20% - 30.20% 20.20 % Foreclosed real estate $ 15,039 Fair value of property Appraised value less disposition costs 10.20% - 30.20% 12.54 % Other repossessed assets $ 1,945 Fair value of property Estimated net realizable value less disposition costs 39.00% - 80.00% 60.54 % Mortgage loans held for sale $ 51,096 Fair value of property Estimated net realizable value 98.43% - 106.00% 124.41% Other loans held for sale $ 31,566 Bids or sales contract prices Estimated market value 100.00% - 103.20% 42.54% Information about Sensitivity to Changes in Significant Unobservable Inputs Other debt security available for sale – The significant unobservable inputs used in the fair value measurement of one of OFG’s other debt securities is a DCF methodology. DCF is a valuation method that uses the concept of the time value of money. The methodology use the future cash flows discounted through a yield to obtain a net present value. Assumptions applied in the model are obtained from Moody’s Default Trends. Servicing assets – The significant unobservable inputs used in the fair value measurement of OFG’s servicing assets are constant prepayment rates and discount rates. Changes in one factor may result in changes in another (for example, increases in market interest rates may result in lower prepayments), which may magnify or offset the sensitivities. Mortgage banking activities, a component of total banking and financial service revenue in the consolidated statements of operations, include the changes from period to period in the fair value of the mortgage loan servicing rights, which may result from changes in the valuation model inputs or assumptions (principally reflecting changes in discount rates and prepayment speed assumptions) and other changes, including changes due to collection/realization of expected cash flows. Fair Value of Financial Instruments The information about the estimated fair value of financial instruments required by GAAP is presented hereunder. The aggregate fair value amounts presented do not necessarily represent management’s estimate of the underlying value of OFG. The estimated fair value is subjective in nature, involves uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could affect these fair value estimates. The fair value estimates do not take into consideration the value of future business and the value of assets and liabilities that are not financial instruments. Other significant tangible and intangible assets that are not considered financial instruments are the value of long-term customer relationships of retail deposits, and premises and equipment. The estimated fair value and carrying value of OFG’s financial instruments at December 31, 2022 and 2021 was as follows: December 31, 2022 2021 Fair Carrying Fair Carrying (In thousands) Financial Assets: Level 1 Cash and cash equivalents $ 550,307 $ 550,307 $ 2,023,475 $ 2,023,475 Restricted cash $ 157 $ 157 $ 175 $ 175 Investment securities available-for-sale $ 309,133 $ 309,133 $ 10,825 $ 10,825 Level 2 Financial Assets: Trading securities $ 9 $ 9 $ 20 $ 20 Investment securities available-for-sale $ 1,103,237 $ 1,103,237 $ 498,358 $ 498,358 Investment securities held-to-maturity $ 469,186 $ 535,070 $ 363,653 $ 367,507 Federal Home Loan Bank (FHLB) stock $ 6,005 $ 6,005 $ 5,966 $ 5,966 Equity securities $ 17,662 $ 17,662 $ 11,612 $ 11,612 Derivative assets $ 406 $ 406 $ 1 $ 1 Financial Liabilities: Derivative liabilities $ — $ — $ 804 $ 804 Level 3 Financial Assets: Investment securities available for sale $ 406 $ 406 $ 1,530 $ 1,530 Total loans (including loans held-for-sale) $ 6,467,878 $ 6,723,236 $ 6,197,347 $ 6,329,311 Accrued interest receivable $ 62,402 $ 62,402 $ 56,560 $ 56,560 Servicing assets $ 50,921 $ 50,921 $ 48,973 $ 48,973 Accounts receivable and other assets $ 61,014 $ 61,014 $ 88,756 $ 88,756 Financial Liabilities: Deposits $ 8,556,300 $ 8,568,364 $ 8,614,073 $ 8,603,118 Advances from FHLB $ 26,716 $ 26,716 $ 28,480 $ 28,488 Other borrowings $ 318 $ 318 $ — $ — Subordinated capital notes $ — $ — $ 36,084 $ 36,083 Accrued expenses and other liabilities $ 124,999 $ 124,999 $ 96,240 $ 96,240 The following methods and assumptions were used to estimate the fair values of significant financial instruments at December 31, 2022 and 2021: • Cash and cash equivalents (including money market investments and time deposits with other banks), restricted cash, accrued interest receivable, accounts receivable and other assets, accrued expenses and other liabilities, and other borrowings have been valued at the carrying amounts reflected in the consolidated statements of financial condition as these are reasonable estimates of fair value given the short-term nature of the instruments. • Investments in FHLB stock are valued at their redemption value. • The fair value of investment securities, including trading securities, is based on quoted market prices, when available or prices provided from contracted pricing providers, or market prices provided by recognized broker-dealers. If listed prices or quotes are not available, fair value is based upon externally developed models that use both observable and unobservable inputs depending on the market activity of the instrument. Equity securities do not have readily available fair values and are measured at cost, less any impairment. The estimated fair value of the convertible note in other debt securities available for sale is determined by using an adjusted third-party cash flow valuation model to calculate the present value of projected future cash flows. The assumptions used which are highly uncertain and require a high degree of judgment, include primarily market discount rates, current spreads, duration, leverage, default, and loss rates. The assumptions used are drawn from a wide array of data sources, including the performance of the collateral underlying each deal. The valuation, which is obtained at least on a quarterly basis, is analyzed and its assumptions are evaluated and incorporated in either an internal-based valuation model, when deemed necessary, or compared to counterparties’ prices and agreed by management. • The fair value of servicing asset is estimated by using a cash flow valuation model which calculates the present value of estimated future net servicing cash flows, taking into consideration actual and expected loan prepayment rates, discount rates, servicing costs, and other economic factors, which are determined based on current market conditions. • The fair values of the derivative instruments, which include interest rate swaps and forward-settlement swaps, are based on the net discounted value of the contractual projected cash flows of both the pay-fixed receive-variable legs of the contracts. The projected cash flows are based on the forward yield curve and discounted using current estimated market rates. • The fair value of the loan portfolio (including loans held-for-sale and non-performing loans) is based on the exit market price, which is estimated by segregating by type, such as mortgage, commercial, consumer, auto loans and leases. Each loan segment is further segmented into fixed and adjustable interest rates. The fair value is calculated by discounting contractual cash flows, adjusted for prepayment estimates (voluntary and involuntary), if any, using estimated current market discount rates that reflect the credit and interest rate risk inherent in the loan. • The fair value of demand deposits and savings accounts is the amount payable on demand at the reporting date. The fair value of fixed-maturity certificates of deposit is based on the discounted value of the contractual cash flows, using estimated current market discount rates for deposits of similar remaining maturities. • The fair value of long-term borrowings, which include advances from FHLB and subordinated capital notes is based on the discounted value of the contractual cash flows using current estimated market discount rates for borrowings with similar terms, remaining maturities and put dates.

BUSINESS SEGMENTS

BUSINESS SEGMENTS	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
BUSINESS SEGMENTS	BUSINESS SEGMENTS OFG segregates its businesses into the following segments of business: Banking, Wealth Management, and Treasury. Management established the reportable segments based on the internal reporting used to evaluate performance and to assess where to allocate resources. Other factors such as OFG’s organization, nature of its products, distribution channels and economic characteristics of the products were also considered in the determination of the reportable segments. OFG measures the performance of these segments based on pre-established goals of different financial parameters such as net income, net interest income, loan production, and fees generated. OFG’s methodology for allocating non-interest expenses among segments is based on several factors such as revenue, employee headcount, occupied space, dedicated services or time, among others. These factors are reviewed on a periodical basis and may change if the conditions warrant. Banking includes the Bank’s branches and traditional banking products such as deposits and commercial, consumer, auto loans and leases, and mortgage loans. Mortgage banking activities are carried out by the Bank’s mortgage banking division, whose principal activity is to originate mortgage loans for OFG’s own portfolio. As part of its mortgage banking activities, OFG may sell loans directly into the secondary market or securitize conforming loans into mortgage-backed securities. Wealth Management is comprised of the Bank’s trust division, Oriental Financial Services, Oriental Insurance, OFG Reinsurance and OPC. The core operations of this segment are financial planning, money management and investment banking, securities brokerage services, investment advisory services, insurance, corporate and individual trust and retirement services, as well as retirement plan administration services up to December 30, 2022 on which date OPC sold its retirement plan administration business. The Treasury segment encompasses all of OFG’s asset/liability management activities, such as purchases and sales of investment securities, interest rate risk management, derivatives, and borrowings. Intersegment sales and transfers, if any, are accounted for as if the sales or transfers were to third parties, that is, at current market prices. Following are the results of operations and the selected financial information by operating segment for 2022, 2021 and 2020: Year Ended December 31, 2022 Banking Wealth Treasury Total Eliminations Consolidated (In thousands) Interest income $ 465,177 $ 21 $ 56,955 $ 522,153 $ (6,580) $ 515,573 Interest expense (31,926) — (8,147) (40,073) 6,580 (33,493) Net interest income 433,251 21 48,808 482,080 — 482,080 Provision for credit losses 24,111 — 8 24,119 — 24,119 Non-interest income 98,407 33,481 (198) 131,690 — 131,690 Non-interest expenses (323,125) (19,206) (3,215) (345,546) — (345,546) Intersegment revenue 2,187 — — 2,187 (2,187) — Intersegment expenses — (1,497) (690) (2,187) 2,187 — Income before income taxes $ 186,609 $ 12,799 $ 44,697 $ 244,105 $ — $ 244,105 Income tax expense 77,731 97 38 77,866 — 77,866 Net income $ 108,878 $ 12,702 $ 44,659 $ 166,239 $ — $ 166,239 Total assets $ 8,347,767 $ 23,085 $ 2,432,549 $ 10,803,401 $ (984,621) $ 9,818,780 Eliminations include interest income and expense for a borrowing by Oriental Overseas, which is included in the Treasury Segment with its corresponding interest expense, to fund its operations, from the Bank, which is included in the Banking Segment with its corresponding interest income, with an unpaid principal balance of $470.2 million and $262.9 million at December 31, 2022 and 2021, respectively, and is eliminated in the consolidation. Interest income is accrued on the unpaid principal balance. The increase in interest income and interest expense from previous year was mainly as a result of FRB interest rate increases and higher average borrowing balance. At December 31, 2020 the borrowing balance was zero. Year Ended December 31, 2021 Banking Wealth Treasury Total Eliminations Consolidated (In thousands) Interest income $ 432,375 $ 30 $ 17,072 $ 449,477 $ (278) $ 449,199 Interest expense (38,711) — (3,396) (42,107) 278 (41,829) Net interest income 393,664 30 13,676 407,370 — 407,370 Provision for (recapture of) credit losses 1,342 — (1,121) 221 — 221 Non-interest income 98,950 35,625 (1,365) 133,210 — 133,210 Non-interest expenses (300,568) (20,941) (4,247) (325,756) — (325,756) Intersegment revenue 2,355 — — 2,355 (2,355) — Intersegment expenses — (1,269) (1,086) (2,355) 2,355 — Income before income taxes $ 193,059 $ 13,445 $ 8,099 $ 214,603 $ — $ 214,603 Income tax expense 68,409 — 43 68,452 — 68,452 Net income $ 124,650 $ 13,445 $ 8,056 $ 146,151 $ — $ 146,151 Total assets $ 8,041,725 $ 32,082 $ 2,894,612 $ 10,968,419 $ (1,068,699) $ 9,899,720 Year Ended December 31, 2020 Banking Wealth Treasury Total Eliminations Consolidated (In thousands) Interest income $ 462,493 $ 59 $ 10,795 $ 473,347 $ — $ 473,347 Interest expense (57,811) — (7,104) (64,915) — (64,915) Net interest income 404,682 59 3,691 408,432 — 408,432 Provision for credit losses 92,237 — 435 92,672 — 92,672 Non-interest income 87,810 32,043 4,499 124,352 — 124,352 Non-interest expenses (320,997) (20,240) (4,049) (345,286) — (345,286) Intersegment revenue 2,443 — — 2,443 (2,443) — Intersegment expenses — (1,164) (1,279) (2,443) 2,443 — Income before income taxes $ 81,701 $ 10,698 $ 2,427 $ 94,826 $ — $ 94,826 Income tax expense 15,939 4,506 54 20,499 — 20,499 Net income $ 65,762 $ 6,192 $ 2,373 $ 74,327 $ — $ 74,327 Total assets $ 8,478,326 $ 32,893 $ 2,436,029 $ 10,947,248 $ (1,121,237) $ 9,826,011

BANKING AND FINANCIAL SERVICE R

BANKING AND FINANCIAL SERVICE REVENUES	12 Months Ended
	Dec. 31, 2022
Banking and Thrift, Interest [Abstract]
BANKING AND FINANCIAL SERVICE REVENUES	BANKING AND FINANCIAL SERVICE REVENUES The following table presents the major categories of banking and financial service revenues for 2022, 2021 and 2020: Year Ended December 31, 2022 2021 2020 (In thousands) Banking service revenues: Checking accounts fees $ 8,933 $ 8,593 $ 8,577 Savings accounts fees 1,265 1,141 1,451 Electronic banking fees 54,639 55,968 47,542 Credit life commissions 724 469 254 Branch service commissions 1,456 1,467 1,462 Servicing and other loan fees 3,222 3,256 2,485 International fees 902 794 623 Miscellaneous income 20 18 185 Total banking service revenues 71,161 71,706 62,579 Wealth management revenue: Insurance income 15,084 14,647 13,618 Broker fees 6,793 8,213 6,828 Trust fees 10,013 11,303 10,446 Retirement plan and administration fees 745 881 897 Total wealth management revenue 32,635 35,044 31,789 Mortgage banking activities: Net servicing fees 18,258 16,818 12,120 Net gains on sale of mortgage loans and valuation 3,786 10,119 4,437 Loss on repurchased loans and other (115) (4,429) (53) Total mortgage banking activities 21,929 22,508 16,504 Total banking and financial service revenues $ 125,725 $ 129,258 $ 110,872 OFG recognizes the revenue from banking services, wealth management and mortgage banking based on the nature and timing of revenue streams from contracts with customers: Banking Service Revenues Service charges on checking and saving accounts is recognized as consumer periodic maintenance revenue once the service is rendered, while overdraft and late charges revenue are recorded after the contracted service has been provided. Electronic banking fees are credit and debit card processing services, use of the Bank’s ATMs by non-customers, debit card interchange income and service charges on deposit accounts. Revenue is recorded once the contracted service has been provided. Other income as credit life and branch service commissions, servicing and other loan fees, international fees, and miscellaneous income recognized as banking services revenue are out of the scope of ASC 606 – Revenue from Contracts with Customers. Wealth Management Revenue Insurance income from commissions and sale of annuities are recorded once the sale has been completed. Brokers fees consist of two categories: • Sales commissions generated by advisers for their clients’ purchases and sales of securities and other investment products, which are collected once the stand-alone transactions are completed at trade date or as earned, and managed account fees which are fees charged to advisers’ clients’ accounts on OFG’s corporate advisory platform. These revenues do not cover future services, as a result there is no need to allocate the amount received to any other service. • Fees for providing distribution services related to mutual funds, net of compensation paid to a service provider who provides such services, as well as trailer fees (also known as 12b-1 fees). These fees are considered variable and are recognized over time, as the uncertainty of the fees to be received is resolved as the net asset value of the mutual fund is determined and investor activity occurs. Fees do not cover future services, as a result there is no need to allocate the amount received to any other service. Trust fees are revenues related to fiduciary services provided to 401K retirement plans, an IRA trust, and retirement plans, which include investment management, payment of distributions, if any, safekeeping, custodial services of plan assets, servicing of Trust officers, on-going due diligence of the Trust, recordkeeping of transactions, and investment advisory services provided to a registered investment company. Fees are billed based on services contracted. Negotiated fees are detailed in the contract. Fees collected in advance, are amortized over the term of the contract. Fees are collected on a monthly basis once the administrative service has been completed. Monthly fee does not include future services. Retirement plan and administration fees are revenues related to the payment received from the clients of OPC for assistance with the planning, design and administration of retirement plans, acting as third-party administrator for such plans, and daily record keeping services of retirement plans. Fees are collected once the stand-alone transaction was completed at trade date. Fees do not cover future services, as a result there is no need to allocate the amount received to any other service. Mortgage Banking Activities Mortgage banking activities as servicing fees, gain on sale of mortgage loans and valuation, and other are out of the scope of ASC 606.

OFG BANCORP (HOLDING COMPANY ON

OFG BANCORP (HOLDING COMPANY ONLY) FINANCIAL INFORMATION	12 Months Ended
	Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]
OFG BANCORP (HOLDING COMPANY ONLY) FINANCIAL INFORMATION	OFG BANCORP (HOLDING COMPANY ONLY) FINANCIAL INFORMATIONAs a bank holding company subject to the regulations and supervisory guidance of the Federal Reserve Board, OFG Bancorp generally should inform the Federal Reserve Board and eliminate, defer or significantly reduce its dividends if: (i) its net income available to shareholders for the past four quarters, net of dividends previously paid during that period, is not sufficient to fully fund the dividends; (ii) its prospective rate of earnings retention is not consistent with its capital needs and overall current and prospective financial condition; or (iii) it will not meet, or is in danger of not meeting, its minimum regulatory capital adequacy ratios. The payment of dividends by the Bank to OFG Bancorp may also be affected by other regulatory requirements and policies, such as the maintenance of certain regulatory capital levels. During 2022, 2021, and 2020, the Bank paid $140.0 million, $197.0 million and $26.1 million, respectively, in dividends to OFG Bancorp. During 2022, 2021, and 2020, Oriental Insurance paid $9.5 million, $11.0 million, and $9.5 million, respectively, in dividends to OFG Bancorp. OFG BANCORP CONDENSED STATEMENTS OF FINANCIAL POSITION INFORMATION (Holding Company Only) The following condensed financial information presents the financial position of the holding company only as of December 31, 2022 and 2021, and the results of its operations and its cash flows for 2022, 2021 and 2020: December 31, 2022 2021 (In thousands) ASSETS Cash and cash equivalents $ 82,045 $ 46,484 Investment in bank subsidiary, equity method 938,306 1,011,147 Investment in nonbank subsidiaries, equity method 32,525 35,915 Advance to investment dealers 6 17,213 Deferred tax asset, net 924 2,627 Due from bank subsidiary, net 44 50 Other assets 356 582 Total assets $ 1,054,206 $ 1,114,018 LIABILITIES AND STOCKHOLDERS’ EQUITY Dividend payable 9,513 6,010 Accrued expenses and other liabilities 2,287 2,765 Subordinated capital notes — 36,083 Total liabilities 11,800 44,858 Stockholders’ equity 1,042,406 1,069,160 Total liabilities and stockholders’ equity $ 1,054,206 $ 1,114,018 OFG BANCORP CONDENSED STATEMENTS OF OPERATIONS INFORMATION (Holding Company Only) Year Ended December 31, 2022 2021 2020 (In thousands) Income: Interest income $ 977 $ 55 $ 86 Investment trading activities, net and other 6,022 6,765 6,583 Total income 6,999 6,820 6,669 Expenses: Interest expense 521 1,174 1,394 Operating expenses 7,992 8,397 7,483 Total expenses 8,513 9,571 8,877 Loss before income taxes (1,514) (2,751) (2,208) Income tax expense (benefit) 2,782 1,813 (1,363) Loss before earnings of subsidiaries (4,296) (4,564) (845) Equity in earnings from: Bank subsidiary 162,236 144,089 74,899 Nonbank subsidiaries 8,299 6,626 273 Net income $ 166,239 $ 146,151 $ 74,327 OFG BANCORP CONDENSED STATEMENTS OF COMPREHENSIVE INCOME INFORMATION (Holding Company Only) Year Ended December 31, 2022 2021 2020 (In thousands) Net income $ 166,239 $ 146,151 $ 74,327 Other comprehensive (loss) income before tax: Other comprehensive (loss) income from bank subsidiary (98,569) (5,862) 12,030 Other comprehensive (loss) income before taxes (98,569) (5,862) 12,030 Income tax effect — — — Other comprehensive (loss) income after taxes (98,569) (5,862) 12,030 Comprehensive income $ 67,670 $ 140,289 $ 86,357 OFG BANCORP CONDENSED STATEMENTS OF CASH FLOWS INFORMATION (Holding Company Only) Year Ended December 31, 2022 2021 2020 (In thousands) Cash flows from operating activities: Net income $ 166,239 $ 146,151 $ 74,327 Adjustments to reconcile net income to net cash provided by operating activities: Equity in earnings from banking subsidiary (162,236) (144,089) (74,899) Equity in earnings from nonbanking subsidiaries (8,299) (6,626) (273) Gain on early extinguishment of debt (42) — — Stock-based compensation 652 940 2,170 Deferred income tax, net 1,703 10 (2,637) Net (increase) decrease in other assets 18,829 (13,471) 12 Net increase (decrease) in accrued expenses and other liabilities (488) 950 (486) Dividends from banking subsidiary 140,000 197,000 26,100 Dividends from non-banking subsidiary 9,500 11,000 9,531 Net cash provided by operating activities 165,858 191,865 33,845 Cash flows from investing activities: Net increase in due from bank subsidiary, net — — (1,984) Proceeds from sales of premises and equipment — 240 282 Capital contribution to banking subsidiary — — (1,703) Capital contribution to non-banking subsidiary — (9,300) (9,013) Additions to premises and equipment (233) (288) (295) Net cash used in investing activities (233) (9,348) (12,713) Cash flows from financing activities: Subordinated capital notes (34,958) — — Exercise of stock options and restricted units lapsed, net (906) 283 583 Purchase of treasury stock (64,110) (49,872) (2,226) Redemption of preferred stock — (92,000) — Dividends paid (30,090) (20,973) (20,892) Net cash used in financing activities (130,064) (162,562) (22,535) Net change in cash and cash equivalents 35,561 19,955 (1,403) Cash and cash equivalents at beginning of year 46,484 26,529 27,932 Cash and cash equivalents at end of year $ 82,045 $ 46,484 $ 26,529

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTSOn January 25, 2023, as part of OFG's capital actions for 2023, the Board of Directors approved the increase of its regular quarterly cash dividend by 10%, to $0.22 per common share from $0.20 per share, beginning the quarter ending March 31, 2023.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Nature of Operations	Nature of Operations OFG is a publicly-owned financial holding company incorporated under the laws of the Commonwealth of Puerto Rico. OFG operates through various subsidiaries including, a commercial bank, Oriental Bank (the “Bank”), a securities broker-dealer and investment adviser, Oriental Financial Services LLC (“Oriental Financial Services”), an insurance agency, Oriental Insurance, LLC (“Oriental Insurance”), a captive reinsurance company, OFG Reinsurance Ltd (“OFG Reinsurance”), a retirement plan administrator, Oriental Pension Consultants, Inc. (“OPC”), and OFG Ventures LLC (“OFG Ventures”), which holds investments. Through these subsidiaries and their respective divisions, OFG provides a wide range of banking and financial services such as commercial, consumer and mortgage lending, auto leasing and lending, financial planning, insurance sales, money management, investment banking and securities brokerage services, as well as corporate and individual trust services. Effective December 31, 2022, OFG sold its retirement plan administration business which was operated under the OPC subsidiary and OPC thereafter discontinued its operations. Annual results include these operations until the date of sale. OFG conducts its business through its main office in San Juan, Puerto Rico, forty-one branches in Puerto Rico and two branches in the U.S. Virgin Islands (the “USVI”). OFG has three subsidiaries with operations in Puerto Rico: the Bank, Oriental Financial Services and Oriental Insurance; two subsidiaries in the United States, OPC and OFG Ventures; and a subsidiary in the Cayman Islands, OFG Reinsurance. OFG is subject to supervision and regulation by the Board of Governors of the Federal Reserve System (the “Federal Reserve Board”) under the U.S. Bank Holding Company Act of 1956, as amended, and the Dodd-Frank Act. The Bank is subject to the supervision, examination and regulation of the Office of the Commissioner of Financial Institutions of Puerto Rico (“OCFI”) and the Federal Deposit Insurance Corporation (the “FDIC”). The Bank offers banking services such as commercial, consumer and mortgage lending, auto leasing and lending, savings and time deposit products, financial planning, and corporate and individual trust services, and capitalizes on its commercial banking network to provide mortgage lending products to its clients. The Bank has an operating subsidiary, OFG USA LLC, a wholly-owned subsidiary of the Bank, which is a commercial lender organized in Delaware. Oriental International Bank Inc. (“OIB”), a wholly-owned subsidiary of the Bank, and Oriental Overseas, a division of the Bank, are international banking entities licensed pursuant to the International Banking Center Regulatory Act of Puerto Rico, as amended. OIB and Oriental Overseas offer the Bank certain Puerto Rico tax advantages. Their activities are limited under Puerto Rico law to persons located in Puerto Rico with assets/liabilities located outside of Puerto Rico. The Bank’s USVI operations are also subject to the supervision, examination and regulation of the USVI Banking Board. Oriental Financial Services is registered as a securities broker-dealer and as an investment adviser, and is subject to the supervision, examination and regulation of the Financial Industry Regulatory Authority (“FINRA”), the U.S. Securities and Exchange Commission (the “SEC”), and the OCFI. Oriental Financial Services is also a member of the Securities Investor Protection Corporation. Oriental Insurance is an insurance agency and is subject to the supervision, examination and regulation of the Office of the Commissioner of Insurance of Puerto Rico. OFG Reinsurance is subject to regulation by the Cayman Islands Monetary Authority (the “CIMA”). OFG’s mortgage banking activities are conducted through a division of the Bank. The mortgage banking activities include the origination of mortgage loans for the Bank’s own portfolio, the sale of loans directly in the secondary market or the securitization of conforming loans into mortgage-backed securities, and the purchase or assumption of the right to service loans originated by others. The Bank originates Federal Housing Administration (“FHA”) insured and Veterans Administration (“VA”) guaranteed mortgages that are primarily securitized for issuance of Government National Mortgage Association (“GNMA”) mortgage-backed securities which can be resold to individual or institutional investors in the secondary market. Conventional loans that meet the underwriting requirements for sale or exchange under certain Federal National Mortgage Association (“FNMA”) or Federal Home Loan Mortgage Corporation (“FHLMC”) programs are referred to as conforming mortgage loans and are also securitized for issuance of FNMA or FHLMC mortgage-backed securities. The Bank is an approved seller of FNMA mortgage loans for issuance of FNMA mortgage-backed securities. The Bank is also an approved issuer of GNMA mortgage-backed securities. The Bank is the master servicer of the GNMA, FNMA and FHLMC pools that it issues and of its mortgage loan portfolio and up to December 31, 2022 had a subservicing arrangement with a third party for a portion of its acquired loan portfolio. This subservicing arrangement will conclude on May 1, 2023. OFG services most of its mortgage loan portfolio. On December 31, 2019, OFG purchased from the The Bank of Nova Scotia (“BNS”) all outstanding common stock of Scotiabank de Puerto Rico (“SBPR”). Immediately following the closing, OFG merged SBPR with and into the Bank, with the Bank continuing as the surviving entity. As part of this transaction, the Bank also acquired the USVI banking operations of BNS through an acquisition of certain assets (including loans, ATMs and physical branch locations) and an assumption of certain liabilities (including deposits). In addition, OFG acquired certain loans and assumed certain liabilities, from BNS’s Puerto Rico branch. This transaction is referred to as the “Scotiabank Acquisition.”
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include the accounts of OFG Bancorp and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The Statutory Trust II was exempt from the consolidation requirements of GAAP.
Business Combinations	Business CombinationsOFG accounted for the Scotiabank Acquisition under the accounting guidance of ASC Topic No. 805, Business Combinations, which requires the use of the acquisition method of accounting. All identifiable assets and liabilities acquired were initially recorded at fair value. No allowance for credit losses related to the acquired loans was recorded on the acquisition date. Loans acquired were recorded at fair value in accordance with the fair value methodology prescribed in ASC Topic 820. These fair value estimates associated with the loans included estimates related to expected prepayments and the amount and timing of expected principal, interest and other cash flows. The valuation of these loans required management to make subjective judgments concerning estimates about how the acquired loans would perform in the future using valuation methods, including discounted cash flow analyses and other factors as market-based and industry data related to expected changes in interest rates, assumptions related to probability and severity of credit losses, estimated timing of credit losses including the timing of foreclosure and liquidation of collateral, expected prepayment rates, and specific industry and market conditions. Refer to Note 2 – Business Combination for further discussion of the Scotiabank Acquisition.
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amount of revenue and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate mainly to the determination of the allowance for credit losses, the valuation of securities, the determination of income taxes, impairment of securities, and goodwill valuation and impairment assessment.
Earnings per Common Share	Earnings per Common Share Basic earnings per share is calculated by dividing income available to common shareholders (net income reduced by dividends on preferred stock) by the weighted average of outstanding common shares. Diluted earnings per share is similar to the computation of basic earnings per share except that the weighted average of common shares is increased to include the number of additional common shares that would have been outstanding if the potentially dilutive common shares underlying stock options and restricted units had been issued, assuming that proceeds from exercise are used to repurchase shares in the market (treasury stock method). Any stock splits and dividends are retroactively recognized in all periods presented in the consolidated financial statements.
Cash Equivalents	Cash Equivalents OFG considers as cash equivalents all money market instruments that are not pledged and that have maturities of three months or less.
Investment Securities	Investment Securities OFG classifies its investments in debt and equity securities into one of four categories: Held-to-maturity - Securities that management has the intent and ability to hold to maturity. These securities are carried at amortized cost. Since the adoption of current expected credit losses (“CECL”) on January 1, 2020, an allowance for credit losses is established for the expected credit losses over the remaining term of debt securities held to maturity. OFG’s portfolio of held to maturity securities is comprised of US Treasury notes and obligations from the U.S. Government. These securities have an explicit or implicit guarantee from the U.S. government, are highly rated by major rating agencies, and have a long history of no credit losses. Accordingly, OFG applies a zero-credit loss assumption and no ACL for these securities has been established. OFG monitors its securities portfolio composition and credit performance on a quarterly basis to determine if any allowance is considered necessary. Available for sale - Securities to be held for indefinite periods of time. These securities are carried at fair value. Declines in fair value below the securities’ amortized cost which are not related to estimated credit losses are recorded through other comprehensive income or loss, net of taxes. If OFG intends to sell or believes it is more likely than not that it will be required to sell the debt security, it is written down to fair value through earnings. Since the adoption of CECL on January 1, 2020, credit losses relating to available-for-sale debt securities are recorded through an allowance for credit losses (“ACL”), which are limited to the difference between the amortized cost and the fair value of the asset. The ACL is established for the expected credit losses over the remaining term of debt security. OFG’s portfolio of available for sale securities is comprised mainly of U.S. Treasury notes and obligations from the U.S. Government. These securities have an explicit or implicit guarantee from the U.S. government, are highly rated by major rating agencies, and have a long history of no credit losses. Accordingly, OFG applies a zero-credit loss assumption and no ACL for these securities has been established. OFG monitors its securities portfolio composition and credit performance on a quarterly basis to determine if any allowance is considered necessary. Debt securities available-for-sale are written-off when a portion or the entire amount is deemed uncollectible, based on the information considered to develop expected credit losses through the life of the asset. The specific identification method is used to determine realized gains and losses on debt securities available for sale, which are included in net gain (loss) on sale of securities in the Consolidated Statements of Operations. Trading - Securities held for resale in anticipation of short-term market movements. These securities are carried at fair value, with changes in unrealized holding gains and losses included in income. Management determines the appropriate classification of securities at the time of purchase. Equity securities - Equity securities do not have readily available fair values and are measured at cost, less any impairment. Impairment is reviewed on a quarterly basis through a qualitative assessment. Stock that is owned by OFG to comply with regulatory requirements, such as Federal Home Loan Bank (“FHLB”) stock, is included in this category, and their realizable value equals their cost. Unrealized and realized gains and losses and any impairment on equity securities are included in net gain (loss) in the Consolidated Statements of Operations. Dividend income from investments in equity securities is included in interest income in the Consolidated Statements of Operations. Premiums and discounts are amortized to interest income over the life of the related securities using the interest method. Net realized gains or losses on sales of investment securities and unrealized gains and losses valuation adjustments considered other than temporary, if any, on securities classified as either available-for-sale or held-to-maturity are reported separately in the statements of operations. Purchases and sales of securities are recorded at trade date. The cost of securities sold is determined by the specific identification method.
Financial Instruments	Financial Instruments Certain financial instruments, including derivatives, trading securities and investment securities available-for-sale, are recorded at fair value and unrealized gains and losses are recorded in other comprehensive (loss) income or as part of non-interest income, as appropriate. Fair values are based on listed market prices, if available. If listed market prices are not available, fair value is determined based on other relevant factors, including price quotations for similar instruments. The fair values of certain derivative contracts are derived from pricing models that consider current market and contractual prices for the underlying financial instruments as the well as time value and yield curve or volatility factors underlying the positions. OFG determines the fair value of its financial instruments based on the fair value measurement framework, which establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy are described below: Level 1 — Level 1 assets and liabilities include equity securities that are traded in an active exchange market. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities. Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include (i) mortgage-backed securities for which the fair value is estimated based on valuations obtained from third-party pricing services for identical or comparable assets, (ii) debt securities with quoted prices that are traded less frequently than exchange-traded instruments and (iii) derivative contracts and financial liabilities whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models for which the determination of fair value requires significant management judgment or estimation. OFG’s policy is to recognize any transfer into or out of the Levels referred to above at the date of the event or change in circumstances that caused the transfer.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities OFG uses financial derivatives, as interest rate swaps and caps, to both mitigate exposure to market (primarily interest rate) and credit risks inherent in its business activities, as well as to facilitate customer risk management activities. OFG manages these risks as part of its asset and liability management process and through credit policies and procedures. OFG recognizes all derivative instruments at fair value as either other assets or derivative liabilities on the consolidated statement of financial condition and the related cash flows in the operating activities section of the consolidated statement of cash flows. Adjustments for counterparty credit risk are included in the determination of fair value. The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a cash flow or net investment hedging relationship. For all other derivatives, changes in fair value are recognized in earnings. OFG utilizes a net presentation for derivative instruments on the consolidated statement of financial condition taking into consideration the effects of legally enforceable master netting agreements. Cash collateral exchanged with counterparties is also netted against the applicable derivative exposures by offsetting obligations to return, or general rights to reclaim, cash collateral against the fair values of the net derivatives being collateralized. For those derivative instruments that are designated and qualify as accounting hedges, OFG designates the hedging instrument, based on the exposure being hedged, as a cash flow hedge. OFG formally documents the relationship between the hedging instruments and hedged items, as well as the risk management objective and strategy, before undertaking an accounting hedge. To qualify for hedge accounting, the derivatives and related hedged items must be designated as a hedge at inception of the hedge relationship. In addition, a derivative must be highly effective at reducing the risk associated with the exposure being hedged. For accounting hedge relationships, OFG formally assesses, both at the inception of the hedge and on an ongoing basis, if the derivatives are highly effective in offsetting designated changes in the fair value or cash flows of the hedged item. If it is determined that the derivative instrument is not highly effective, hedge accounting is discontinued. OFG assesses effectiveness using statistical regression analysis. Where the critical terms of the derivative and hedged item match, effectiveness may be assessed qualitatively. For derivatives designated as cash flow hedges (hedging the exposure to variability in expected future cash flows), the gain or loss on derivatives is reported as a component of accumulated other comprehensive (loss) income and subsequently reclassified to income in the same period or periods during which the hedged cash flows affect earnings and recorded in the same income statement line item as the hedged cash flows. OFG discontinues hedge accounting when it is determined that the derivative no longer qualifies as an effective hedge; the derivative expires or is sold, terminated or exercised; or the derivative is de-designated as a cash flow hedge.
Mortgage Banking Activities and Mortgage Loans Held-For-Sale	Mortgage Banking Activities and Mortgage Loans Held-For-Sale The residential mortgage loans reported as held-for-sale are stated at the lower of amortized cost or fair value, cost being determined on the outstanding loan balance less unearned income, and fair value determined in the aggregate. The amount for which amortized cost exceeds fair value is recognized through a valuation allowance by a charge to income in the period in which the change occurs. Realized gains or losses on these loans are determined using the specific identification method. Loans held-for-sale include all conforming mortgage loans originated and purchased, which from time to time Oriental sells to other financial institutions or securitizes conforming mortgage loans into GNMA, FNMA and FHLMC pass-through certificates .
Accounting for Transfers and Servicing of Financial Assets and Extinguishment of Liabilities	Accounting for Transfers and Servicing of Financial Assets and Extinguishment of Liabilities OFG recognizes the financial and servicing assets it controls and the liabilities it has incurred, derecognizes financial assets when control has been surrendered, and derecognizes liabilities when extinguished. OFG is not engaged in sales of mortgage loans and mortgage-backed securities subject to recourse provisions except for those provisions that allow for the repurchase of loans as a result of a breach of certain representations and warranties other than those related to the credit quality of the loans included in the sale transactions. The transfer of an entire financial asset, a group of entire financial assets, or a participating interest in an entire financial asset in which OFG surrenders control over the assets is accounted for as a sale if all of the following conditions set forth in Accounting Standards Codification (“ASC”) Topic 860 are met: (i) the assets must be isolated from creditors of the transferor, (ii) the transferee must obtain the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (iii) the transferor cannot maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. When OFG transfers financial assets and the transfer fails any one of these criteria, OFG is prevented from derecognizing the transferred financial assets and the transaction is accounted for as a secured borrowing. For transfers of financial assets that satisfy the conditions to be accounted for as sales, OFG derecognizes all assets sold; recognizes all assets obtained and liabilities incurred in consideration as proceeds of the sale, including servicing assets and servicing liabilities, if applicable; initially measures at fair value assets obtained and liabilities incurred in a sale; and recognizes in earnings any gain or loss on the sale. The guidance on transfer of financial assets requires a true sale analysis of the treatment of the transfer under state law as if OFG was a debtor under the bankruptcy code. A true sale legal analysis includes several legally relevant factors, such as the intent of the parties, the nature and level of recourse to the transferor, and the nature of retained interests in the loans sold. The analytical conclusion as to a true sale is never absolute and unconditional, and contains qualifications based on the inherent equitable powers of a bankruptcy court, as well as any unsettled matters of state law or common law. Once the legal isolation test has been met, other factors concerning the nature and extent of the transferor’s control over the transferred assets are taken into account in order to determine whether derecognition of assets is warranted. When OFG sells or securitizes mortgage loans, it generally makes customary representations and warranties regarding the characteristics of the loans sold. Conforming conventional mortgage loans are combined into pools which are exchanged for FNMA and GNMA mortgage-backed securities, which are generally sold to private investors, or sold directly to FNMA or other private investors for cash. To the extent the loans do not meet the specified characteristics, investors are generally entitled to require OFG to repurchase such loans or indemnify the investor against losses if the assets do not meet certain guidelines. GNMA programs allow financial institutions to buy back individual delinquent mortgage loans that meet certain criteria from the securitized loan pool for which OFG provides servicing. At OFG’s option and without GNMA’s prior authorization, OFG may repurchase such delinquent loans for an amount equal to 100% of the loan’s remaining principal balance. This buy-back option is considered a conditional option until the delinquency criteria is met, at which time the option becomes unconditional. When the loans backing a GNMA security are initially securitized, OFG treats the transaction as a sale for accounting purposes because the conditional nature of the buy-back option means that OFG does not maintain effective control over the loans and, therefore, these are derecognized from the statement of financial condition. When individual loans later meet GNMA’s specified delinquency criteria and are eligible for repurchase, OFG is deemed to have regained effective control over these loans, and these must be brought back into OFG’s books as assets, regardless of whether OFG intends to exercise the buy-back option. Quality review procedures are performed by OFG as required under the government agency programs to ensure that asset guideline qualifications are met. OFG has not recorded any specific contingent liability in the consolidated financial statements for these customary representation and warranties related to loans sold by OFG, and management believes that, based on historical data, the probability of payments and expected losses under these representation and warranty arrangements is not significant. OFG has liability for residential mortgage loans sold subject to credit recourse, principally loans associated with FNMA residential mortgage loan sales and securitization programs. In the event of any customer default, pursuant to the credit recourse provided, OFG is required to repurchase the loan or reimburse the third-party investor for the incurred loss. The maximum potential amount of future payments that OFG would be required to make under the recourse arrangements in the event of nonperformance by the borrowers is equivalent to the total outstanding balance of the residential mortgage loans serviced with recourse and interest, if applicable. In the event of nonperformance by the borrower, OFG has rights to the underlying collateral securing the mortgage loan. OFG suffers ultimate losses on these loans when the proceeds from a foreclosure sale of the property underlying a defaulted mortgage loan are less than the outstanding principal balance of the loan plus any uncollected interest advanced and the costs of holding and disposing the related property. OFG has established a liability to cover the estimated credit loss exposure related to loans sold with credit recourse. The estimated losses to be absorbed under the credit recourse arrangements are recorded as a liability when the loans are sold or credit recourse is assumed as part of acquired servicing rights, and are updated by accruing or reversing expense (included as mortgage banking activities in the consolidated statements of operations) throughout the life of the loan, as necessary, when additional relevant information becomes available. The methodology used to estimate the recourse liability is a function of the recourse arrangements given and considers historical and forecast loss experience. The methodology leverages the expected loss framework for mortgage loans to estimate expected future losses. The reserve for the estimated losses under the credit recourse arrangements is presented separately within other liabilities in the consolidated statements of financial condition.
Servicing Assets	Servicing Assets OFG periodically sells or securitizes mortgage loans while retaining the obligation to perform the servicing of such loans. In addition, OFG may purchase or assume the right to service mortgage loans originated by others. Whenever OFG undertakes an obligation to service a loan, management assesses whether a servicing asset and/or liability should be recognized. A servicing asset is recognized whenever the compensation for servicing is expected to more than adequately compensate OFG for servicing the loans. Likewise, a servicing liability would be recognized in the event that servicing fees to be received are not expected to adequately compensate OFG for its expected cost. All separately recognized servicing assets are recognized at fair value using the fair value measurement method. Under the fair value measurement method, OFG measures servicing rights at fair value at each reporting date and reports changes in the fair value of servicing asset in the statement of operations in the period in which the changes occur, and includes these changes, if any, with mortgage banking activities in the consolidated statement of operations. The fair value of servicing rights is subject to fluctuations as a result of changes in estimated and actual prepayment speeds and default rates and losses. The fair value of servicing rights is estimated by using a cash flow valuation model, which calculates the present value of estimated future net servicing cash flows, taking into consideration actual and expected loan prepayment rates, discount rates, servicing costs, and other economic factors, which are determined based on current market conditions.
Loans and Allowance for Credit Losses	Loans and Allowance for Credit Losses Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at amortized cost. Amortized cost is the principal balance outstanding, net of purchase premiums and discounts, deferred loan fees, and costs. Loans held for investment that were not purchased with credit deterioration are referred to as Non-PCD loans, and loans that were purchased with credit deterioration are referred to as PCD loans. OFG discontinues accrual of interest after payments become more than 90 days past due or earlier if OFG does not expect the full collection of principal or interest, except for residential mortgage loans insured or guaranteed under applicable FHA and VA programs that are not placed in non-accrual status until they become 12 months or more past due, as they are insured loans. At that time, any accrued income is reversed. The delinquency status is based on the contractual terms of the loans. Loans for which the recognition of interest income has been discontinued are designated as non-accruing. Thereafter, collections are accounted for as a cash method, until qualifying to return to accrual status. Such loans are not reinstated to accrual status until interest is received on a current basis and other factors indicative of doubtful collection cease to exist. The determination as to the ultimate collectability of the loan’s balance may involve management’s judgment in the evaluation of the borrower’s financial condition and prospects for repayment. Interest income is based on the effective yield on the Non-PCD loans. Purchased Credit Deteriorated (PCD) Loans: OFG has purchased loans, some of which have experienced more than insignificant credit deterioration since origination. OFG considered the following factors as indicators that an acquired loan had evidence of deterioration in credit quality: loans that were 90 days or more past due; loans that had an internal loan grade of substandard or worse - substandard loans have a well-defined weakness that jeopardizes collection of the loan; loans that were classified as nonaccrual by the acquired bank at the time of acquisition; and loans that had been previously modified in a troubled debt restructuring. As such, our PCD loans are recorded at the purchase price plus the allowance for credit losses expected at the time of acquisition or implementation of the standard. An allowance for credit losses is determined using an undiscounted cash flow methodology. Upon adoption of CECL, OFG elected to maintain pools of loans that were previously accounted for under ASC 310-30 and will continue to account for these pools as a unit of account. As such, for these loans, the determination of nonaccrual or accrual status is made at the pool level, not the individual loan level. On the adoption of CECL, the allowance for credit losses was determined for each pool and added to the pool’s carrying amount to establish a new amortized cost basis. The difference between the unpaid principal balance of the pool and the new amortized cost basis is the non-credit premium or discount, which will be amortized interest income over the remaining life of the pool. On a quarterly basis, management will monitor the composition and behavior of the pools to assess the ability for cash flow estimation and timing. If, based on the analysis performed, the pool is classified as non-accrual, the accretion/amortization of the non-credit (discount) premium will cease. Changes to the allowance for credit losses are recorded through the provision expense. Allowance for Credit Losses (“ACL”) – Loans: OFG adopted CECL, which utilizes a lifetime “expected credit loss” measurement objective for the recognition of credit losses for loans at the time the financial asset is originated or acquired. The allowance for credit losses is adjusted each period for changes in expected credit losses. The allowance for credit losses is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. Determining the amount of the ACL is complex and requires extensive judgment by management about matters that are inherently uncertain. Re-evaluation of the ACL estimate in future periods in light of changes in the composition and characteristics of the loan portfolio, changes in the reasonable and supportable forecast, and other factors then prevailing may result in material changes in the amount of the ACL and credit loss expense in those future periods. Loans are charged off against the allowance when management believes the uncollectability of a loan balance is confirmed. OFG continues to monitor and modify the level of the ACL to ensure it is adequate. Our methodology for estimating expected credit losses for our loan portfolios includes the following key components: • Expected credit losses are estimated on a collective basis for groups of loans that share similar risk characteristics. Factors that may be considered in aggregating loans for this purpose include, but are not necessarily limited to, product or collateral type, internal risk rating, credit characteristics such as credit scores or collateral types, and historical or expected credit loss patterns. • Credit losses for loans that do not share similar risk characteristics are estimated on an individual basis. Individual evaluations are typically performed for nonaccrual loans, nonaccrual modified loans classified as troubled debt restructurings, and classified loans that do not share common risk characteristics. The lifetime losses for individually measured loans are estimated based on one of several methods, including the estimated fair value of the underlying collateral, the observable market value of similar debt, or the present value of expected cash flows. • ACL reserves are estimated over the contractual term of the financial asset adjusted for expected prepayments. As part of the calculation of the contractual term, the expected extension is generally not considered unless the option to extend the loan cannot be canceled unilaterally by OFG, and loan modifications are also not considered unless OFG has a reasonable expectation that it will execute a troubled debt restructuring (“TDR”). In the case of unconditionally cancellable accounts, such as credit cards, reserves are based on the expected life of the balance as of the evaluation date (assuming no further charges) and do not include any undrawn commitments that are unconditionally cancellable. • The quantitative model utilizes a discounted cash flow (“DCF”) or undiscounted cash flow (“UDCF”) approach to estimate expected credit losses using the probability of default (“PD”), loss given default (“LGD”), and exposure at default (“EAD”). DCF method is used for most of the Non-PCD portfolio, and the UDCF method for the PCD portfolio. For the EAD, the Company uses a prepayment model which projects prepayments over the life of the loans. • An economic forecast period based on the relationship of losses with key economic variables for each portfolio segment; OFG has elected a 2-year reasonable and supportable forecast period, with an additional 1-year to mean straight-line reversion occurring within the credit loss models based on the economic inputs. The length of the reasonable and supportable forecast is evaluated at each reporting period and adjusted if deemed necessary. • Inclusion of qualitative adjustment to consider factors for asset-specific risk characteristics to the extent they do not exist in the historical information that has not been accounted for and could impact the amount of future losses. For example, factors that OFG considers include changes in lending policies and procedures, business conditions, the nature and size of the portfolio, portfolio concentrations, the volume and severity of past due loans and nonaccrual loans, the effect of external factors such as competition, and legal and regulatory requirements, among others. • The estimate of credit losses includes expected recoveries of amounts previously charged off as well as consideration of expected amounts to be written off. If a loan has been charged off, the expected cash flows on the loan are not limited by the current amortized cost balance. Instead, expected cash flows can be assumed up to the unpaid principal balance immediately prior to the charge-off. • The ACL excludes accrued interest since all our products are subject to a non-accrual and timely write-off policy, except for accrued interest receivable on loans that participated in the Covid-19 and Hurricane Fiona deferral programs with delinquency status between 30 and 89 days past due, in which a reserve is calculated by applying the corresponding loan projected loss factors to the accrued interest receivable balance. Accrued interest receivable totaled $58.1 million and $54.8 million on December 31, 2022 and 2021, respectively, reported in accrued interest receivable on the consolidated statement of financial condition. Accrued interest receivable on loans that participated in the Covid-19 and Hurricane Fiona deferral programs amounted to $21.8 million at December 31, 2022 (December 31, 2021 - $23.9 million), of which $20.7 million (December 31, 2021 - $21.5 million) corresponds to loans in current status. Allowance for credit losses for accrued interest receivable on loans that participated in the deferral programs amounted to $144 thousand and $161 thousand at December 31, 2022 and 2021, respectively. In our loss forecasting framework, OFG incorporates forward-looking information through the use of macroeconomic scenarios. These macroeconomic scenarios include variables that have historically been key drivers of increases and decreases in credit losses. These variables include, but are not limited to, unemployment rates, employment rates, real estate prices, gross domestic product levels, gross national product levels, and retail sales. As any one economic outlook is inherently uncertain, OFG leverages multiple scenarios. The scenarios that are re-evaluated each quarter and the amount of weighting given to each scenario depend on a variety of factors including recent economic events, leading economic indicators, views of internal as well as third-party economists, and industry trends. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income through the life of the loan. OFG has identified the following portfolio segments, commercial loans, mortgage loans, consumer loans, and auto loans and leases, and measures the allowance for credit losses using the methods described below for each. Commercial Loans – The segmentation of commercial loans was established by business line, collateral type, size, and delinquency or risk rating/classification to assess the loans based on common risk characteristics. The segmentation aligns with OFG’s current credit policies and procedures for these portfolios. The estimate of expected credit losses on commercial loans is forecasted using models that estimate credit losses over the loan’s contractual life at an individual loan level. The models use the contractual terms to forecast future principal cash flows while also considering expected prepayments, considering that all our lines of credit are unconditionally cancellable. The loss forecasting model determines the probabilities of transition to different credit risk ratings or defaults at each point over the life of the asset based on the borrower’s current credit risk rating and business segment. Assumptions of expected loss are conditioned to the economic outlook, and the model considers key economic variables such as the unemployment rate, gross national product (“GNP”) (P.R. projections), gross domestic product (U.S. projections), and employment rates (U.S. projections). Loans that do not share risk characteristics are evaluated on an individual basis. Individual evaluations are typically performed for nonaccrual loans, nonaccrual modified loans classified as troubled debt restructurings, and classified loans that do not share common risk characteristics. Loans evaluated individually are not included in the collective evaluation. When management determines that foreclosure is probable or when the borrower is experiencing financial difficulty at the reporting date and repayment is expected to be provided substantially through the operation or sale of the collateral, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate, as OFG elected the collateral-dependent practical expedient. For loans evaluated individually that are not collateral dependent, a discounted cash flow method is used to determine the allowance for credit losses. Commercial loans are placed on non-accrual status when they become 90 days or more past due and are written down, if necessary, based on the specific evaluation of the underlying collateral, if any. OFG’s lending activities in the continental United States – referred to as U.S. commercial loans – are conducted through OIB and OFG USA. These activities include the purchase of middle market senior secured cash flow loan participations and the purchase of participations of loans to small and medium sized businesses. OFG participated in the Paycheck Protection Program (“PPP”), which is a loan program that originated from the CARES Act and was subsequently expanded by the Paycheck Protection Program and Health Care Enhancement Act. The PPP was designed to provide U.S. small businesses with cash-flow assistance through loans fully guaranteed by the Small Business Administration (“SBA”). If the borrower met certain criteria and used the proceeds towards certain eligible expenses, the borrower’s obligation to repay the loan can be forgiven up to the full principal amount of the loan and any accrued interest. Upon borrower forgiveness, the SBA pays OFG for the principal and accrued interest owed on the loan. If the full principal of the loan is not forgiven, the loan will operate according to the original loan terms with the 100 percent SBA guaranty remaining. As compensation for originating the loans, OFG received lender processing fees from the SBA, which are capitalized, along with the loan origination costs, and will be amortized over the loans’ contractual lives and recognized as interest income. Upon forgiveness of a loan and repayment by the SBA, any unrecognized net capitalized fees and costs related to the loan will be recognized as interest income in that period. Mortgage Loans – This segment includes traditional mortgages, non-traditional mortgages, mortgages in the loss mitigation program, residential performing TDRs, and residential non-performing TDRs. The most significant attribute in estimating OFG’s lifetime expected credit losses is the vintage of the traditional mortgage segment. The estimates are based on OFG’s historical experience with the loan portfolio, adjusted to reflect the economic outlook. The outlook on the housing price index and unemployment are key factors that impact the frequency and severity of loss estimates. OFG expects to collect the amortized cost basis of government insured residential loans due to the nature of the government guarantee, so the ACL is zero for these loans. Mortgage loans are placed on non-accrual status when they become 90 days or more past due and are written-down, if necessary, based on the specific evaluation of the collateral underlying the loan, except for FHA and VA insured mortgage loans which are placed in non-accrual when they become 12 months or more past due. For loans that are more than 180 days past due, with the exception of OFG’s fully insured portfolio, the outstanding balance of loans that is in excess of the estimated property value after adjusting for costs to sell is charged off. If the estimated property value decreases in periods subsequent to the initial charge-off, OFG will record additional charge-offs. Consumer Loans – This portfolio consists of smaller retail loans such as unsecured personal loans, unsecured personal lines of credit, retail credit cards, and overdrafts. The estimates are based on the OFG’s historical experience with the loan portfolios, adjusted to reflect the economic outlook. The outlook on the GNP and unemployment rate are key factors that impact the frequency and severity of loss estimates. Credit cards are revolving lines of credit without a defined maturity date. OFG elected to apply the remaining life methodology for the credit cards and overdrafts. The remaining life methodology takes projected losses based on the economic forecast for credit cards and historical losses on the overdraft segment, based on the expected remaining life of that pool. Future draws on the credit card lines are excluded from the estimated expected credit losses as they are unconditionally cancellable. Consumer loans are placed on non-accrual status when they become 90 days past due and written-off when payments are delinquent, 120 days in personal loans, and 180 days in credit cards and personal lines of credit. Auto loans and leases - This portfolio consists of auto loans and leases. The most significant attribute in estimating OFG’s expected credit losses is the FICO score. The estimates are based on OFG’s historical experience with the loan portfolio, adjusted to reflect the economic outlook. The outlook on retail sales and unemployment are key factors that impact the frequency and severity of loss estimates. Auto loans and leases are placed on non-accrual status when they become 90 days past due, partially written-off to collateral value when payments are delinquent 120 days, and fully written-off when payments are delinquent 180 days. For the principal enhancements that management made to its methodology, refer to Note 7 – Allowance for Credit Losses.
Troubled Debt Restructuring	Troubled Debt Restructuring A TDR is the restructuring of a receivable in which OFG, as creditor, grants a concession for legal or economic reasons due to the debtor’s financial difficulties. A concession is granted when, as a result of the restructuring, OFG does not expect to collect all amounts due, according to original contractual terms of the loan agreement. These concessions may include a reduction of the interest rate, principal or accrued interest, extension of the maturity date or other actions intended to minimize potential losses. To assess whether the debtor is having financial difficulties, OFG evaluates whether it is probable that the debtor will default on any of its debt in the foreseeable future. Receivables that are restructured in a TDR are presumed to be impaired and are subject to a specific impairment-measurement method. If the repayment of the loan is expected to be provided solely by the underlying collateral and there are no other available sources of repayment, OFG considers the current value of that collateral in determining whether the principal will be paid. For non-collateral dependent loans, the specific reserve is calculated based on the present value of expected cash flows discounted at the loan’s effective interest rate. TDR loans are classified as either accrual or nonaccrual. An accruing loan that is modified in a TDR can remain in accrual status if, based on a current, well-documented credit analysis, collection of principal and interest in accordance with the modified terms is reasonably assured, and the borrower has demonstrated sustained historical repayment performance for a reasonable period before the modification. To restore a non-accruing loan that has been modified in a TDR to accrual status, the credit officer must perform a current, well-documented credit analysis supporting a return to accrual status based on the borrower's financial condition and prospects for repayment under the revised terms. Otherwise, the TDR must remain in nonaccrual status. The analysis must consider the borrower's sustained historical repayment performance for a reasonable period prior to the return-to-accrual date but may take into account payments made for a reasonable period prior to the restructuring if the payments are consistent with the modified terms. A sustained period of repayment performance generally would be a minimum of six consecutive payments and would involve payments in the form of cash or cash equivalents.
Foreclosed Real Estate and Other Repossessed Assets	Foreclosed Real Estate and Other Repossessed Assets Foreclosed real estate and other repossessed assets, mainly repossessed automobiles, are initially recorded at the fair value of the real estate or repossessed assets less the cost of selling it at the date of foreclosure or repossession. At the time properties are acquired in full or partial satisfaction of loans, any excess of the loan balance over the estimated fair value of the property is charged against the allowance for credit losses. After foreclosure or repossession, these properties are carried at the lower of cost or fair value less estimated cost to sell based on recent appraised values or options to purchase the foreclosed or repossessed assets. Any excess of the carrying value over the estimated fair value, less estimated costs to sell, is charged to non-interest expense. The costs and expenses associated to holding these properties in portfolio are expensed as incurred.
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill is recognized when the purchase price is higher than the fair value of net assets acquired in business combinations under the purchase method of accounting. OFG’s goodwill is not amortized to expense but is tested for impairment at least annually, and on a more frequent basis, if events or circumstances indicate impairment could have taken place. Such events could include, among others, a significant adverse change in the business climate, an adverse action by a regulator, an unanticipated change in the competitive environment, and a decision to change the operations or dispose of a reporting unit. A quantitative annual impairment test is not required if, based on a qualitative analysis, OFG determines that the existence of events and circumstances indicates that it is more likely than not that goodwill is not impaired. OFG performs an annual goodwill impairment test as of October 31 and monitors for interim triggering events on an ongoing basis. OFG tests for impairment based on the allocation of goodwill and other assets and liabilities, as necessary, to defined reporting segments. A fair value is then determined for each reporting segment. If the fair values of the reporting segments exceed their book values, no write-down of the recorded goodwill is necessary. If the fair values are less than the book values, an additional valuation procedure is necessary to assess the proper carrying value of the goodwill. Reporting segment valuation is inherently subjective, with a number of factors based on assumptions and management judgments or estimates. Actual values may differ significantly from such estimates. Among these are future growth rates for the reporting segments, selection of comparable market transactions, discount rates, and earnings capitalization rates. Changes in assumptions and results due to economic conditions, industry factors, and reporting unit performance and cash flow projections could result in different assessments of the fair values of reporting segments and could result in impairment charges. If an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting segment below its carrying amount, an interim impairment test is required. Other identifiable intangible assets with a finite useful life, mainly core deposits and customer relationships, are amortized using various methods over the periods benefited, which range from 3 to 10 years. These intangibles are evaluated periodically for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable. Impairments on intangible assets with a finite useful life are evaluated under the guidance for impairment or disposal of long-lived assets.
Premises and Equipment	Premises and Equipment Premises and equipment are carried at cost less accumulated depreciation. Depreciation is provided using the straight-line method over the estimated useful life of each type of asset. Amortization of leasehold improvements is computed using the straight-line method over the terms of the leases or estimated useful lives of the improvements, whichever is shorter.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets OFG periodically reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In performing the review for recoverability, an estimate of the future cash flows expected to result from the use of the asset and its eventual disposition is made. If the sum of the future cash flows (undiscounted and without interest charges) is less than the carrying amount of the assets, an impairment loss is recognized. The amount of the impairment is the excess of the carrying amount over the fair value of the asset. As of December 31, 2022 and 2021, there was no indication of impairment as a result of such review.
Off-Balance Sheet Instruments	Off-Balance Sheet Instruments In the ordinary course of business, OFG enters into off-balance sheet instruments consisting of commitments to extend credit, further discussed in Note 25 – Commitments and Contingencies hereto. Such financial instruments are recorded in the financial statements when these are funded or related fees are incurred or received. OFG periodically evaluates the credit risks inherent in these commitments and establishes reserves for such risks if and when these are deemed necessary.
Allowance for Credit Losses on Off-Balance Sheet Credit Exposures	Allowance for Credit Losses on Off-Balance Sheet Credit Exposures OFG estimates the expected credit losses related to unfunded lending commitments such as letters of credit, financial guarantees, unfunded banker’s acceptances, and binding loan commitments. Reserves are estimated for the unfunded exposure using the same factors as the funded exposure and are reported as reserves for unfunded lending commitments. Net adjustments to the reserve for unfunded commitments are included in the provision for credit losses in the Consolidated Statements of Operations.
Income Taxes	Income Taxes In preparing the consolidated financial statements, OFG is required to estimate income taxes. This involves an estimate of current income tax expense together with an assessment of deferred taxes resulting from differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The determination of current income tax expense involves estimates and assumptions that require OFG to assume certain positions based on its interpretation of current tax laws and regulations. Changes in assumptions affecting estimates may be required in the future, and estimated tax assets or liabilities may need to be increased or decreased accordingly. The accrual for tax contingencies is adjusted in light of changing facts and circumstances, such as the progress of tax audits, case law and emerging legislation. When particular matters arise, a number of years may elapse before such matters are audited and finally resolved. Favorable resolution of such matters could be recognized as a reduction to OFG’s effective tax rate in the year of resolution. Unfavorable settlement of any particular issue could increase the effective tax rate and may require the use of cash in such year. On June 30, 2020, OFS made the election to be treated as a partnership for income tax purposes which was effective on January 1, 2020. As such, OFS is currently a pass-through entity not subject to income taxes at the company level, and the parent will be subject to Puerto Rico income taxes on its distributable share of OFS taxable income under the partnership provisions of the PR Code. At the date of the election all tax attributes of OFS were also transferred to the parent. The same tax treatment applies to Oriental Insurance since its tax election to be treated as a partnership effective on January 1, 2016. Pursuant to these elections OFG is required to pay income taxes on its distributable share of earnings and profits of both entities. In the case of losses reported by any of the entities, such losses may be offset with the taxable income of the other entity. However, OFG is not permitted to use its operating losses to offset the taxable income of its partnerships. The determination of deferred tax expense or benefit is based on changes in the carrying amounts of assets and liabilities that generate temporary differences. The carrying value of OFG’s net deferred tax assets assumes that it will be able to generate sufficient future taxable income based on estimates and assumptions. If these estimates and related assumptions change in the future, OFG may be required to record valuation allowances against its deferred tax assets resulting in additional income tax expense in the consolidated statements of operations. Management evaluates on a regular basis whether the deferred tax assets can be realized and assesses the need for a valuation allowance. A valuation allowance is established when management believes that it is more likely than not that some portion of its deferred tax assets will not be realized. Changes in valuation allowance from period to period are included in OFG’s tax provision in the period of change. In addition to valuation allowances, OFG establishes accruals for uncertain tax positions when, despite the belief that OFG’s tax return positions are fully supported, OFG believes that certain positions are likely to be challenged. The accruals for uncertain tax positions are adjusted in light of changing facts and circumstances, such as the progress of tax audits, case law, and emerging legislation. The accruals for OFG’s uncertain tax positions are reflected as income tax payable as a component of accrued expenses and other liabilities. These accruals are reduced upon expiration of the applicable statute of limitations. OFG follows a two-step approach for recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. OFG’s policy is to include interest and penalties related to unrecognized income tax benefits within the provision for income taxes on the consolidated statements of operations. OFG is potentially subject to income tax audits in the Commonwealth of Puerto Rico for taxable years 2018 to 2021, until the applicable statute of limitations expires. In addition, OFG’s US subsidiaries are potentially subject to income tax audits by the IRS for taxable years 2019 to 2021. Tax audits by their nature are often complex and can require several years to complete.
Revenue Recognition	Revenue Recognition ASC 606, Revenue from Contracts with Customers (“ASC 606”), establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity's contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied. The majority of our revenue-generating transactions are not subject to ASC 606, including revenue generated from financial instruments, such as our loans, letters of credit, derivatives and investment securities, as well as revenue related to our mortgage servicing activities, as these activities are subject to other GAAP discussed elsewhere within our disclosures.
Stock-Based Compensation Plan	Stock-Based Compensation Plan OFG’s 2007 Omnibus Performance Incentive Plan, as amended and restated (the “Omnibus Plan”), provides for equity-based compensation incentives through the grant of stock options, stock appreciation rights, restricted stock, restricted units and dividend equivalents, as well as equity-based performance awards. The Omnibus Plan was adopted in 2007, amended and restated in 2008, and further amended in 2010 and 2013. The purpose of the Omnibus Plan is to provide flexibility to OFG to attract, retain and motivate directors, officers, and key employees through the grant of awards based on performance and to adjust its compensation practices to the best compensation practice and corporate governance trends as they develop from time to time. The Omnibus Plan is further intended to motivate high levels of individual performance coupled with increased shareholder returns. Therefore, awards under the Omnibus Plan (each, an “Award”) are intended to be based upon the recipient’s individual performance, corporate performance, level of responsibility and potential to make significant contributions to OFG. Generally, the Omnibus Plan will terminate as of (a) the date when no more of OFG’s shares of common stock are available for issuance under the Omnibus Plan or, (b) if earlier, the date the Omnibus Plan is terminated by OFG’s Board of Directors. The Board’s Compensation Committee (the “Committee”), or such other committee as the Board may designate, has full authority to interpret and administer the Omnibus Plan in order to carry out its provisions and purposes. The Committee has the authority to determine those persons eligible to receive an Award and to establish the terms and conditions of any Award. The Committee may delegate, subject to such terms or conditions or guidelines as it shall determine, to any employee or group of employees any portion of its authority and powers under the Omnibus Plan with respect to participants who are not directors or executive officers subject to the reporting requirements under Section 16(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Only the Committee may exercise authority in respect to Awards granted to such participants. The expected term of stock options granted represents the period of time that such options are expected to be outstanding. Expected volatilities are based on historical volatility of OFG’s shares of common stock over the most recent period equal to the expected term of the stock options. For stock options issued during 2015, the expected volatilities are based on both historical and implied volatility of OFG’s shares of common stock. OFG follows the fair value method of recording stock-based compensation. OFG used the modified prospective transition method, which requires measurement of the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award with the cost to be recognized over the service period. It applies to all awards unvested and granted after the effective date and awards modified, repurchased, or cancelled after that date.
Comprehensive Income	Comprehensive Income Comprehensive income is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances, except for those resulting from investments by owners and distributions to owners. GAAP requires that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities and on derivative activities that qualify and are designated for cash flows hedge accounting, net of taxes, are reported as a separate component of the stockholders’ equity section of the consolidated statements of financial condition, such items, along with net income, are components of comprehensive income.
Commitments and Contingencies	Commitments and Contingencies Liabilities for loss contingencies, arising from claims, assessments, litigation, fines, and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred.
Lease Accounting	Lease Accounting Right of use assets and lease liabilities are recognized at the commencement of an arrangement where it is determined at inception that a lease exists. Lease assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. These assets and liabilities are initially recognized based on the present value of lease payments over the lease term calculated using our incremental borrowing rate. Lease terms include options to extend or terminate the lease when it is reasonably certain that those options will be exercised. The right-of-use asset is measured at the amount of the lease liability adjusted for the remaining balance of any lease incentives received, any cumulative prepaid or accrued rent if the lease payments are uneven throughout the lease term, any unamortized initial direct costs, and any impairment of the right-of-use-asset. Operating lease expense consists of a single lease cost calculated so that the remaining cost of the lease is allocated over the remaining lease term on a straight-line basis, and any impairment of the right-of-use asset. Variable lease payments are generally expensed as incurred and include certain non-lease components, such as maintenance and other services provided by the lessor, and other charges included in the lease. Leases with an initial term of 12 months or less are not recorded on the balance sheet, and the expense for these short-term leases and for operating leases is recognized on a straight-line basis over the lease term. OFG’s leases do not contain residual value guarantees or material variable lease payments. All leases are classified as operating leases.
Subsequent Events	Subsequent Events OFG has evaluated other events subsequent to the balance sheet date and prior to the filing of this annual report on Form 10-K for 2022, and has adjusted and disclosed those events that have occurred that would require adjustment or disclosure in the consolidated financial statements.
New Accounting Updates Not Yet Adopted	New Accounting Updates Not Yet Adopted Fair Value Measurements—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions Disclosures. In June 2022, the FASB issued ASU 2022-03 to clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction and requires certain disclosures for equity securities subject to contractual restrictions. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Entities are permitted to early adopt these amendments, including adoption in any interim period. The amendments should be applied prospectively with any adjustments from the adoption of the amendments recognized in earnings and disclosed on the date of adoption. Upon adoption of this ASU, OFG will consider this guidance for equity securities subject to contractual sale restrictions. Financial Instruments—Credit Losses Troubled Debt Restructurings and Vintage Disclosures. In March 2022, the FASB issued ASU 2022-02 to address the accounting guidance on troubled debt restructurings (“TDRs”) for creditors in ASC 310-402 and amend the guidance on vintage disclosures to require disclosure of current-period gross write-offs by year of origination. The ASU also updates the requirements related to accounting for credit losses under ASC 326 and adds enhanced disclosures for creditors with respect to loan refinancing and restructurings for borrowers experiencing financial difficulty. The amendments in this update are effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. Entities are permitted to early adopt these amendments, including adoption in any interim period, provided that the amendments are adopted as of the beginning of the annual reporting period that includes the interim period of adoption. In addition, entities are permitted to elect to early adopt the amendments related to TDR accounting and related disclosure enhancements separately from the amendments related to the vintage disclosures. We will adopt this guidance when it becomes effective, in the first quarter of 2023 on a prospective basis, and the impact on our financial statements and disclosures is not expected to be material.

BUSINESS COMBINATIONS (Tables)

BUSINESS COMBINATIONS (Tables)	12 Months Ended
	Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of Merger and Restructuring Charges	The following table presents severance and employee charges, systems integrations charges, branch consolidation, and other merger and restructuring charges related to the Scotiabank Acquisition, for 2020: Year Ended December 31, 2020 (In thousands) Severance and employee-related charges $ 220 Professional services and system integrations 9,973 Branch consolidation 3,707 Other 2,183 Total merger and restructuring charges $ 16,083
Schedule of Restructuring Reserves	The following table presents the changes in restructuring reserves for 2021 and 2020: Year Ended December 31, 2021 2020 (In thousands) Balance at the beginning of the year $ 15,129 $ 17,491 Merger and restructuring charges — 16,083 Cash payments (15,129) (18,445) Balance at the end of the year $ — $ 15,129

INVESTMENT SECURITIES (Tables)

INVESTMENT SECURITIES (Tables)	12 Months Ended
	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Schedule of Investment Securities	The amortized cost, gross unrealized gains and losses, fair value, weighted average yield and contractual maturities of the securities owned by OFG at December 31, 2022 and 2021 were as follows: December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Weighted Average Yield (In thousands) Available-for-sale Mortgage-backed securities FNMA and FHLMC certificates Due from 1 to 5 years $ 10,155 $ — $ 550 $ 9,605 1.76 % Due from 5 to 10 years 59,167 — 3,764 55,403 2.00 % Due after 10 years 768,381 59 65,332 703,108 2.87 % Total FNMA and FHLMC certificates 837,703 59 69,646 768,116 2.79 % GNMA Securities Due from 1 to 5 years 12,505 — 632 11,873 1.66 % Due from 5 to 10 years 24,575 14 1,585 23,004 2.13 % Due after 10 years 320,417 892 36,652 284,657 2.90 % Total GNMA certificates 357,497 906 38,869 319,534 2.80 % CMOs issued by US government-sponsored agencies Due from 1 to 5 years 14,190 — 755 13,435 1.78 % Due from 5 to 10 years 485 — 10 475 2.14 % Due after 10 years 959 — 18 941 5.06 % Total CMOs issued by US government-sponsored agencies 15,634 — 783 14,851 1.99 % Total mortgage-backed securities 1,210,834 965 109,298 1,102,501 2.79 % Investment securities US Treasury securities Due less than 1 year 310,862 — 1,729 309,133 3.34 % Other debt securities Due from 1 to 5 years 1,116 30 4 1,142 4.45 % Total investment securities 311,978 30 1,733 310,275 3.35 % Total securities available for sale $ 1,522,812 $ 995 $ 111,031 $ 1,412,776 2.90 % December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Weighted Average Yield (In thousands) Held-to-maturity Mortgage-backed securities FNMA and FHLMC certificates Due after 10 years $ 337,435 $ — $ 62,358 $ 275,077 1.71 % Investment securities US Treasury securities Due from 1 to 5 years 197,635 — 3,526 194,109 3.36 % Total securities held-to-maturity $ 535,070 $ — $ 65,884 $ 469,186 2.30 % December 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Weighted Average Yield (In thousands) Available-for-sale Mortgage-backed securities FNMA and FHLMC certificates Due from 5 to 10 years $ 90,560 2,502 $ — $ 93,062 1.94 % Due after 10 years 93,440 — 3,200 90,240 1.37 % Total FNMA and FHLMC certificates 184,000 2,502 3,200 183,302 1.65 % GNMA Securities Due from 1 to 5 years 10,536 233 1 10,768 1.66 % Due from 5 to 10 years 26,419 556 — 26,975 1.80 % Due after 10 years 244,106 6,927 198 250,835 2.40 % Total GNMA certificates 281,061 7,716 199 288,578 2.32 % CMOs issued by US government-sponsored agencies Due from 1 to 5 years 1,788 22 — 1,810 1.70 % Due from 5 to 10 years 20,705 299 — 21,004 1.81 % Due after 10 years 1,601 16 1 1,616 4.24 % Total CMOs issued by US government-sponsored agencies 24,094 337 1 24,430 1.96 % Total mortgage-backed securities 489,155 10,555 3,400 496,310 2.05 % Investment securities US Treasury securities Due less than 1 year 10,737 88 — 10,825 1.48 % Obligations of US government-sponsored agencies Due less than 1 year 1,182 1 — 1,183 1.40 % Other debt securities Due less than 1 year 500 — — 500 0.57 % Due from 1 to 5 years 1,847 48 — 1,895 5.43 % Total other debt securities 2,347 48 — 2,395 4.39 % Total investment securities 14,266 137 — 14,403 1.95 % Total securities available for sale $ 503,421 $ 10,692 $ 3,400 $ 510,713 2.05 % December 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Weighted Average Yield (In thousands) Held-to-maturity Mortgage-backed securities FNMA and FHLMC certificates Due after 10 years $ 367,507 $ — $ 3,854 $ 363,653 1.71 %
Schedule of Gross Realized Gains and Losses by Category	Year Ended December 31, 2022 Description Sale Price Book Value at Sale Gross Gains Gross Losses (In thousands) Sale of securities available-for-sale Investment securities US Treasury securities $ 242,126 $ 242,373 $ — $ 247 Year Ended December 31, 2021 Description Sale Price Book Value at Sale Gross Gains Gross Losses (In thousands) Sale of securities available-for-sale Mortgage-backed securities GNMA certificates $ 2,175 $ 2,156 $ 19 $ — Year Ended December 31, 2020 Description Sale Price Book Value at Sale Gross Gains Gross Losses (In thousands) Sale of securities available-for-sale Mortgage-backed securities FNMA and FHLMC certificates $ 229,571 $ 227,213 $ 2,358 $ — GNMA certificates 91,413 89,043 2,370 — Total mortgage-backed securities $ 320,984 $ 316,256 $ 4,728 $ —
Schedule of Unrealized Gains and Losses by Category	The following table shows OFG’s gross unrealized losses and fair value of investment securities available-for-sale and held-to-maturity at December 31, 2022 and 2021, aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position: December 31, 2022 12 months or more Amortized Unrealized Fair (In thousands) Securities available-for-sale CMOs issued by US Government-sponsored agencies 337 7 330 FNMA and FHLMC certificates $ 88,600 $ 18,989 $ 69,611 GNMA certificates 82,074 14,031 68,043 $ 171,011 $ 33,027 $ 137,984 Held-to-maturity FNMA and FHLMC certificates $ 337,435 $ 62,358 $ 275,077 December 31, 2022 Less than 12 months Amortized Unrealized Fair (In thousands) Securities available-for-sale CMOs issued by US Government-sponsored agencies $ 15,297 $ 776 $ 14,521 FNMA and FHLMC certificates 745,566 50,657 694,909 GNMA certificates 251,835 24,838 226,997 US Treasury securities 310,862 1,729 309,133 Other debt securities 240 4 236 $ 1,323,800 $ 78,004 $ 1,245,796 Held-to-maturity FNMA and FHLMC certificates $ — $ — $ — US Treasury securities 197,635 3,526 194,109 $ 197,635 $ 3,526 $ 194,109 December 31, 2022 Total Amortized Unrealized Fair (In thousands) Securities available-for-sale CMOs issued by US Government-sponsored agencies $ 15,634 $ 783 $ 14,851 FNMA and FHLMC certificates 834,166 69,646 764,520 GNMA certificates 333,909 38,869 295,040 US Treasury securities 310,862 1,729 309,133 Other debt securities 240 4 236 $ 1,494,811 $ 111,031 $ 1,383,780 Held-to-maturity FNMA and FHLMC certificates $ 337,435 $ 62,358 $ 275,077 US Treasury securities 197,635 3,526 194,109 $ 535,070 $ 65,884 $ 469,186 December 31, 2021 Less than 12 months Amortized Unrealized Fair (In thousands) Securities available-for-sale CMOs issued by US Government-sponsored agencies $ 500 $ 1 $ 499 FNMA and FHLMC certificates 93,440 3,200 90,240 GNMA certificates 5,022 199 4,823 $ 98,962 $ 3,400 $ 95,562 Held-to-maturity FNMA and FHLMC certificates $ 367,507 $ 3,854 $ 363,653

PLEDGED ASSETS (Tables)

PLEDGED ASSETS (Tables)	12 Months Ended
	Dec. 31, 2022
Pledged Assets [Abstract]
Schedule of Pledged and not Pledged Assets	The following table shows a summary of pledged and not pledged assets at December 31, 2022 and 2021. Investment securities available for sale are presented at fair value, and investment securities held to maturity, residential mortgage loans, commercial loans and leases are presented at amortized cost: December 31, 2022 2021 (In thousands) Pledged investment securities to secure: Derivatives $ 443 $ 1,679 Bond for the Bank's trust operations 104 105 Puerto Rico public fund deposits 293,650 143,775 Total pledged investment securities 294,197 145,559 Pledged residential mortgage loans to secure: Advances from the Federal Home Loan Bank 473,600 550,209 Pledged commercial loans to secure: Advances from the Federal Home Loan Bank 477,516 398,754 Federal Reserve Bank Credit Facility 49,117 47,239 Puerto Rico public fund deposits 73,617 85,148 600,250 531,141 Pledged auto loans and leases to secure: Federal Reserve Bank Credit Facility 1,160,678 1,138,126 Total pledged assets $ 2,528,725 $ 2,365,035 Financial assets not pledged: Investment securities $ 1,653,649 $ 732,661 Residential mortgage loans 1,250,120 1,408,158 Commercial loans 2,050,767 1,879,755 Consumer loans 537,257 409,675 Auto loans and leases 803,237 568,184 Total assets not pledged $ 6,295,030 $ 4,998,433

LOANS (Tables)

LOANS (Tables)	12 Months Ended
	Dec. 31, 2022
Receivables [Abstract]
Schedule of Loan Portfolio	The composition of the amortized cost basis of OFG’s loan portfolio at December 31, 2022 and 2021 was as follows: December 31, 2022 December 31, 2021 Non-PCD PCD Total Non-PCD PCD Total (In thousands) Commercial loans: Commercial secured by real estate $ 974,202 $ 138,678 $ 1,112,880 $ 883,994 $ 176,186 $ 1,060,180 Other commercial and industrial 847,740 20,474 868,214 759,172 28,149 787,321 Other commercial and industrial - Paycheck Protection Program (PPP Loans) 6,702 — 6,702 86,889 — 86,889 US commercial loans 642,133 — 642,133 444,940 — 444,940 2,470,777 159,152 2,629,929 2,174,995 204,335 2,379,330 Mortgage 675,793 1,028,428 1,704,221 718,848 1,188,423 1,907,271 Consumer: Personal loans 480,620 338 480,958 346,859 546 347,405 Credit lines 12,826 300 13,126 14,775 370 15,145 Credit cards 42,872 — 42,872 46,795 — 46,795 Overdraft 301 — 301 330 — 330 536,619 638 537,257 408,759 916 409,675 Auto loans and leases 1,958,257 5,658 1,963,915 1,693,029 13,281 1,706,310 5,641,446 1,193,876 6,835,322 4,995,631 1,406,955 6,402,586 Allowance for credit losses (141,841) (10,832) (152,673) (132,065) (23,872) (155,937) Total loans held for investment, net 5,499,605 1,183,044 6,682,649 4,863,566 1,383,083 6,246,649 Mortgage loans held for sale 19,499 — 19,499 51,096 — 51,096 Other loans held for sale 21,088 — 21,088 31,566 — 31,566 Total loans held for sale 40,587 — 40,587 82,662 — 82,662 Total loans, net $ 5,540,192 $ 1,183,044 $ 6,723,236 $ 4,946,228 $ 1,383,083 $ 6,329,311
Schedule of Aging of Recorded Investment in Gross Loans	December 31, 2022 30-59 Days 60-89 Days 90+ Days Total Past Current Total Loans Loans 90+ (In thousands) Commercial Commercial secured by real estate $ 923 $ 164 $ 6,147 $ 7,234 $ 966,968 $ 974,202 $ — Other commercial and industrial 943 720 3,225 4,888 849,554 854,442 — US commercial loans — — — — 642,133 642,133 — 1,866 884 9,372 12,122 2,458,655 2,470,777 — Mortgage 9,267 5,848 56,714 71,829 603,964 675,793 3,856 Consumer Personal loans 4,263 2,669 2,314 9,246 471,374 480,620 — Credit lines 500 154 117 771 12,055 12,826 — Credit cards 730 486 682 1,898 40,974 42,872 — Overdraft 91 2 — 93 208 301 — 5,584 3,311 3,113 12,008 524,611 536,619 — Auto loans and leases 75,237 36,954 19,613 131,804 1,826,453 1,958,257 — Total loans $ 91,954 $ 46,997 $ 88,812 $ 227,763 $ 5,413,683 $ 5,641,446 $ 3,856 December 31, 2021 30-59 Day 60-89 Days 90+ Days Total Past Current Total Loans Loans 90+ (In thousands) Commercial Commercial secured by real estate $ 2,210 $ 102 $ 8,446 $ 10,758 $ 873,236 $ 883,994 $ — Other commercial and industrial 1,886 538 946 3,370 842,691 846,061 — US commercial loans — — — — 444,940 444,940 — 4,096 640 9,392 14,128 2,160,867 2,174,995 — Mortgage 8,704 7,855 43,468 60,027 658,821 718,848 2,346 Consumer Personal loans 2,382 1,131 1,116 4,629 342,230 346,859 — Credit lines 531 141 227 899 13,876 14,775 — Credit cards 610 336 631 1,577 45,218 46,795 — Overdraft 130 14 — 144 186 330 — 3,653 1,622 1,974 7,249 401,510 408,759 — Auto loans and leases 60,038 30,234 13,461 103,733 1,589,296 1,693,029 — Total loans $ 76,491 $ 40,351 $ 68,295 $ 185,137 $ 4,810,494 $ 4,995,631 $ 2,346
Schedule of Investment in Loans on Non-Accrual Status	The following table presents the amortized cost basis of loans held for investment on nonaccrual status as of December 31, 2022 and 2021: December 31, 2022 December 31, 2021 Non-accrual with Allowance for Credit Loss Non-accrual with no Allowance for Credit Loss Total Non-accrual with Allowance for Credit Loss Non-accrual with no Allowance for Credit Loss Total (In thousands) (In thousands) Non-PCD: Commercial Commercial secured by real estate $ 4,091 $ 17,098 $ 21,189 $ 16,299 $ 19,538 $ 35,837 Other commercial and industrial 2,769 885 3,654 1,283 483 1,766 US commercial loans 9,589 — 9,589 — — — 16,449 17,983 34,432 17,582 20,021 37,603 Mortgage 11,719 11,522 23,241 16,429 12,840 29,269 Consumer Personal loans 1,950 379 2,329 1,143 302 1,445 Personal lines of credit 116 — 116 226 — 226 Credit cards 683 — 683 632 — 632 2,749 379 3,128 2,001 302 2,303 Auto loans and leases 19,612 1 19,613 19,827 2 19,829 Total $ 50,529 $ 29,885 $ 80,414 $ 55,839 $ 33,165 $ 89,004 PCD: Commercial Commercial secured by real estate $ 2,807 $ 6,084 $ 8,891 $ 5,205 $ 6,198 $ 11,403 Other commercial and industrial — 36 36 1,102 40 1,142 2,807 6,120 8,927 6,307 6,238 12,545 Mortgage 259 — 259 334 — 334 Total $ 3,066 $ 6,120 $ 9,186 $ 6,641 $ 6,238 $ 12,879 Total non-accrual loans $ 53,595 $ 36,005 $ 89,600 $ 62,480 $ 39,403 $ 101,883
Schedule of Troubled Debt Restructurings	The following table presents the troubled-debt restructurings in all loan portfolios as of December 31, 2022 and 2021. December 31, 2022 December 31, 2021 Accruing Non-accruing Total Related Allowance Accruing Non-accruing Total Related Allowance (In thousands) (In thousands) Commercial loans: Commercial secured by real estate $ 31,437 $ 13,187 $ 44,624 $ 181 $ 10,981 $ 14,444 $ 25,425 $ 202 Other commercial and industrial 2,272 354 2,626 42 2,785 473 3,258 41 US commercial loans 7,132 — 7,132 89 7,156 — 7,156 126 40,841 13,541 54,382 312 20,922 14,917 35,839 369 Mortgage 102,387 6,773 109,160 2,495 101,487 9,475 110,962 3,867 Consumer: Personal loans 1,850 15 1,865 73 3,275 139 3,414 159 Auto loans and leases 77 — 77 3 203 8 211 11 Total loans $ 145,155 $ 20,329 $ 165,484 $ 2,883 $ 125,887 $ 24,539 $ 150,426 $ 4,406 The following tables present the troubled-debt restructurings by loan portfolios and modification type as of December 31, 2022 and 2021 : December 31, 2022 Reduction in interest rate Maturity or term extension Combination of reduction in interest rate and extension of maturity Forbearance Total (In thousands) Commercial loans: Commercial secured by real estate $ 7,746 $ 29,454 $ 7,424 $ — $ 44,624 Other commercial and industrial 785 1,367 474 — 2,626 US commercial loans 7,132 — — — 7,132 15,663 30,821 7,898 — 54,382 Mortgage 31,709 8,020 35,194 34,237 109,160 Consumer: Personal loans 825 176 793 71 1,865 Auto loans and leases 39 — 20 18 77 Total loans $ 48,236 $ 39,017 $ 43,905 $ 34,326 $ 165,484 December 31, 2021 Reduction in interest rate Maturity or term extension Combination of reduction in interest rate and extension of maturity Forbearance Total (In thousands) Commercial loans: Commercial secured by real estate $ 8,461 $ 1,227 $ 12,401 $ 3,336 $ 25,425 Other commercial and industrial 723 1,985 522 28 3,258 US commercial loans 7,156 — — — 7,156 16,340 3,212 12,923 3,364 35,839 Mortgage 37,307 6,796 32,456 34,403 110,962 Consumer: Personal loans 1,496 287 1,430 201 3,414 Auto loans and leases 74 — 28 109 211 Total loans $ 55,217 $ 10,295 $ 46,837 $ 38,077 $ 150,426 Year Ended December 31, 2022 Number of contracts Pre-Modification Pre-Modification Pre-Modification Post-Modification Post-Modification Post-Modification (Dollars in thousands) Mortgage 103 $ 12,580 4.63 % 258 $ 13,199 3.79 % 342 Commercial 5 38,873 3.57 % 131 38,729 3.64 % 184 Consumer 4 77 13.42 % 74 77 10.41 % 70 Year Ended December 31, 2021 Number of contracts Pre-Modification Pre-Modification Pre-Modification Post-Modification Post-Modification Post-Modification (Dollars in thousands) Mortgage 160 $ 20,077 4.33 % 323 $ 20,241 3.47 % 345 Commercial 7 10,093 5.50 % 86 9,979 4.48 % 60 Consumer 17 294 13.72 % 69 295 10.12 % 78 Auto loans and leases 9 148 8.70 % 72 148 9.35 % 49 Year Ended December 31, 2020 Number of contracts Pre-Modification Pre-Modification Pre-Modification Post-Modification Post-Modification Post-Modification (Dollars in thousands) Mortgage 88 $ 11,081 4.70 % 332 $ 10,151 4.13 % 327 Commercial 8 14,896 5.45 % 63 14,896 4.36 % 77 Consumer 23 349 14.11 % 64 391 10.57 % 76 Auto loans and leases 31 217 10.88 % 74 219 11.02 % 71 The following table presents troubled-debt restructurings for which there was a payment default during 2022, 2021 and 2020: Year Ended December 31, 2022 2021 2020 Number of Contracts Recorded Investment Number of Contracts Recorded Investment Number of Contracts Recorded Investment (Dollars in thousands) Mortgage 13 $ 1,701 19 $ 2,488 9 $ 1,345 Commercial 1 $ 633 — $ — — $ — Consumer 1 $ 40 6 $ 76 1 $ 2 Auto loans and leases — $ — 1 $ 10 — $ —
Schedule of the Amortized Cost of Collateral-Dependent Loans Held for Investment	The table below presents the amortized cost of collateral-dependent loans held for investment at December 31, 2022 and 2021, by class of loans. December 31, 2022 2021 (In thousands) Commercial secured by real estate $ 8,805 $ 10,233
Schedule of Credit Quality Indicators of Loans	As of December 31, 2022 and 2021 and based on the most recent analysis performed, the risk category of loans held for investment subject to risk rating by class of loans is as follows. Term Loans Revolving Total 2022 2021 2020 2019 2018 Prior (In thousands) Commercial: Commercial secured by real estate: Loan grade: Pass $ 220,035 $ 177,775 $ 110,809 $ 118,518 $ 50,454 $ 159,721 $ 69,523 $ 906,835 Special Mention 1,899 — 6,007 17,004 2,095 13,934 439 41,378 Substandard 103 8,410 345 405 473 14,722 1,185 25,643 Doubtful — — — — — 15 331 346 Loss — — — — — — — — Total commercial secured by real estate 222,037 186,185 117,161 135,927 53,022 188,392 71,478 974,202 Other commercial and industrial: Loan grade: Pass 123,659 198,776 67,147 35,678 13,807 7,863 397,944 844,874 Special Mention 3 60 31 654 1,819 21 3,823 6,411 Substandard 112 — 260 472 280 74 1,920 3,118 Doubtful — — — — — — 39 39 Loss — — — — — — — — Total other commercial and industrial: 123,774 198,836 67,438 36,804 15,906 7,958 403,726 854,442 US commercial loans: Loan grade: Pass 81,155 92,688 43,965 33,827 49,356 — 308,183 609,174 Special Mention 6,346 — — — — — 1,122 7,468 Substandard 3,363 — 8,090 — 4,449 — 9,589 25,491 Doubtful — — — — — — — — Loss — — — — — — — — Total US commercial loans: 90,864 92,688 52,055 33,827 53,805 — 318,894 642,133 Total commercial loans $ 436,675 $ 477,709 $ 236,654 $ 206,558 $ 122,733 $ 196,350 $ 794,098 $ 2,470,777 Term Loans Revolving Total 2021 2020 2019 2018 2017 Prior (In thousands) Commercial: Commercial secured by real estate: Loan grade: Pass $ 183,820 $ 120,855 $ 114,208 $ 94,864 $ 52,439 $ 183,026 $ 45,178 $ 794,390 Special Mention 654 628 32,578 4,581 4,053 5,102 643 48,239 Substandard 8,415 10,694 58 849 1,357 17,555 1,671 40,599 Doubtful — — — — — 22 744 766 Loss — — — — — — — — Total commercial secured by real estate 192,889 132,177 146,844 100,294 57,849 205,705 48,236 883,994 Other commercial and industrial: Loan grade: Pass 276,165 93,809 45,976 57,989 6,106 6,004 330,072 816,121 Special Mention 78 23 8,076 2,213 3,525 — 13,642 27,557 Substandard 112 48 155 394 81 28 1,513 2,331 Doubtful — — — — — — 52 52 Loss — — — — — — — — Total other commercial and industrial: 276,355 93,880 54,207 60,596 9,712 6,032 345,279 846,061 US commercial loans: Loan grade: Pass 85,394 61,098 41,924 47,179 — — 171,928 407,523 Special Mention — — 1,515 19,095 — — — 20,610 Substandard — 7,156 — 9,651 — — — 16,807 Doubtful — — — — — — — — Loss — — — — — — — — Total US commercial loans: 85,394 68,254 43,439 75,925 — — 171,928 444,940 Total commercial loans $ 554,638 $ 294,311 $ 244,490 $ 236,815 $ 67,561 $ 211,737 $ 565,443 $ 2,174,995 Term Loans Revolving Total 2022 2021 2020 2019 2018 Prior (In thousands) Mortgage: Payment performance: Performing $ 18,700 $ 25,274 $ 16,175 $ 15,457 $ 16,790 $ 549,885 $ — $ 642,281 Nonperforming — — 110 574 241 32,587 — 33,512 Total mortgage loans: 18,700 25,274 16,285 16,031 17,031 582,472 — 675,793 Consumer: Personal loans: Payment performance: Performing 284,183 112,591 31,876 31,850 12,022 5,768 — 478,290 Nonperforming 831 661 111 300 81 346 — 2,330 Total personal loans 285,014 113,252 31,987 32,150 12,103 6,114 — 480,620 Credit lines: Payment performance: Performing — — — — — — 12,710 12,710 Nonperforming — — — — — — 116 116 Total credit lines — — — — — — 12,826 12,826 Credit cards: Payment performance: Performing — — — — — — 42,189 42,189 Nonperforming — — — — — — 683 683 Total credit cards — — — — — — 42,872 42,872 Overdrafts: Payment performance: Performing — — — — — — 301 301 Nonperforming — — — — — — — — Total overdrafts — — — — — — 301 301 Total consumer loans 285,014 113,252 31,987 32,150 12,103 6,114 55,999 536,619 Total mortgage and consumer loans $ 303,714 $ 138,526 $ 48,272 $ 48,181 $ 29,134 $ 588,586 $ 55,999 $ 1,212,412 Term Loans Revolving Total 2021 2020 2019 2018 2017 Prior (In thousands) Mortgage: Payment performance: Performing $ 18,486 $ 16,585 $ 15,461 $ 19,261 $ 24,872 $ 584,792 $ — $ 679,457 Nonperforming — 126 129 510 1,830 36,796 — 39,391 Total mortgage loans: 18,486 16,711 15,590 19,771 26,702 621,588 — 718,848 Consumer: Personal loans: Payment performance: Performing 175,273 55,960 65,425 29,808 12,287 6,661 — 345,414 Nonperforming 296 239 411 143 20 336 — 1,445 Total personal loans 175,569 56,199 65,836 29,951 12,307 6,997 — 346,859 Credit lines: Payment performance: Performing — — — — — — 14,549 14,549 Nonperforming — — — — — — 226 226 Total credit lines — — — — — — 14,775 14,775 Credit cards: Payment performance: Performing — — — — — — 46,163 46,163 Nonperforming — — — — — — 632 632 Total credit cards — — — — — — 46,795 46,795 Overdrafts: Payment performance: Performing — — — — — — 330 330 Nonperforming — — — — — — — — Total overdrafts — — — — — — 330 330 Total consumer loans 175,569 56,199 65,836 29,951 12,307 6,997 61,900 408,759 Total mortgage and consumer loans $ 194,055 $ 72,910 $ 81,426 $ 49,722 $ 39,009 $ 628,585 $ 61,900 $ 1,127,607 Term Loans Total 2022 2021 2020 2019 2018 Prior (In thousands) Auto loans and leases: FICO score: 1-660 178,426 143,926 72,148 58,069 44,156 31,980 528,705 661-699 171,723 93,359 42,388 31,033 21,283 13,518 373,304 700+ 375,845 235,743 144,783 135,517 88,597 47,499 1,027,984 No FICO 7,766 6,553 3,741 5,873 3,008 1,323 28,264 Total auto loans and leases: $ 733,760 $ 479,581 $ 263,060 $ 230,492 $ 157,044 $ 94,320 $ 1,958,257 Term Loans Total 2021 2020 2019 2018 2017 Prior (In thousands) Auto loans and leases: FICO score: 1-660 161,534 90,402 80,745 65,681 38,001 23,171 459,534 661-699 134,507 68,422 48,173 33,854 16,761 10,534 312,251 700+ 245,148 180,737 184,307 133,098 63,229 38,474 844,993 No FICO 26,759 13,580 17,062 10,119 5,515 3,216 76,251 Total auto loans and leases: $ 567,948 $ 353,141 $ 330,287 $ 242,752 $ 123,506 $ 75,395 $ 1,693,029

ALLOWANCE FOR CREDIT LOSSES (Ta

ALLOWANCE FOR CREDIT LOSSES (Tables)	12 Months Ended
	Dec. 31, 2022
Credit Loss [Abstract]
Schedule of Gross Loan and Allowance for Credit Losses	The following tables present the activity in OFG’s allowance for credit losses by segment for 2022, 2021 and 2020: Year Ended December 31, 2022 Commercial Mortgage Consumer Auto loans and leases Total (In thousands) Non-PCD: Balance at beginning of year $ 32,262 $ 15,299 $ 19,141 $ 65,363 $ 132,065 Provision for (recapture of) credit losses 19,076 (8,758) 16,084 16,016 42,418 Charge-offs (13,380) (284) (15,198) (32,662) (61,524) Recoveries 1,200 3,314 3,237 21,131 28,882 Balance at end of year $ 39,158 $ 9,571 $ 23,264 $ 69,848 $ 141,841 PCD: Balance at beginning of year $ 4,508 $ 19,018 $ 34 $ 312 $ 23,872 (Recapture) provision of credit losses (6,855) (10,629) 62 (588) (18,010) Charge-offs (69) (1,695) (176) (310) (2,250) Recoveries 3,804 2,665 94 657 7,220 Balance at end of year $ 1,388 $ 9,359 $ 14 $ 71 $ 10,832 Total allowance for credit losses at end of year $ 40,546 $ 18,930 $ 23,278 $ 69,919 $ 152,673 Year Ended December 31, 2021 Commercial Mortgage Consumer Auto loans and leases Total (In thousands) Non-PCD: Balance at beginning of year $ 45,779 $ 19,687 $ 25,253 $ 70,296 $ 161,015 (Recapture of) provision for credit losses (7,130) (242) 2,868 (2,373) (6,877) Charge-offs (8,788) (5,789) (11,880) (26,530) (52,987) Recoveries 2,401 1,643 2,900 23,970 30,914 Balance at end of year $ 32,262 $ 15,299 $ 19,141 $ 65,363 $ 132,065 PCD: Balance at beginning of year $ 16,405 $ 26,389 $ 57 $ 943 $ 43,794 (Recapture of) provision for credit losses (2,585) 11,556 (317) (894) 7,760 Charge-offs (12,241) (20,350) (22) (946) (33,559) Recoveries 2,929 1,423 316 1,209 5,877 Balance at end of year $ 4,508 $ 19,018 $ 34 $ 312 $ 23,872 Total allowance for credit losses at end of year $ 36,770 $ 34,317 $ 19,175 $ 65,675 $ 155,937 Year Ended December 31, 2020 Commercial Mortgage Consumer Auto loans and leases Total (In thousands) Non-PCD: Balance at beginning of year $ 25,993 $ 8,727 $ 18,446 $ 31,878 $ 85,044 Impact of ASC 326 adoption 3,562 10,980 8,418 16,238 39,198 Provision for credit losses 18,462 258 16,579 51,233 86,532 Charge-offs (4,979) (884) (21,772) (48,547) (76,182) Recoveries 2,741 606 3,582 19,494 26,423 Balance at end of year $ 45,779 $ 19,687 $ 25,253 $ 70,296 $ 161,015 PCD: Balance at beginning of year $ 8,893 $ 21,655 $ — $ 947 $ 31,495 Impact of ASC 326 adoption 42,143 7,830 181 368 50,522 Provision for credit losses 480 6,392 126 187 7,185 Charge-offs (36,097) (10,342) (542) (2,023) (49,004) Recoveries 986 854 292 1,464 3,596 Balance at end of year $ 16,405 $ 26,389 $ 57 $ 943 $ 43,794 Total allowance for credit losses at end of year $ 62,184 $ 46,076 $ 25,310 $ 71,239 $ 204,809 The allowance for credit losses for 2020 included a $39.9 million provision to incorporate changes in the macro-economic scenario and qualitative adjustments as a result of the Covid-19 pandemic.

FORECLOSED REAL ESTATE (Tables)

FORECLOSED REAL ESTATE (Tables)	12 Months Ended
	Dec. 31, 2022
Other Real Estate [Abstract]
Schedule of Foreclosed Real Estate Rollforward	The following table presents the activity related to foreclosed real estate for 2022, 2021 and 2020: Year Ended December 31, 2022 2021 2020 (In thousands) Balance at beginning of year $ 15,039 $ 11,596 $ 29,909 Additions 7,872 18,221 3,654 Sales (16,855) (14,758) (18,521) Decline in value (1,256) (1,450) (2,489) Other adjustments 6,414 1,430 (957) Balance at end of year $ 11,214 $ 15,039 $ 11,596

PREMISES AND EQUIPMENT (Tables)

PREMISES AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	Premises and equipment at December 31, 2022 and 2021 are stated at cost less accumulated depreciation and amortization as follows: Useful Life December 31, 2022 2021 (In thousands) Land — $ 4,031 $ 4,080 Buildings and improvements 20 — 40 74,349 77,988 Leasehold improvements 1 — 10 17,901 20,929 Furniture and fixtures 3 — 10 23,460 19,378 Information technology and other 3 — 7 59,130 43,156 178,871 165,531 Less: accumulated depreciation and amortization (72,051) (73,407) $ 106,820 $ 92,124

SERVICING ASSETS (Tables)

SERVICING ASSETS (Tables)	12 Months Ended
	Dec. 31, 2022
Transfers and Servicing [Abstract]
Schedule of Changes in Serving Rights at Fair Value	The following table presents the changes in servicing rights measured using the fair value method for 2022, 2021 and 2020: Year Ended December 31, 2022 2021 2020 (In thousands) Fair value at beginning of year $ 48,973 $ 47,295 $ 50,779 Servicing from mortgage securitization or asset transfers 3,998 6,089 2,394 Changes due to payments on loans (5,312) (6,738) (4,067) Changes in fair value due to changes in valuation model inputs or assumptions 3,262 2,327 (1,811) Fair value at end of year $ 50,921 $ 48,973 $ 47,295
Schedule of Key Economic Assumptions	The following table presents key economic assumption ranges used in measuring the mortgage-related servicing asset fair value as of December 31, 2022, 2021 and 2020: Year Ended December 31, 2022 2021 2020 Constant prepayment rate 3.43% - 21.20% 3.90% - 24.48% 5.02% - 35.22% Discount rate 10.00% - 15.50% 10.00% - 15.50% 10.00% - 15.50%
Schedule of Sensitivity of Current Fair Value of Servicing Assets	The sensitivity of the current fair value of servicing assets to immediate 10 percent and 20 percent adverse changes in the above key assumptions were as follows: December 31, 2022 2021 (In thousands) Mortgage-related servicing asset Carrying value of mortgage servicing asset $ 50,921 $ 48,973 Weighted average life (in years) 7.8 7.8 Constant prepayment rate Decrease in fair value due to 10% adverse change $ (956) $ (1,020) Decrease in fair value due to 20% adverse change $ (1,880) $ (2,004) Discount rate Decrease in fair value due to 10% adverse change $ (2,265) $ (2,175) Decrease in fair value due to 20% adverse change $ (4,356) $ (4,183)

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The changes in the carrying amount of goodwill attributable to operating segments are reflected in the table below. The activity during 2022 reflects the sale on December 31, 2022 of OFG’s retirement plan administration business. Refer to Note 28 – Business Segments for additional information on OFG’s reportable business segments. Banking Wealth Management Treasury Total (In thousands) December 31, 2021 $ 84,063 $ 2,006 $ — $ 86,069 Goodwill written off related to sale of business unit — (1,828) — (1,828) December 31, 2022 $ 84,063 $ 178 $ — $ 84,241
Schedule of Core Deposit, Customer Relationship and Other Intangibles	The following table reflects the components of other intangible assets subject to amortization at December 31, 2022 and 2021: Gross Accumulated Net (In thousands) December 31, 2022 Core deposit intangibles $ 41,507 $ 20,376 $ 21,131 Customer relationship intangibles 12,693 6,231 6,462 Total other intangible assets $ 54,200 $ 26,607 $ 27,593 December 31, 2021 Core deposit intangibles $ 51,402 $ 23,772 $ 27,630 Customer relationship intangibles 17,753 9,385 8,368 Other intangibles 567 472 95 Total other intangible assets $ 69,722 $ 33,629 $ 36,093
Schedule of Estimated Amortization of Other Intangible Assets	The following table presents the estimated amortization of other intangible assets for each of the following periods. Year Ending December 31, (In thousands) 2023 $ 6,898 2024 5,913 2025 4,927 2026 3,942 2027 2,956 Thereafter 2,957

ACCRUED INTEREST RECEIVABLE A_2

ACCRUED INTEREST RECEIVABLE AND OTHER ASSETS (Tables)	12 Months Ended
	Dec. 31, 2022
Accrued Interest Receivable and Other Assets [Abstract]
Schedule of Accrued interest receivable	Accrued interest receivable at December 31, 2022 and 2021 consists of the following: December 31, 2022 2021 (In thousands) Loans $ 58,144 $ 54,794 Investments 4,258 1,766 $ 62,402 $ 56,560
Schedule of Other Assets	Other assets at December 31, 2022 and 2021 consist of the following: December 31, 2022 2021 (In thousands) Prepaid expenses $ 54,875 $ 61,061 Other repossessed assets 4,617 1,945 Investment in Statutory Trust — 1,083 Accounts receivable and other assets 61,420 88,756 $ 120,912 $ 152,845

DEPOSITS AND RELATED INTEREST (

DEPOSITS AND RELATED INTEREST (Tables)	12 Months Ended
	Dec. 31, 2022
Deposits and Related Interest [Abstract]
Schedule of Deposits by Component	Total deposits, including related accrued interest payable, as of December 31, 2022 and 2021 consist of the following: December 31, 2022 2021 (In thousands) Non-interest-bearing demand deposits $ 2,630,458 $ 2,501,644 Interest-bearing savings and demand deposits 4,774,265 4,880,476 Retail certificates of deposit 979,545 1,007,577 Institutional certificates of deposit 172,725 202,050 Total core deposits 8,556,993 8,591,747 Brokered deposits 11,371 11,371 Total deposits $ 8,568,364 $ 8,603,118
Schedule of Interest Expense	Interest expense for 2022, 2021 and 2020 was as follows: Year Ended December 31, 2022 2021 2020 (In thousands) Demand and savings deposits $ 24,261 $ 23,713 $ 25,798 Certificates of deposit 7,978 15,301 34,400 $ 32,239 $ 39,014 $ 60,198
Schedule of Maturities of Time Deposits	Excluding accrued interest of approximately $682 thousand and $736 thousand, the scheduled maturities of certificates of deposit at December 31, 2022 and 2021 are as follows: December 31, 2022 Year-end amount Uninsured amount (In thousands) Within one year: Three months or less $ 238,776 $ 29,503 Over 3 months through 6 months 152,940 18,238 Over 6 months through 1 year 262,976 59,093 654,692 106,834 Over 1 through 2 years 279,034 64,109 Over 2 through 3 years 136,732 26,481 Over 3 through 4 years 51,505 8,276 Over 4 through 5 years 39,888 2,230 Over 5 years 1,108 — $ 1,162,959 $ 207,930 December 31, 2021 Year-end amount Uninsured amount (In thousands) Within one year: Three months or less $ 252,513 25,003 Over 3 months through 6 months 147,400 12,113 Over 6 months through 1 year 239,830 45,280 639,743 82,396 Over 1 through 2 years 328,177 60,108 Over 2 through 3 years 114,403 18,578 Over 3 through 4 years 77,604 22,536 Over 4 through 5 years 58,918 8,505 Over 5 years 1,417 — $ 1,220,262 $ 192,123

BORROWINGS AND RELATED INTERE_2

BORROWINGS AND RELATED INTEREST (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Schedule of Federal Home Loan Bank Advances	The following table shows a summary of the advances and their terms, excluding accrued interest in the amount of $103 thousand and $8 thousand at December 31, 2022 and 2021, respectively: December 31, 2022 2021 (In thousands) Short-term fixed-rate advances from FHLB, with a weighted average interest rate of 4.46% (December 31, 2021 - 0.35%) $ 26,613 $ 28,480 Advances from FHLB mature as follows: December 31, 2022 2021 (In thousands) Under 90 days $ 26,613 $ 28,480

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Schedule of Activity for Related Party Transactions	The activity and balance of these loans for 2022, 2021, and 2020 was as follows: Year Ended December 31, 2022 2021 2020 (In thousands) Balance at the beginning of year $ 25,915 $ 21,112 $ 22,312 New loans and disbursements 9,706 8,233 17,896 Repayments (2,829) (3,430) (19,096) Balance at the end of year $ 32,792 $ 25,915 $ 21,112

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The components of income tax expense for 2022, 2021, and 2020 were as follows: Year Ended December 31, 2022 2021 2020 (In thousands) Current income tax expense (benefit) $ 16,740 $ 4,836 $ (7,347) Deferred income tax expense 61,126 63,616 27,846 Total income tax expense $ 77,866 $ 68,452 $ 20,499
Schedule of Effective Income Tax Rate Reconciliation	OFG’s income tax expense differs from amounts computed by applying the applicable statutory rate to income before income taxes as follows: Year Ended December 31, 2022 2021 2020 Amount Rate Amount Rate Amount Rate (Dollars in thousands) Income tax expense at statutory rates $ 91,539 37.50 % $ 80,476 37.50 % $ 35,567 37.50 % Tax of exempt income, net (11,523) -4.72 % (9,489) -4.42 % (7,272) -7.67 % Disallowed net operating loss carryover (267) -0.11 % (179) (0.08) % 202 0.21 % Change in valuation allowance (502) -0.21 % 803 0.37 % 2,267 2.39 % Unrecognized tax benefits, net 69 0.03 % 70 0.03 % (1,941) -2.05 % Capital gain at preferential rate (787) -0.32 % (3) — % (450) -0.47 % Tax rate difference (ordinary vs capital) (247) -0.10 % (480) -0.22 % (4,218) -4.45 % Bargain purchase gain — — % — — % (2,751) -2.90 % Return to provision adjustments (407) -0.17 % (933) -0.43 % (1,099) -1.16 % Foreign tax credit — — % 187 0.09 % 361 0.38 % Other items, net (9) — % (2,000) -0.94 % (167) -0.16 % Income tax expense $ 77,866 31.90 % $ 68,452 31.90 % $ 20,499 21.62 %
Schedule of Income Tax Contingencies	The following table presents a reconciliation of unrecognized tax benefits: Year Ended December 31, 2022 2021 2020 (In thousands) Balance at beginning of year $ 798 $ 728 $ 2,668 Additions for tax positions of prior years 69 70 50 Reduction for tax positions as a result of lapse of statute of limitations or new information resulting in a change in assessment — — (1,990) Balance at end of year $ 867 $ 798 $ 728
Schedule of Deferred Tax Assets and Liabilities	Significant components of OFG’s deferred tax assets and liabilities as of December 31, 2022, and 2021 were as follows: December 31, 2022 2021 (In thousands) Deferred tax asset: Allowance for credit losses and other reserves $ 57,273 $ 61,009 Scotiabank PR discount 1,453 $ 2,053 Loans and other real estate valuation adjustment 2,313 3,660 Deferred loan charge-offs 72,376 115,661 Net operating loss carry forwards 9,022 8,460 Alternative minimum tax 14,467 15,385 Unrealized net loss included in other comprehensive income — 301 Unrealized net loss on available-for-sale securities 16,422 — Goodwill 10,252 16,961 Acquired portfolio 45,761 53,687 Other assets allowances 1,538 929 Other deferred tax assets 16,570 20,291 Total gross deferred tax asset 247,447 298,397 Less: valuation allowance (9,143) (9,645) Net gross deferred tax assets 238,304 288,752 Deferred tax liability: Acquired loans tax basis (137,195) (137,402) FDIC-assisted Eurobank acquisition, net (5,760) (6,636) Customer deposit and customer relationship intangibles (7,314) (10,324) Building valuation adjustment (6,540) (6,976) Unrealized net gain on available-for-sale securities — (1,572) Unrealized net gain included in other comprehensive income (152) — Servicing asset (16,041) (15,311) Other deferred tax liabilities (9,817) (11,468) Total gross deferred tax liabilities (182,819) (189,689) Net deferred tax asset $ 55,485 $ 99,063

REGULATORY CAPITAL REQUIREMEN_2

REGULATORY CAPITAL REQUIREMENTS (Tables)	12 Months Ended
	Dec. 31, 2022
Capital Disclosure [Abstract]
Schedule of Compliance with Regulatory Capital Requirements Under Banking Regulations	OFG’s and the Bank’s actual capital amounts and ratios as of December 31, 2022 and 2021 are as follows: Actual Minimum Capital Minimum to be Well Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) OFG Bancorp Ratios As of December 31, 2022 Total capital to risk-weighted assets $ 1,132,658 14.89 % $ 798,574 10.50 % $ 760,547 10.00 % Tier 1 capital to risk-weighted assets $ 1,037,385 13.64 % $ 646,465 8.50 % $ 608,437 8.00 % Common equity tier 1 capital to risk-weighted assets $ 1,037,385 13.64 % $ 532,383 7.00 % $ 494,355 6.50 % Tier 1 capital to average total assets $ 1,037,385 10.36 % $ 400,445 4.00 % $ 500,557 5.00 % As of December 31, 2021 Total capital to risk-weighted assets $ 1,086,897 15.52 % $ 735,512 10.50 % $ 700,488 10.00 % Tier 1 capital to risk-weighted assets $ 999,284 14.27 % $ 595,414 8.50 % $ 560,390 8.00 % Common equity tier 1 capital to risk-weighted assets $ 964,284 13.77 % $ 490,341 7.00 % $ 455,317 6.50 % Tier 1 capital to average total assets $ 999,284 9.69 % $ 412,359 4.00 % $ 515,449 5.00 % Actual Minimum Capital Minimum to be Well Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) Bank Ratios As of December 31, 2022 Total capital to risk-weighted assets $ 1,028,126 13.61 % $ 793,124 10.50 % $ 755,356 10.00 % Tier 1 capital to risk-weighted assets $ 933,494 12.36 % $ 642,053 8.50 % $ 604,285 8.00 % Common equity tier 1 capital to risk-weighted assets $ 933,494 12.36 % $ 528,749 7.00 % $ 490,981 6.50 % Tier 1 capital to average total assets $ 933,494 9.42 % $ 396,525 4.00 % $ 495,656 5.00 % As of December 31, 2021 Total capital to risk-weighted assets $ 995,549 14.34 % $ 728,867 10.50 % $ 694,159 10.00 % Tier 1 capital to risk-weighted assets $ 908,717 13.09 % $ 590,035 8.50 % $ 555,327 8.00 % Common equity tier 1 capital to risk-weighted assets $ 908,717 13.09 % $ 485,911 7.00 % $ 451,203 6.50 % Tier 1 capital to average total assets $ 908,717 8.87 % $ 409,855 4.00 % $ 512,319 5.00 %

EQUITY-BASED COMPENSATION PLAN

EQUITY-BASED COMPENSATION PLAN (Tables)	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Range of Exercise Prices and Weighted Average Remaining Contractual Life	The activity in outstanding options for 2022, 2021, and 2020 is set forth below: Year Ended December 31, 2022 2021 2020 Number Weighted Number Weighted Number Weighted Beginning of year 338,494 $ 15.76 481,444 $ 15.10 634,294 $ 14.60 Options exercised (103,544) 14.34 (140,850) 13.51 (119,500) 12.36 Options forfeited — — (2,100) 16.55 (33,350) 15.42 End of year 234,950 $ 16.38 338,494 $ 15.76 481,444 $ 15.10 The following table summarizes the range of exercise prices and the weighted average remaining contractual life of the options outstanding at December 31, 2022: Outstanding Exercisable Range of Exercise Prices Number of Weighted Weighted Number of Weighted 14.09 to 16.90 139,700 15.66 1.1 139,700 15.66 16.91 to 19.71 95,250 17.44 1.6 95,250 17.44 234,950 $ 16.38 1.3 234,950 $ 16.38 Aggregate Intrinsic Value $ 2,626,986 $ 2,626,986
Schedule of Restricted Stock Unit Activity under the Omnibus Plan	The following table summarizes the activity in restricted units under the Omnibus Plan for 2022, 2021 and 2020: Year Ended December 31, 2022 2021 2020 Restricted Weighted Restricted Weighted Restricted Weighted Beginning of year 511,740 $ 19.35 529,770 $ 15.58 379,150 $ 15.32 Restricted units granted 178,281 27.89 205,440 18.76 257,850 16.82 Restricted units lapsed (277,866) 17.08 (218,188) 13.85 (102,525) 14.74 Restricted units forfeited (3,323) 22.89 (5,282) 19.38 (4,705) 15.93 End of year 408,832 $ 22.27 511,740 $ 19.35 529,770 $ 15.58

STOCKHOLDERS_ EQUITY (Tables)

STOCKHOLDERS’ EQUITY (Tables)	12 Months Ended
	Dec. 31, 2022
Stockholders' Equity Note [Abstract]
Schedule of Activity of Common Shares Held in Treasury	The activity in connection with common shares held in treasury by OFG for 2022, 2021 and 2020 is set forth below: Year Ended December 31, 2022 2021 2020 Shares Dollar Shares Dollar Shares Dollar (In thousands, except shares data) Beginning of year 10,248,882 $ 150,572 8,498,163 $ 102,949 8,486,278 $ 102,339 Common shares used upon lapse of restricted stock units and options (296,891) (3,547) (301,710) (2,249) (163,115) (1,616) Common shares repurchased as part of the stock repurchase programs 2,351,868 64,110 2,052,429 49,872 175,000 2,226 End of year 12,303,859 $ 211,135 10,248,882 $ 150,572 8,498,163 $ 102,949

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Tables)	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	Accumulated other comprehensive (loss) income, net of income taxes, as of December 31, 2022 and 2021 consisted of: December 31, 2022 2021 (In thousands) Unrealized (loss) gain on securities available-for-sale $ (110,036) $ 7,292 Income tax effect of unrealized loss (gain) on securities available-for-sale 16,373 (1,629) Net unrealized (loss) gain on securities available-for-sale (93,663) 5,663 Unrealized gain (loss) on cash flow hedges 406 (804) Income tax effect of unrealized (gain) loss on cash flow hedges (152) 301 Net unrealized gain (loss) on cash flow hedges 254 (503) Accumulated other comprehensive (loss) income, net of income taxes $ (93,409) $ 5,160 The following table presents changes in accumulated other comprehensive (loss) income by component, net of taxes, for 2022, 2021 and 2020: Year Ended December 31, 2022 Net unrealized Net unrealized Accumulated (In thousands) Beginning balance $ 5,663 $ (503) $ 5,160 Other comprehensive (loss) income before reclassifications (99,087) 24 (99,063) Amounts reclassified out of accumulated other comprehensive (loss) income (239) 733 494 Other comprehensive (loss) income (99,326) 757 (98,569) Ending balance $ (93,663) $ 254 $ (93,409) Year Ended December 31, 2021 Net unrealized Net unrealized Accumulated (In thousands) Beginning balance $ 12,092 $ (1,070) $ 11,022 Other comprehensive (loss) income before reclassifications (6,454) (1,074) (7,528) Amounts reclassified out of accumulated other comprehensive income 25 1,641 1,666 Other comprehensive (loss) income (6,429) 567 (5,862) Ending balance $ 5,663 $ (503) $ 5,160 Year Ended December 31, 2020 Net unrealized Net unrealized Accumulated (In thousands) Beginning balance $ (441) $ (567) $ (1,008) Other comprehensive income (loss) before reclassifications 7,803 (2,491) 5,312 Amounts reclassified out of accumulated other comprehensive income 4,730 1,988 6,718 Other comprehensive income (loss) 12,533 (503) 12,030 Ending balance $ 12,092 $ (1,070) $ 11,022
Schedule of Reclassifications Out of Other Comprehensive Income	The following table presents reclassifications out of accumulated other comprehensive (loss) income for 2022, 2021 and 2020: Amount reclassified out of accumulated other comprehensive (loss) income Affected Line Item in Year Ended December 31, 2022 2021 2020 (In thousands) Cash flow hedges: Interest-rate contracts $ 733 $ 1,641 $ 1,988 Net interest expense Available-for-sale securities: Gain on sale of investments (247) 19 4,728 Net gain on sale of securities Tax effect from changes in tax rates 8 6 2 Income tax expense $ 494 $ 1,666 $ 6,718

EARNINGS PER COMMON SHARE (Tabl

EARNINGS PER COMMON SHARE (Tables)	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Schedule of Earnings Per Common Share	The calculation of earnings per common share for 2022, 2021 and 2020 is as follows: Year Ended December 31, 2022 2021 2020 (In thousands, except per share data) Net income $ 166,239 $ 146,151 $ 74,327 Less: Dividends on preferred stock Non-convertible preferred stock (Series A, B, and D) — (1,255) (6,512) Income available to common shareholders $ 166,239 $ 144,896 $ 67,815 Average common shares outstanding 48,033 50,956 51,358 Effect of dilutive securities: Average potential common shares-options 403 414 197 Total weighted average common shares outstanding and equivalents 48,436 51,370 51,555 Earnings per common share - basic $ 3.46 $ 2.85 $ 1.32 Earnings per common share - diluted $ 3.44 $ 2.81 $ 1.32

GUARANTEES (Tables)

GUARANTEES (Tables)	12 Months Ended
	Dec. 31, 2022
Guarantees [Abstract]
Schedule of Changes in Liability of Estimated Loss from Credit Recourse Agreement	The following table shows the changes in OFG’s liability for estimated losses from these credit recourse agreements, included in the consolidated statements of financial condition during 2022, 2021 and 2020: Year Ended December 31, 2022 2021 2020 (In thousands) Balance at beginning of year $ 294 $ 218 $ 985 Net recoveries (charge-offs/terminations) (147) 76 (767) Balance at end of year $ 147 $ 294 $ 218

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of Credit-Related Financial Instruments	Credit-related financial instruments at December 31, 2022 and 2021 were as follows: December 31, 2022 2021 (In thousands) Commitments to extend credit $ 1,403,118 $ 1,365,273 Commercial letters of credit 1,082 48,196 The summary of instruments that are considered financial guarantees in accordance with the authoritative guidance related to guarantor’s accounting and disclosure requirements for guarantees, including indirect guarantees of indebtedness of others, at December 31, 2022 and 2021, is as follows: December 31, 2022 2021 (In thousands) Standby letters of credit and financial guarantees $ 24,749 $ 25,203 Loans sold with recourse 110,891 121,778

OPERATING LEASES (Tables)

OPERATING LEASES (Tables)	12 Months Ended
	Dec. 31, 2022
Lessee Disclosure [Abstract]
Schedule of Operating Lease Cost	Year Ended December 31, 2022 2021 2020 Statement of Operations (In thousands) Lease costs $ 10,467 $ 11,417 $ 13,233 Occupancy and equipment Variable lease costs 1,529 1,881 2,133 Occupancy and equipment Short-term lease cost 565 859 800 Occupancy and equipment Lease income (226) (442) (499) Occupancy and equipment Total lease cost $ 12,335 $ 13,715 $ 15,667
Schedule of Operating Lease Assets and Liabilities	December 31, 2022 2021 Statement of Financial Condition Classification (In thousands) Right-of-use assets $ 25,363 $ 28,846 Operating lease right-of-use assets Lease Liabilities $ 27,370 $ 30,498 Operating leases liabilities
Schedule of Operating Lease, Other Information	December 31, 2022 2021 (In thousands) Weighted-average remaining lease term 5.1 years 5.6 years Weighted-average discount rate 6.8 % 6.6 %
Schedule of Future Minimum Payments for Operating Leases and Present Value	Future minimum payments for operating leases with initial or remaining terms of one year or more as of December 31, 2022 were as follows: Minimum Rent As of December 31, 2022 (In thousands) 2023 $ 9,326 2024 7,134 2025 5,127 2026 3,106 2027 2,290 Thereafter 5,773 Total lease payments $ 32,756 Less imputed interest 5,386 Present value of lease liabilities $ 27,370

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2022
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: December 31, 2022 Fair Value Measurements Level 1 Level 2 Level 3 Total (In thousands) Recurring fair value measurements: Investment securities available-for-sale $ 309,133 $ 1,103,237 $ 406 $ 1,412,776 Trading securities — 9 — 9 Money market investments 4,161 — — 4,161 Derivative assets — 406 — 406 Servicing assets — — 50,921 50,921 $ 313,294 $ 1,103,652 $ 51,327 $ 1,468,273 Non-recurring fair value measurements: Collateral dependent loans $ — $ — $ 8,805 $ 8,805 Foreclosed real estate — — 11,214 11,214 Other repossessed assets — — 4,617 4,617 Mortgage loans held for sale — — 19,499 19,499 Other loans held for sale $ — $ — $ 21,088 21,088 $ — $ — $ 65,223 $ 65,223 December 31, 2021 Fair Value Measurements Level 1 Level 2 Level 3 Total (In thousands) Recurring fair value measurements: Investment securities available-for-sale $ 10,825 $ 498,358 $ 1,530 $ 510,713 Trading securities — 20 — 20 Money market investments 8,952 — — 8,952 Derivative assets — 1 — 1 Servicing assets — — 48,973 48,973 Derivative liabilities — (804) — (804) $ 19,777 $ 497,575 $ 50,503 $ 567,855 Non-recurring fair value measurements: Collateral dependent loans $ — $ — $ 10,233 $ 10,233 Foreclosed real estate — — 15,039 15,039 Other repossessed assets — — 1,945 1,945 Mortgage loans held for sale — — 51,096 51,096 Other loans held for sale $ — $ — $ 31,566 31,566 $ — $ — $ 109,879 $ 109,879
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 2022, 2021 and 2020: Level 3 Instruments Only Year Ended December 31, 2022 2021 2020 Other debt securities available for sale Servicing Assets Total Other debt securities available for sale Servicing Assets Total Servicing Assets (In thousands) Balance at beginning year $ 1,530 $ 48,973 $ 50,503 $ — $ 47,295 $ 47,295 $ 50,779 New instruments acquired 376 3,998 4,374 — 6,089 $ 6,089 2,394 Transfer from Level 2 — — — 1,500 — $ 1,500 — Principal repayments and amortization — (5,312) (5,312) — (6,738) $ (6,738) (4,067) Instrument converted to equity security (1,581) — (1,581) — — — — Gains included in earnings — 3,262 3,262 — 2,327 $ 2,327 (1,811) Gains included in other comprehensive income 81 — 81 30 — $ 30 — Balance at end of year $ 406 $ 50,921 $ 51,327 $ 1,530 $ 48,973 $ 50,503 $ 47,295
Schedule of Qualitative Information for Assets and Liabilities	The table below presents quantitative information for all assets and liabilities measured at fair value on a recurring and non-recurring basis using significant unobservable inputs (Level 3) at December 31, 2022 and 2021: December 31, 2022 Fair Value Valuation Technique Unobservable Input Range Weighted Average (In thousands) Other debt securities available-for-sale $ 406 Cash flow valuation Credit Rating Baa1 - Baa3 Baa2 Probability of Default Rate 0.15% - 2.12% 0.15 % Recovery Rate 34.73 % 34.73 % Servicing assets $ 50,921 Cash flow valuation Constant prepayment rate 3.43% - 21.20% 5.66 % Discount rate 10.00% - 15.50% 11.45 % Collateral dependent loans $ 8,805 Fair value of property Appraised value less disposition costs 10.20% - 51.20% 17.11 % Foreclosed real estate $ 11,214 Fair value of property Appraised value less disposition costs 10.20% - 33.20% 11.81 % Other repossessed assets $ 4,617 Fair value of property Estimated net realizable value less disposition costs 22.00% - 80.00% 58.49 % Mortgage loans held for sale $ 19,499 Fair value of property Estimated net realizable value 83.25% - 102.43% 71.86 % Other loans held for sale $ 21,088 Bids or sales contract prices Estimated market value 100.00% - 103.20% 74.65 % December 31, 2021 Fair Value Valuation Technique Unobservable Input Range Weighted Average (In thousands) Other debt securities available-for-sale $ 1,530 Cash flow valuation Credit Rating Baa1 - Baa3 Baa2 Probability of Default Rate 0.16% - 2.28% 0.35 % Recovery Rate 33.08% 33.08 % Servicing assets $ 48,973 Cash flow valuation Constant prepayment rate 3.90% - 24.48% 6.17 % Discount rate 10.00% - 15.50% 11.47 % Collateral dependent loans $ 10,233 Fair value of property Appraised value less disposition costs 10.20% - 30.20% 20.20 % Foreclosed real estate $ 15,039 Fair value of property Appraised value less disposition costs 10.20% - 30.20% 12.54 % Other repossessed assets $ 1,945 Fair value of property Estimated net realizable value less disposition costs 39.00% - 80.00% 60.54 % Mortgage loans held for sale $ 51,096 Fair value of property Estimated net realizable value 98.43% - 106.00% 124.41% Other loans held for sale $ 31,566 Bids or sales contract prices Estimated market value 100.00% - 103.20% 42.54%
Schedule of Estimated Fair Value and Carrying Value	The estimated fair value and carrying value of OFG’s financial instruments at December 31, 2022 and 2021 was as follows: December 31, 2022 2021 Fair Carrying Fair Carrying (In thousands) Financial Assets: Level 1 Cash and cash equivalents $ 550,307 $ 550,307 $ 2,023,475 $ 2,023,475 Restricted cash $ 157 $ 157 $ 175 $ 175 Investment securities available-for-sale $ 309,133 $ 309,133 $ 10,825 $ 10,825 Level 2 Financial Assets: Trading securities $ 9 $ 9 $ 20 $ 20 Investment securities available-for-sale $ 1,103,237 $ 1,103,237 $ 498,358 $ 498,358 Investment securities held-to-maturity $ 469,186 $ 535,070 $ 363,653 $ 367,507 Federal Home Loan Bank (FHLB) stock $ 6,005 $ 6,005 $ 5,966 $ 5,966 Equity securities $ 17,662 $ 17,662 $ 11,612 $ 11,612 Derivative assets $ 406 $ 406 $ 1 $ 1 Financial Liabilities: Derivative liabilities $ — $ — $ 804 $ 804 Level 3 Financial Assets: Investment securities available for sale $ 406 $ 406 $ 1,530 $ 1,530 Total loans (including loans held-for-sale) $ 6,467,878 $ 6,723,236 $ 6,197,347 $ 6,329,311 Accrued interest receivable $ 62,402 $ 62,402 $ 56,560 $ 56,560 Servicing assets $ 50,921 $ 50,921 $ 48,973 $ 48,973 Accounts receivable and other assets $ 61,014 $ 61,014 $ 88,756 $ 88,756 Financial Liabilities: Deposits $ 8,556,300 $ 8,568,364 $ 8,614,073 $ 8,603,118 Advances from FHLB $ 26,716 $ 26,716 $ 28,480 $ 28,488 Other borrowings $ 318 $ 318 $ — $ — Subordinated capital notes $ — $ — $ 36,084 $ 36,083 Accrued expenses and other liabilities $ 124,999 $ 124,999 $ 96,240 $ 96,240

BUSINESS SEGMENTS (Tables)

BUSINESS SEGMENTS (Tables)	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	Following are the results of operations and the selected financial information by operating segment for 2022, 2021 and 2020: Year Ended December 31, 2022 Banking Wealth Treasury Total Eliminations Consolidated (In thousands) Interest income $ 465,177 $ 21 $ 56,955 $ 522,153 $ (6,580) $ 515,573 Interest expense (31,926) — (8,147) (40,073) 6,580 (33,493) Net interest income 433,251 21 48,808 482,080 — 482,080 Provision for credit losses 24,111 — 8 24,119 — 24,119 Non-interest income 98,407 33,481 (198) 131,690 — 131,690 Non-interest expenses (323,125) (19,206) (3,215) (345,546) — (345,546) Intersegment revenue 2,187 — — 2,187 (2,187) — Intersegment expenses — (1,497) (690) (2,187) 2,187 — Income before income taxes $ 186,609 $ 12,799 $ 44,697 $ 244,105 $ — $ 244,105 Income tax expense 77,731 97 38 77,866 — 77,866 Net income $ 108,878 $ 12,702 $ 44,659 $ 166,239 $ — $ 166,239 Total assets $ 8,347,767 $ 23,085 $ 2,432,549 $ 10,803,401 $ (984,621) $ 9,818,780 Eliminations include interest income and expense for a borrowing by Oriental Overseas, which is included in the Treasury Segment with its corresponding interest expense, to fund its operations, from the Bank, which is included in the Banking Segment with its corresponding interest income, with an unpaid principal balance of $470.2 million and $262.9 million at December 31, 2022 and 2021, respectively, and is eliminated in the consolidation. Interest income is accrued on the unpaid principal balance. The increase in interest income and interest expense from previous year was mainly as a result of FRB interest rate increases and higher average borrowing balance. At December 31, 2020 the borrowing balance was zero. Year Ended December 31, 2021 Banking Wealth Treasury Total Eliminations Consolidated (In thousands) Interest income $ 432,375 $ 30 $ 17,072 $ 449,477 $ (278) $ 449,199 Interest expense (38,711) — (3,396) (42,107) 278 (41,829) Net interest income 393,664 30 13,676 407,370 — 407,370 Provision for (recapture of) credit losses 1,342 — (1,121) 221 — 221 Non-interest income 98,950 35,625 (1,365) 133,210 — 133,210 Non-interest expenses (300,568) (20,941) (4,247) (325,756) — (325,756) Intersegment revenue 2,355 — — 2,355 (2,355) — Intersegment expenses — (1,269) (1,086) (2,355) 2,355 — Income before income taxes $ 193,059 $ 13,445 $ 8,099 $ 214,603 $ — $ 214,603 Income tax expense 68,409 — 43 68,452 — 68,452 Net income $ 124,650 $ 13,445 $ 8,056 $ 146,151 $ — $ 146,151 Total assets $ 8,041,725 $ 32,082 $ 2,894,612 $ 10,968,419 $ (1,068,699) $ 9,899,720 Year Ended December 31, 2020 Banking Wealth Treasury Total Eliminations Consolidated (In thousands) Interest income $ 462,493 $ 59 $ 10,795 $ 473,347 $ — $ 473,347 Interest expense (57,811) — (7,104) (64,915) — (64,915) Net interest income 404,682 59 3,691 408,432 — 408,432 Provision for credit losses 92,237 — 435 92,672 — 92,672 Non-interest income 87,810 32,043 4,499 124,352 — 124,352 Non-interest expenses (320,997) (20,240) (4,049) (345,286) — (345,286) Intersegment revenue 2,443 — — 2,443 (2,443) — Intersegment expenses — (1,164) (1,279) (2,443) 2,443 — Income before income taxes $ 81,701 $ 10,698 $ 2,427 $ 94,826 $ — $ 94,826 Income tax expense 15,939 4,506 54 20,499 — 20,499 Net income $ 65,762 $ 6,192 $ 2,373 $ 74,327 $ — $ 74,327 Total assets $ 8,478,326 $ 32,893 $ 2,436,029 $ 10,947,248 $ (1,121,237) $ 9,826,011

BANKING AND FINANCIAL SERVICE_2

BANKING AND FINANCIAL SERVICE REVENUES (Tables)	12 Months Ended
	Dec. 31, 2022
Banking and Thrift, Interest [Abstract]
Schedule of Commissions and Fees Revenues	The following table presents the major categories of banking and financial service revenues for 2022, 2021 and 2020: Year Ended December 31, 2022 2021 2020 (In thousands) Banking service revenues: Checking accounts fees $ 8,933 $ 8,593 $ 8,577 Savings accounts fees 1,265 1,141 1,451 Electronic banking fees 54,639 55,968 47,542 Credit life commissions 724 469 254 Branch service commissions 1,456 1,467 1,462 Servicing and other loan fees 3,222 3,256 2,485 International fees 902 794 623 Miscellaneous income 20 18 185 Total banking service revenues 71,161 71,706 62,579 Wealth management revenue: Insurance income 15,084 14,647 13,618 Broker fees 6,793 8,213 6,828 Trust fees 10,013 11,303 10,446 Retirement plan and administration fees 745 881 897 Total wealth management revenue 32,635 35,044 31,789 Mortgage banking activities: Net servicing fees 18,258 16,818 12,120 Net gains on sale of mortgage loans and valuation 3,786 10,119 4,437 Loss on repurchased loans and other (115) (4,429) (53) Total mortgage banking activities 21,929 22,508 16,504 Total banking and financial service revenues $ 125,725 $ 129,258 $ 110,872

OFG BANCORP (HOLDING COMPANY _2

OFG BANCORP (HOLDING COMPANY ONLY) FINANCIAL INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]
Condensed Statements Of Financial Position Information	The following condensed financial information presents the financial position of the holding company only as of December 31, 2022 and 2021, and the results of its operations and its cash flows for 2022, 2021 and 2020: December 31, 2022 2021 (In thousands) ASSETS Cash and cash equivalents $ 82,045 $ 46,484 Investment in bank subsidiary, equity method 938,306 1,011,147 Investment in nonbank subsidiaries, equity method 32,525 35,915 Advance to investment dealers 6 17,213 Deferred tax asset, net 924 2,627 Due from bank subsidiary, net 44 50 Other assets 356 582 Total assets $ 1,054,206 $ 1,114,018 LIABILITIES AND STOCKHOLDERS’ EQUITY Dividend payable 9,513 6,010 Accrued expenses and other liabilities 2,287 2,765 Subordinated capital notes — 36,083 Total liabilities 11,800 44,858 Stockholders’ equity 1,042,406 1,069,160 Total liabilities and stockholders’ equity $ 1,054,206 $ 1,114,018
Condensed Statement Of Operations Information	Year Ended December 31, 2022 2021 2020 (In thousands) Income: Interest income $ 977 $ 55 $ 86 Investment trading activities, net and other 6,022 6,765 6,583 Total income 6,999 6,820 6,669 Expenses: Interest expense 521 1,174 1,394 Operating expenses 7,992 8,397 7,483 Total expenses 8,513 9,571 8,877 Loss before income taxes (1,514) (2,751) (2,208) Income tax expense (benefit) 2,782 1,813 (1,363) Loss before earnings of subsidiaries (4,296) (4,564) (845) Equity in earnings from: Bank subsidiary 162,236 144,089 74,899 Nonbank subsidiaries 8,299 6,626 273 Net income $ 166,239 $ 146,151 $ 74,327
Condensed Statement Of Comprehensive Income Information	Year Ended December 31, 2022 2021 2020 (In thousands) Net income $ 166,239 $ 146,151 $ 74,327 Other comprehensive (loss) income before tax: Other comprehensive (loss) income from bank subsidiary (98,569) (5,862) 12,030 Other comprehensive (loss) income before taxes (98,569) (5,862) 12,030 Income tax effect — — — Other comprehensive (loss) income after taxes (98,569) (5,862) 12,030 Comprehensive income $ 67,670 $ 140,289 $ 86,357
Condensed Statement Of Cash Flows Information	Year Ended December 31, 2022 2021 2020 (In thousands) Cash flows from operating activities: Net income $ 166,239 $ 146,151 $ 74,327 Adjustments to reconcile net income to net cash provided by operating activities: Equity in earnings from banking subsidiary (162,236) (144,089) (74,899) Equity in earnings from nonbanking subsidiaries (8,299) (6,626) (273) Gain on early extinguishment of debt (42) — — Stock-based compensation 652 940 2,170 Deferred income tax, net 1,703 10 (2,637) Net (increase) decrease in other assets 18,829 (13,471) 12 Net increase (decrease) in accrued expenses and other liabilities (488) 950 (486) Dividends from banking subsidiary 140,000 197,000 26,100 Dividends from non-banking subsidiary 9,500 11,000 9,531 Net cash provided by operating activities 165,858 191,865 33,845 Cash flows from investing activities: Net increase in due from bank subsidiary, net — — (1,984) Proceeds from sales of premises and equipment — 240 282 Capital contribution to banking subsidiary — — (1,703) Capital contribution to non-banking subsidiary — (9,300) (9,013) Additions to premises and equipment (233) (288) (295) Net cash used in investing activities (233) (9,348) (12,713) Cash flows from financing activities: Subordinated capital notes (34,958) — — Exercise of stock options and restricted units lapsed, net (906) 283 583 Purchase of treasury stock (64,110) (49,872) (2,226) Redemption of preferred stock — (92,000) — Dividends paid (30,090) (20,973) (20,892) Net cash used in financing activities (130,064) (162,562) (22,535) Net change in cash and cash equivalents 35,561 19,955 (1,403) Cash and cash equivalents at beginning of year 46,484 26,529 27,932 Cash and cash equivalents at end of year $ 82,045 $ 46,484 $ 26,529

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) branch subsidiarie	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Remaining principal balance (as a percent)	100%
Accrued interest receivable	$ 62,402	$ 56,560
Allowance for credit losses	152,673	155,937	$ 204,809
Loans
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accrued interest receivable	58,144	54,794
Commercial loans
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses	$ 40,546	36,770	62,184
Accrued interest writeoff period	90 days
Nonaccrual status	90 days
Past due write-off	90 days
Mortgage
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses	$ 18,930	34,317	46,076
Accrued interest writeoff period	90 days
Nonaccrual status	90 days
Past due write-off	90 days
Mortgage | Government Guaranteed Loan
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accrued interest writeoff period	12 months
Nonaccrual status	12 months
Consumer
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses	$ 23,278	19,175	25,310
Accrued interest writeoff period	90 days
Nonaccrual status	90 days
Auto loans and leases
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses	$ 69,919	65,675	$ 71,239
Accrued interest writeoff period	90 days
Nonaccrual status	90 days
Past due write-off	180 days
Partially written-off	120 days
Other intangibles | Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Finite lived intangible asset, useful life (in years)	3 years
Other intangibles | Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Finite lived intangible asset, useful life (in years)	10 years
COVID-19 and Hurricane Fiona Deferral Program Loans
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accrued interest receivable	$ 21,800	23,900
COVID-19 and Hurricane Fiona Deferral Program Loans | Accrued Income Receivable
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses	144	161
COVID-19 and Hurricane Fiona Deferral Program Loans | Current
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accrued interest receivable	$ 20,700	$ 21,500
Personal loans | Consumer
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Past due write-off	120 days
Credit cards | Consumer
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Past due write-off	180 days
Credit lines | Consumer
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Past due write-off	180 days
Puerto Rico
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of branches | branch	41
Number of subsidiaries | subsidiarie	3
VIRGIN ISLANDS, US
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of branches | branch	2
UNITED STATES
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of subsidiaries | subsidiarie	2

BUSINESS COMBINATIONS (Narrativ

BUSINESS COMBINATIONS (Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)
Scotiabank PR & USVI Acquisition
Business Acquisition [Line Items]
Remeasurement adjustments	$ 7.3

BUSINESS COMBINATIONS (Schedule

BUSINESS COMBINATIONS (Schedule of Merger and Restructuring Charges) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Total merger and restructuring charges	$ 0	$ 0	$ 16,083
Scotiabank PR & USVI Acquisition
Business Acquisition [Line Items]
Severance and employee-related charges			220
Professional services and system integrations			9,973
Branch consolidation			3,707
Other			2,183
Total merger and restructuring charges		$ 0	$ 16,083

BUSINESS COMBINATIONS (Schedu_2

BUSINESS COMBINATIONS (Schedule of Restructuring Reserves) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Merger and restructuring charges	$ 0	$ 0	$ 16,083
Scotiabank PR & USVI Acquisition
Business Acquisition [Line Items]
Balance at the beginning of the year	$ 0	15,129	17,491
Merger and restructuring charges		0	16,083
Cash payments		(15,129)	(18,445)
Balance at the end of the year		$ 0	$ 15,129

RESTRICTED CASH (Narrative) (De

RESTRICTED CASH (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 157	$ 175	$ 1,375
Reserve required by local government	482,900	456,500
Securities Sold under Agreements to Repurchase
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 157	$ 175

INVESTMENT SECURITIES (Narrativ

INVESTMENT SECURITIES (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Money market investments	$ 4,161	$ 8,952	$ 11,908
Restricted cash	157	175	1,375
Securitized GNMA pools retained, amortized cost	$ 112,400	$ 149,100	$ 90,100
Securitized GNMA pool retained, yield	3.90%	2.45%	2.48%
Retained FNMA pools	$ 13,700	$ 0	$ 0
FNMA pools retained, yield	4.97%
12 months or more	$ 137,984	0
Held to maturity securities in continuous loss position for 12 months or more		0
Mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Proceeds from sale of available for sale securities		2,200	316,256
Gain (loss) on sales of mortgaged-backed securities		19	4,728
Investment securities | US Treasury securities
Debt Securities, Available-for-sale [Line Items]
Available for sale, purchase price	550,000	0	$ 75,000
Purchase of held-to-maturity securities	200,000
Proceeds from sale of available for sale securities	242,400
Gain (loss) on sales of mortgaged-backed securities	(247)
Asset Pledged as Collateral
Debt Securities, Available-for-sale [Line Items]
Pledged assets	294,200	145,600
OIB
Debt Securities, Available-for-sale [Line Items]
Restricted cash	305	305
Oriental Overseas
Debt Securities, Available-for-sale [Line Items]
Restricted cash	325	325
Public Funds | Asset Pledged as Collateral
Debt Securities, Available-for-sale [Line Items]
Pledged assets	$ 293,700	$ 143,800

INVESTMENT SECURITIES (Investme

INVESTMENT SECURITIES (Investment Securities by Contractual Maturity - AFS) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Schedule of Investments [Line Items]
Amortized Cost	$ 1,522,812	$ 503,421
Gross Unrealized Gains	995	10,692
Gross Unrealized Losses	111,031	3,400
Fair Value	$ 1,412,776	$ 510,713
Weighted Average Yield	2.90%	2.05%
Mortgage-backed securities
Schedule of Investments [Line Items]
Amortized Cost	$ 1,210,834	$ 489,155
Gross Unrealized Gains	965	10,555
Gross Unrealized Losses	109,298	3,400
Fair Value	$ 1,102,501	$ 496,310
Weighted Average Yield	2.79%	2.05%
Mortgage-backed securities | FNMA and FHLMC certificates
Schedule of Investments [Line Items]
Amortized Cost	$ 837,703	$ 184,000
Gross Unrealized Gains	59	2,502
Gross Unrealized Losses	69,646	3,200
Fair Value	$ 768,116	$ 183,302
Weighted Average Yield	2.79%	1.65%
Mortgage-backed securities | GNMA Securities
Schedule of Investments [Line Items]
Amortized Cost	$ 357,497	$ 281,061
Gross Unrealized Gains	906	7,716
Gross Unrealized Losses	38,869	199
Fair Value	$ 319,534	$ 288,578
Weighted Average Yield	2.80%	2.32%
Mortgage-backed securities | CMOs issued by US government-sponsored agencies
Schedule of Investments [Line Items]
Amortized Cost	$ 15,634	$ 24,094
Gross Unrealized Gains	0	337
Gross Unrealized Losses	783	1
Fair Value	$ 14,851	$ 24,430
Weighted Average Yield	1.99%	1.96%
Mortgage-backed securities | Due from 1 to 5 years | FNMA and FHLMC certificates
Schedule of Investments [Line Items]
Amortized Cost	$ 10,155
Gross Unrealized Gains	0
Gross Unrealized Losses	550
Fair Value	$ 9,605
Weighted Average Yield	1.76%
Mortgage-backed securities | Due from 1 to 5 years | GNMA Securities
Schedule of Investments [Line Items]
Amortized Cost	$ 12,505	$ 10,536
Gross Unrealized Gains	0	233
Gross Unrealized Losses	632	1
Fair Value	$ 11,873	$ 10,768
Weighted Average Yield	1.66%	1.66%
Mortgage-backed securities | Due from 1 to 5 years | CMOs issued by US government-sponsored agencies
Schedule of Investments [Line Items]
Amortized Cost	$ 14,190	$ 1,788
Gross Unrealized Gains	0	22
Gross Unrealized Losses	755	0
Fair Value	$ 13,435	$ 1,810
Weighted Average Yield	1.78%	1.70%
Mortgage-backed securities | Due from 5 to 10 years | FNMA and FHLMC certificates
Schedule of Investments [Line Items]
Amortized Cost	$ 59,167	$ 90,560
Gross Unrealized Gains	0	2,502
Gross Unrealized Losses	3,764	0
Fair Value	$ 55,403	$ 93,062
Weighted Average Yield	2%	1.94%
Mortgage-backed securities | Due from 5 to 10 years | GNMA Securities
Schedule of Investments [Line Items]
Amortized Cost	$ 24,575	$ 26,419
Gross Unrealized Gains	14	556
Gross Unrealized Losses	1,585	0
Fair Value	$ 23,004	$ 26,975
Weighted Average Yield	2.13%	1.80%
Mortgage-backed securities | Due from 5 to 10 years | CMOs issued by US government-sponsored agencies
Schedule of Investments [Line Items]
Amortized Cost	$ 485	$ 20,705
Gross Unrealized Gains	0	299
Gross Unrealized Losses	10	0
Fair Value	$ 475	$ 21,004
Weighted Average Yield	2.14%	1.81%
Mortgage-backed securities | Due after 10 years | FNMA and FHLMC certificates
Schedule of Investments [Line Items]
Amortized Cost	$ 768,381	$ 93,440
Gross Unrealized Gains	59	0
Gross Unrealized Losses	65,332	3,200
Fair Value	$ 703,108	$ 90,240
Weighted Average Yield	2.87%	1.37%
Mortgage-backed securities | Due after 10 years | GNMA Securities
Schedule of Investments [Line Items]
Amortized Cost	$ 320,417	$ 244,106
Gross Unrealized Gains	892	6,927
Gross Unrealized Losses	36,652	198
Fair Value	$ 284,657	$ 250,835
Weighted Average Yield	2.90%	2.40%
Mortgage-backed securities | Due after 10 years | CMOs issued by US government-sponsored agencies
Schedule of Investments [Line Items]
Amortized Cost	$ 959	$ 1,601
Gross Unrealized Gains	0	16
Gross Unrealized Losses	18	1
Fair Value	$ 941	$ 1,616
Weighted Average Yield	5.06%	4.24%
Investment securities
Schedule of Investments [Line Items]
Amortized Cost	$ 311,978	$ 14,266
Gross Unrealized Gains	30	137
Gross Unrealized Losses	1,733	0
Fair Value	$ 310,275	$ 14,403
Weighted Average Yield	3.35%	1.95%
Investment securities | Other debt securities
Schedule of Investments [Line Items]
Amortized Cost		$ 2,347
Gross Unrealized Gains		48
Gross Unrealized Losses		0
Fair Value		$ 2,395
Weighted Average Yield		4.39%
Investment securities | Due less than 1 year | US Treasury securities
Schedule of Investments [Line Items]
Amortized Cost	$ 310,862	$ 10,737
Gross Unrealized Gains	0	88
Gross Unrealized Losses	1,729	0
Fair Value	$ 309,133	$ 10,825
Weighted Average Yield	3.34%	1.48%
Investment securities | Due less than 1 year | Obligations of US government-sponsored agencies
Schedule of Investments [Line Items]
Amortized Cost		$ 1,182
Gross Unrealized Gains		1
Gross Unrealized Losses		0
Fair Value		$ 1,183
Weighted Average Yield		1.40%
Investment securities | Due less than 1 year | Other debt securities
Schedule of Investments [Line Items]
Amortized Cost		$ 500
Gross Unrealized Gains		0
Gross Unrealized Losses		0
Fair Value		$ 500
Weighted Average Yield		0.57%
Investment securities | Due from 1 to 5 years | Other debt securities
Schedule of Investments [Line Items]
Amortized Cost	$ 1,116	$ 1,847
Gross Unrealized Gains	30	48
Gross Unrealized Losses	4	0
Fair Value	$ 1,142	$ 1,895
Weighted Average Yield	4.45%	5.43%

INVESTMENT SECURITIES (Invest_2

INVESTMENT SECURITIES (Investment Securities by Contractual Maturity - HTM) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 535,070	$ 367,507
Gross Unrealized Gains	0
Gross Unrealized Losses	65,884
Fair Value	$ 469,186	363,653
Weighted Average Yield	2.30%
Due from 1 to 5 years | Investment securities | US Treasury securities
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 197,635
Gross Unrealized Gains	0
Gross Unrealized Losses	3,526
Fair Value	$ 194,109
Weighted Average Yield	3.36%
Due after 10 years | Mortgage-backed securities | FNMA and FHLMC certificates
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 337,435	367,507
Gross Unrealized Gains	0	0
Gross Unrealized Losses	62,358	3,854
Fair Value	$ 275,077	$ 363,653
Weighted Average Yield	1.71%	1.71%

INVESTMENT SECURITIES (Gross Re

INVESTMENT SECURITIES (Gross Realized Gains and Losses by Category) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Sale Price	$ 242,126	$ 2,174	$ 320,984
Investment securities | US Treasury securities
Debt Securities, Available-for-sale [Line Items]
Sale Price	242,126
Book Value at Sale	242,373
Gross Gains	0
Gross Losses	$ 247
Mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Sale Price			320,984
Book Value at Sale		2,200	316,256
Gross Losses			0
Mortgage-backed securities | GNMA certificates
Debt Securities, Available-for-sale [Line Items]
Sale Price		2,175	91,413
Book Value at Sale		2,156	89,043
Gross Gains		19	2,370
Gross Losses		$ 0	0
Mortgage-backed securities | FNMA and FHLMC certificates
Debt Securities, Available-for-sale [Line Items]
Sale Price			229,571
Book Value at Sale			227,213
Gross Gains			2,358
Gross Losses			$ 0

INVESTMENT SECURITIES (Unrealiz

INVESTMENT SECURITIES (Unrealized Gains and Losses by Category) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Securities Available-for-Sale, Amortized Cost
12 months or more	$ 171,011
Less than 12 months	1,323,800	$ 98,962
Total	1,494,811
Held-to-Maturity, Amortized Cost
Less than 12 months	197,635
Total	535,070
Securities Available-for-Sale, Unrealized Loss
12 months or more	33,027
Less than 12 months	78,004	3,400
Total	111,031
Held-to-Maturity, Unrealized Loss
Less than 12 months	3,526
Total	65,884
Securities Available-for-Sale, Fair Value
12 months or more	137,984	0
Less than 12 months	1,245,796	95,562
Total	1,383,780
Held-to-Maturity, Fair Value
Less than 12 months	194,109
Total	469,186
CMOs issued by US Government-sponsored agencies
Securities Available-for-Sale, Amortized Cost
12 months or more	337
Less than 12 months	15,297	500
Total	15,634
Securities Available-for-Sale, Unrealized Loss
12 months or more	7
Less than 12 months	776	1
Total	783
Securities Available-for-Sale, Fair Value
12 months or more	330
Less than 12 months	14,521	499
Total	14,851
FNMA and FHLMC certificates
Securities Available-for-Sale, Amortized Cost
12 months or more	88,600
Less than 12 months	745,566	93,440
Total	834,166
Held-to-Maturity, Amortized Cost
12 months or more	337,435
Less than 12 months	0	367,507
Total	337,435
Securities Available-for-Sale, Unrealized Loss
12 months or more	18,989
Less than 12 months	50,657	3,200
Total	69,646
Held-to-Maturity, Unrealized Loss
12 months or more	62,358
Less than 12 months	0	3,854
Total	62,358
Securities Available-for-Sale, Fair Value
12 months or more	69,611
Less than 12 months	694,909	90,240
Total	764,520
Held-to-Maturity, Fair Value
12 months or more	275,077
Less than 12 months	0	363,653
Total	275,077
GNMA Securities
Securities Available-for-Sale, Amortized Cost
12 months or more	82,074
Less than 12 months	251,835	5,022
Total	333,909
Securities Available-for-Sale, Unrealized Loss
12 months or more	14,031
Less than 12 months	24,838	199
Total	38,869
Securities Available-for-Sale, Fair Value
12 months or more	68,043
Less than 12 months	226,997	$ 4,823
Total	295,040
US Treasury securities
Securities Available-for-Sale, Amortized Cost
Less than 12 months	310,862
Total	310,862
Held-to-Maturity, Amortized Cost
Less than 12 months	197,635
Total	197,635
Securities Available-for-Sale, Unrealized Loss
Less than 12 months	1,729
Total	1,729
Held-to-Maturity, Unrealized Loss
Less than 12 months	3,526
Total	3,526
Securities Available-for-Sale, Fair Value
Less than 12 months	309,133
Total	309,133
Held-to-Maturity, Fair Value
Less than 12 months	194,109
Total	194,109
Other debt securities
Securities Available-for-Sale, Amortized Cost
Less than 12 months	240
Total	240
Securities Available-for-Sale, Unrealized Loss
Less than 12 months	4
Total	4
Securities Available-for-Sale, Fair Value
Less than 12 months	236
Total	$ 236

PLEDGED ASSETS (Details)

PLEDGED ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Financial Instruments Owned and Pledged as Collateral [Line Items]
Financial assets not pledged:	$ 6,295,030	$ 4,998,433
Investment securities
Financial Instruments Owned and Pledged as Collateral [Line Items]
Financial assets not pledged:	1,653,649	732,661
Residential mortgage loans
Financial Instruments Owned and Pledged as Collateral [Line Items]
Financial assets not pledged:	1,250,120	1,408,158
Commercial loans
Financial Instruments Owned and Pledged as Collateral [Line Items]
Financial assets not pledged:	2,050,767	1,879,755
Consumer loans
Financial Instruments Owned and Pledged as Collateral [Line Items]
Financial assets not pledged:	537,257	409,675
Auto loans and leases
Financial Instruments Owned and Pledged as Collateral [Line Items]
Financial assets not pledged:	803,237	568,184
Total pledged investment securities
Financial Instruments Owned and Pledged as Collateral [Line Items]
Pledged investment securities to secure:	294,197	145,559
Total pledged investment securities | Deposits | Puerto Rico | Government
Financial Instruments Owned and Pledged as Collateral [Line Items]
Pledged investment securities to secure:	293,650	143,775
Total pledged investment securities | Bond for the Bank's trust operations
Financial Instruments Owned and Pledged as Collateral [Line Items]
Pledged investment securities to secure:	104	105
Total pledged investment securities | Derivative
Financial Instruments Owned and Pledged as Collateral [Line Items]
Pledged investment securities to secure:	443	1,679
Advances from the Federal Home Loan Bank | Advances from the Federal Home Loan Bank
Financial Instruments Owned and Pledged as Collateral [Line Items]
Pledged investment securities to secure:	473,600	550,209
Commercial loans
Financial Instruments Owned and Pledged as Collateral [Line Items]
Pledged investment securities to secure:	600,250	531,141
Commercial loans | Federal Reserve Bank Credit Facility
Financial Instruments Owned and Pledged as Collateral [Line Items]
Pledged investment securities to secure:	49,117	47,239
Commercial loans | Advances from the Federal Home Loan Bank
Financial Instruments Owned and Pledged as Collateral [Line Items]
Pledged investment securities to secure:	477,516	398,754
Commercial loans | Deposits | Puerto Rico | Government
Financial Instruments Owned and Pledged as Collateral [Line Items]
Pledged investment securities to secure:	73,617	85,148
Pledged auto loans and leases to secure
Financial Instruments Owned and Pledged as Collateral [Line Items]
Pledged investment securities to secure:	2,528,725	2,365,035
Pledged auto loans and leases to secure | Federal Reserve Bank Credit Facility
Financial Instruments Owned and Pledged as Collateral [Line Items]
Pledged investment securities to secure:	$ 1,160,678	$ 1,138,126

LOANS (Narrative) (Details)

LOANS (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) portfolioSegment loan	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loan portfolio segments | portfolioSegment	4
Reclassification of loans held-for-investment portfolio to held-for-sale portfolio	$ 17,476	$ 54,983	$ 2,542
Number of commercial loans sold	2
Loans	$ 6,835,322	6,402,586
Troubled debt restructurings	165,484	150,426
Recorded investment of residential mortgage loans collateralized and in process of foreclosure	14,900	16,900
Balance of revolving loans converted to term loans, amount	78,000	37,500
Total loans held for sale	40,587	82,662
Accruing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Troubled debt restructurings	145,155	125,887
Non-accruing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Troubled debt restructurings	20,329	24,539
Mortgage Loans - GNMA Buy-Back Option Program
Accounts, Notes, Loans and Financing Receivable [Line Items]
Delinquent loans	32,600	14,500
Puerto Rico | Hurricane Fiona
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	33,100
Loans granted	$ 50
Interest only payments (in months)	3 months
Number of principal and interest payments	33
Past due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Reclassification of loans held-for-investment portfolio to held-for-sale portfolio		65,500
Non-PCD
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net charge-offs recognized	$ 61,524	52,987	76,182
Loans	5,641,446	4,995,631
Total loans held for sale	40,587	82,662
Non-PCD | Past due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	227,763	185,137
Commercial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	2,629,929	2,379,330
Troubled debt restructurings	54,382	35,839
Commitment to lend additional funds	3,200	3,700
Total loans held for sale	21,088	31,566
Commercial loans | Accruing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Troubled debt restructurings	40,841	20,922
Commercial loans | Non-accruing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Troubled debt restructurings	$ 13,541	14,917
Commercial loans | Commercial Loans Held-For-Sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of commercial loans held for sale | loan	2
Reclassification of loans held-for-investment portfolio to held-for-sale portfolio	$ 9,700
Net charge-offs recognized	$ 8,800
Number of commercial loans sold	1
Commercial loans | Puerto Rico | Government
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 73,700	87,300
Commercial loans | Puerto Rico | Government | Property Tax Revenue
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	73,700	86,200
Commercial loans | Puerto Rico | Government | Public Corporation | Nonperforming
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans		1,100
Commercial loans | Non-PCD
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net charge-offs recognized	13,380	8,788	4,979
Loans	2,470,777	2,174,995
Total loans held for sale	21,088	31,566
Commercial loans | Non-PCD | Non-accruing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for sale	16,400	9,900
Commercial loans | Non-PCD | Past due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	12,122	14,128
Total loans held for sale	21,100	4,700
Mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	1,704,221	1,907,271
Troubled debt restructurings	109,160	110,962
Loan deferral amount, pandemic related		28,000
Total loans held for sale	19,499	51,096
Mortgage | Government Guaranteed Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Troubled debt restructurings	43,500	40,800
Mortgage | Accruing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Troubled debt restructurings	102,387	101,487
Mortgage | Non-accruing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Troubled debt restructurings	6,773	9,475
Mortgage | Non-PCD
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net charge-offs recognized	284	5,789	$ 884
Loans	675,793	718,848
Total loans held for sale	19,499	51,096
Mortgage | Non-PCD | Nonperforming
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	33,512	39,391
Mortgage | Non-PCD | Past due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Sales of loans held for sale	21,900
Loans	71,829	60,027
Mortgage and consumer loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Balance of revolving loans converted to term loans, amount	0	0
Mortgage and consumer loans | Non-PCD
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 1,212,412	$ 1,127,607

LOANS (Composition of Loan Port

LOANS (Composition of Loan Portfolio) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, gross	$ 6,835,322	$ 6,402,586
Allowance for credit losses	(152,673)	(155,937)	$ (204,809)
Total loans held for investment, net	6,682,649	6,246,649
Total loans held for sale	40,587	82,662
Total loans	6,723,236	6,329,311
Commercial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, gross	2,629,929	2,379,330
Allowance for credit losses	(40,546)	(36,770)	(62,184)
Total loans held for sale	21,088	31,566
Mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, gross	1,704,221	1,907,271
Allowance for credit losses	(18,930)	(34,317)	(46,076)
Total loans held for sale	19,499	51,096
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, gross	537,257	409,675
Allowance for credit losses	(23,278)	(19,175)	(25,310)
Auto loans and leases
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, gross	1,963,915	1,706,310
Allowance for credit losses	(69,919)	(65,675)	(71,239)
Non-PCD
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, gross	5,641,446	4,995,631
Allowance for credit losses	(141,841)	(132,065)	(161,015)	$ (85,044)
Total loans held for investment, net	5,499,605	4,863,566
Total loans held for sale	40,587	82,662
Total loans	5,540,192	4,946,228
Non-PCD | Commercial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, gross	2,470,777	2,174,995
Allowance for credit losses	(39,158)	(32,262)	(45,779)	(25,993)
Total loans held for sale	21,088	31,566
Non-PCD | Mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, gross	675,793	718,848
Allowance for credit losses	(9,571)	(15,299)	(19,687)	(8,727)
Total loans held for sale	19,499	51,096
Non-PCD | Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, gross	536,619	408,759
Allowance for credit losses	(23,264)	(19,141)	(25,253)	(18,446)
Non-PCD | Auto loans and leases
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, gross	1,958,257	1,693,029
Allowance for credit losses	(69,848)	(65,363)	(70,296)	(31,878)
PCD
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, gross	1,193,876	1,406,955
Allowance for credit losses	(10,832)	(23,872)	(43,794)	(31,495)
Total loans held for investment, net	1,183,044	1,383,083
Total loans held for sale	0	0
Total loans	1,183,044	1,383,083
PCD | Commercial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, gross	159,152	204,335
Allowance for credit losses	(1,388)	(4,508)	(16,405)	(8,893)
Total loans held for sale	0	0
PCD | Mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, gross	1,028,428	1,188,423
Allowance for credit losses	(9,359)	(19,018)	(26,389)	(21,655)
Total loans held for sale	0	0
PCD | Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, gross	638	916
Allowance for credit losses	(14)	(34)	(57)	0
PCD | Auto loans and leases
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, gross	5,658	13,281
Allowance for credit losses	(71)	(312)	$ (943)	$ (947)
Commercial secured by real estate | Commercial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, gross	1,112,880	1,060,180
Commercial secured by real estate | Non-PCD | Commercial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, gross	974,202	883,994
Commercial secured by real estate | PCD | Commercial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, gross	138,678	176,186
Other commercial and industrial | Commercial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, gross	868,214	787,321
Other commercial and industrial | Non-PCD | Commercial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, gross	847,740	759,172
Other commercial and industrial | PCD | Commercial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, gross	20,474	28,149
Other commercial and industrial - Paycheck Protection Program (PPP Loans) | Commercial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, gross	6,702	86,889
Other commercial and industrial - Paycheck Protection Program (PPP Loans) | Non-PCD | Commercial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, gross	6,702	86,889
Other commercial and industrial - Paycheck Protection Program (PPP Loans) | PCD | Commercial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, gross	0	0
US commercial loans | Commercial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, gross	642,133	444,940
US commercial loans | Non-PCD | Commercial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, gross	642,133	444,940
US commercial loans | PCD | Commercial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, gross	0	0
Personal loans | Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, gross	480,958	347,405
Personal loans | Non-PCD | Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, gross	480,620	346,859
Personal loans | PCD | Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, gross	338	546
Credit lines | Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, gross	13,126	15,145
Credit lines | Non-PCD | Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, gross	12,826	14,775
Credit lines | PCD | Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, gross	300	370
Credit cards | Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, gross	42,872	46,795
Credit cards | Non-PCD | Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, gross	42,872	46,795
Credit cards | PCD | Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, gross	0	0
Overdraft | Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, gross	301	330
Overdraft | Non-PCD | Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, gross	301	330
Overdraft | PCD | Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, gross	$ 0	$ 0

LOANS (Aging of Recorded Invest

LOANS (Aging of Recorded Investment in Gross Loans) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Past Due [Line Items]
Total Loans	$ 6,835,322	$ 6,402,586
Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	5,641,446	4,995,631
Loans 90+ Days Past Due and Still Accruing	3,856	2,346
30-59 Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	91,954	76,491
60-89 Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	46,997	40,351
90+ Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	88,812	68,295
Total Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	227,763	185,137
Current | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	5,413,683	4,810,494
Commercial
Financing Receivable, Past Due [Line Items]
Total Loans	2,629,929	2,379,330
Commercial | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	2,470,777	2,174,995
Loans 90+ Days Past Due and Still Accruing	0	0
Commercial | 30-59 Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	1,866	4,096
Commercial | 60-89 Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	884	640
Commercial | 90+ Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	9,372	9,392
Commercial | Total Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	12,122	14,128
Commercial | Current | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	2,458,655	2,160,867
Mortgage
Financing Receivable, Past Due [Line Items]
Total Loans	1,704,221	1,907,271
Mortgage | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	675,793	718,848
Loans 90+ Days Past Due and Still Accruing	3,856	2,346
Mortgage | 30-59 Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	9,267	8,704
Mortgage | 60-89 Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	5,848	7,855
Mortgage | 90+ Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	56,714	43,468
Mortgage | Total Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	71,829	60,027
Mortgage | Current | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	603,964	658,821
Consumer
Financing Receivable, Past Due [Line Items]
Total Loans	537,257	409,675
Consumer | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	536,619	408,759
Loans 90+ Days Past Due and Still Accruing	0	0
Consumer | 30-59 Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	5,584	3,653
Consumer | 60-89 Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	3,311	1,622
Consumer | 90+ Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	3,113	1,974
Consumer | Total Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	12,008	7,249
Consumer | Current | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	524,611	401,510
Auto loans and leases
Financing Receivable, Past Due [Line Items]
Total Loans	1,963,915	1,706,310
Auto loans and leases | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	1,958,257	1,693,029
Loans 90+ Days Past Due and Still Accruing	0	0
Auto loans and leases | 30-59 Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	75,237	60,038
Auto loans and leases | 60-89 Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	36,954	30,234
Auto loans and leases | 90+ Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	19,613	13,461
Auto loans and leases | Total Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	131,804	103,733
Auto loans and leases | Current | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	1,826,453	1,589,296
Commercial secured by real estate | Commercial
Financing Receivable, Past Due [Line Items]
Total Loans	1,112,880	1,060,180
Commercial secured by real estate | Commercial | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	974,202	883,994
Loans 90+ Days Past Due and Still Accruing	0	0
Commercial secured by real estate | Commercial | 30-59 Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	923	2,210
Commercial secured by real estate | Commercial | 60-89 Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	164	102
Commercial secured by real estate | Commercial | 90+ Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	6,147	8,446
Commercial secured by real estate | Commercial | Total Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	7,234	10,758
Commercial secured by real estate | Commercial | Current | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	966,968	873,236
Other commercial and industrial | Commercial | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	854,442	846,061
Loans 90+ Days Past Due and Still Accruing	0	0
Other commercial and industrial | Commercial | 30-59 Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	943	1,886
Other commercial and industrial | Commercial | 60-89 Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	720	538
Other commercial and industrial | Commercial | 90+ Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	3,225	946
Other commercial and industrial | Commercial | Total Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	4,888	3,370
Other commercial and industrial | Commercial | Current | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	849,554	842,691
US commercial loans | Commercial
Financing Receivable, Past Due [Line Items]
Total Loans	642,133	444,940
US commercial loans | Commercial | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	642,133	444,940
Loans 90+ Days Past Due and Still Accruing	0	0
US commercial loans | Commercial | 30-59 Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	0	0
US commercial loans | Commercial | 60-89 Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	0	0
US commercial loans | Commercial | 90+ Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	0	0
US commercial loans | Commercial | Total Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	0	0
US commercial loans | Commercial | Current | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	642,133	444,940
Personal loans | Consumer
Financing Receivable, Past Due [Line Items]
Total Loans	480,958	347,405
Personal loans | Consumer | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	480,620	346,859
Loans 90+ Days Past Due and Still Accruing	0	0
Personal loans | Consumer | 30-59 Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	4,263	2,382
Personal loans | Consumer | 60-89 Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	2,669	1,131
Personal loans | Consumer | 90+ Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	2,314	1,116
Personal loans | Consumer | Total Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	9,246	4,629
Personal loans | Consumer | Current | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	471,374	342,230
Credit lines | Consumer
Financing Receivable, Past Due [Line Items]
Total Loans	13,126	15,145
Credit lines | Consumer | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	12,826	14,775
Loans 90+ Days Past Due and Still Accruing	0	0
Credit lines | Consumer | 30-59 Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	500	531
Credit lines | Consumer | 60-89 Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	154	141
Credit lines | Consumer | 90+ Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	117	227
Credit lines | Consumer | Total Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	771	899
Credit lines | Consumer | Current | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	12,055	13,876
Credit cards | Consumer
Financing Receivable, Past Due [Line Items]
Total Loans	42,872	46,795
Credit cards | Consumer | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	42,872	46,795
Loans 90+ Days Past Due and Still Accruing	0	0
Credit cards | Consumer | 30-59 Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	730	610
Credit cards | Consumer | 60-89 Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	486	336
Credit cards | Consumer | 90+ Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	682	631
Credit cards | Consumer | Total Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	1,898	1,577
Credit cards | Consumer | Current | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	40,974	45,218
Overdraft | Consumer
Financing Receivable, Past Due [Line Items]
Total Loans	301	330
Overdraft | Consumer | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	301	330
Loans 90+ Days Past Due and Still Accruing	0	0
Overdraft | Consumer | 30-59 Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	91	130
Overdraft | Consumer | 60-89 Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	2	14
Overdraft | Consumer | 90+ Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	0	0
Overdraft | Consumer | Total Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	93	144
Overdraft | Consumer | Current | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	$ 208	$ 186

LOANS (Investment in Loans on N

LOANS (Investment in Loans on Non-Accrual Status) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Nonaccrual [Line Items]
Non-accrual with Allowance for Credit Loss	$ 53,595	$ 62,480
Non-accrual with no Allowance for Credit Loss	36,005	39,403
Total	89,600	101,883
Non-PCD
Financing Receivable, Nonaccrual [Line Items]
Non-accrual with Allowance for Credit Loss	50,529	55,839
Non-accrual with no Allowance for Credit Loss	29,885	33,165
Total	80,414	89,004
PCD
Financing Receivable, Nonaccrual [Line Items]
Non-accrual with Allowance for Credit Loss	3,066	6,641
Non-accrual with no Allowance for Credit Loss	6,120	6,238
Total	9,186	12,879
Commercial | Non-PCD
Financing Receivable, Nonaccrual [Line Items]
Non-accrual with Allowance for Credit Loss	16,449	17,582
Non-accrual with no Allowance for Credit Loss	17,983	20,021
Total	34,432	37,603
Commercial | PCD
Financing Receivable, Nonaccrual [Line Items]
Non-accrual with Allowance for Credit Loss	2,807	6,307
Non-accrual with no Allowance for Credit Loss	6,120	6,238
Total	8,927	12,545
Mortgage | Non-PCD
Financing Receivable, Nonaccrual [Line Items]
Non-accrual with Allowance for Credit Loss	11,719	16,429
Non-accrual with no Allowance for Credit Loss	11,522	12,840
Total	23,241	29,269
Mortgage | PCD
Financing Receivable, Nonaccrual [Line Items]
Non-accrual with Allowance for Credit Loss	259	334
Non-accrual with no Allowance for Credit Loss	0	0
Total	259	334
Consumer | Non-PCD
Financing Receivable, Nonaccrual [Line Items]
Non-accrual with Allowance for Credit Loss	2,749	2,001
Non-accrual with no Allowance for Credit Loss	379	302
Total	3,128	2,303
Auto loans and leases | Non-PCD
Financing Receivable, Nonaccrual [Line Items]
Non-accrual with Allowance for Credit Loss	19,612	19,827
Non-accrual with no Allowance for Credit Loss	1	2
Total	19,613	19,829
Commercial secured by real estate | Commercial | Non-PCD
Financing Receivable, Nonaccrual [Line Items]
Non-accrual with Allowance for Credit Loss	4,091	16,299
Non-accrual with no Allowance for Credit Loss	17,098	19,538
Total	21,189	35,837
Commercial secured by real estate | Commercial | PCD
Financing Receivable, Nonaccrual [Line Items]
Non-accrual with Allowance for Credit Loss	2,807	5,205
Non-accrual with no Allowance for Credit Loss	6,084	6,198
Total	8,891	11,403
Other commercial and industrial | Commercial | Non-PCD
Financing Receivable, Nonaccrual [Line Items]
Non-accrual with Allowance for Credit Loss	2,769	1,283
Non-accrual with no Allowance for Credit Loss	885	483
Total	3,654	1,766
Other commercial and industrial | Commercial | PCD
Financing Receivable, Nonaccrual [Line Items]
Non-accrual with Allowance for Credit Loss	0	1,102
Non-accrual with no Allowance for Credit Loss	36	40
Total	36	1,142
US commercial loans | Commercial | Non-PCD
Financing Receivable, Nonaccrual [Line Items]
Non-accrual with Allowance for Credit Loss	9,589	0
Non-accrual with no Allowance for Credit Loss	0	0
Total	9,589	0
Personal loans | Consumer | Non-PCD
Financing Receivable, Nonaccrual [Line Items]
Non-accrual with Allowance for Credit Loss	1,950	1,143
Non-accrual with no Allowance for Credit Loss	379	302
Total	2,329	1,445
Credit lines | Consumer | Non-PCD
Financing Receivable, Nonaccrual [Line Items]
Non-accrual with Allowance for Credit Loss	116	226
Non-accrual with no Allowance for Credit Loss	0	0
Total	116	226
Credit cards | Consumer | Non-PCD
Financing Receivable, Nonaccrual [Line Items]
Non-accrual with Allowance for Credit Loss	683	632
Non-accrual with no Allowance for Credit Loss	0	0
Total	$ 683	$ 632

LOANS (Troubled-Debt Restructur

LOANS (Troubled-Debt Restructuring Loan Portfolio) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	$ 165,484	$ 150,426
Related Allowance	2,883	4,406
Accruing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	145,155	125,887
Non-accruing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	20,329	24,539
Commercial loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	54,382	35,839
Related Allowance	312	369
Commercial loans | Accruing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	40,841	20,922
Commercial loans | Non-accruing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	13,541	14,917
Commercial loans | Commercial secured by real estate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	44,624	25,425
Related Allowance	181	202
Commercial loans | Commercial secured by real estate | Accruing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	31,437	10,981
Commercial loans | Commercial secured by real estate | Non-accruing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	13,187	14,444
Commercial loans | Other commercial and industrial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	2,626	3,258
Related Allowance	42	41
Commercial loans | Other commercial and industrial | Accruing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	2,272	2,785
Commercial loans | Other commercial and industrial | Non-accruing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	354	473
Commercial loans | US commercial loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	7,132	7,156
Related Allowance	89	126
Commercial loans | US commercial loans | Accruing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	7,132	7,156
Commercial loans | US commercial loans | Non-accruing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0	0
Mortgage
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	109,160	110,962
Related Allowance	2,495	3,867
Mortgage | Accruing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	102,387	101,487
Mortgage | Non-accruing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	6,773	9,475
Consumer | Personal loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	1,865	3,414
Related Allowance	73	159
Consumer | Personal loans | Accruing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	1,850	3,275
Consumer | Personal loans | Non-accruing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	15	139
Auto loans and leases
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	77	211
Related Allowance	3	11
Auto loans and leases | Accruing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	77	203
Auto loans and leases | Non-accruing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	$ 0	$ 8

LOANS (Troubled-Debt Restruct_2

LOANS (Troubled-Debt Restructurings By Loan Portfolio And Modification Type) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	$ 165,484	$ 150,426
Commercial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	54,382	35,839
Commercial | Commercial secured by real estate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	44,624	25,425
Commercial | Other commercial and industrial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	2,626	3,258
Commercial | US commercial loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	7,132	7,156
Mortgage
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	109,160	110,962
Consumer | Personal loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	1,865	3,414
Auto loans and leases
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	77	211
Reduction in interest rate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	48,236	55,217
Reduction in interest rate | Commercial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	15,663	16,340
Reduction in interest rate | Commercial | Commercial secured by real estate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	7,746	8,461
Reduction in interest rate | Commercial | Other commercial and industrial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	785	723
Reduction in interest rate | Commercial | US commercial loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	7,132	7,156
Reduction in interest rate | Mortgage
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	31,709	37,307
Reduction in interest rate | Consumer | Personal loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	825	1,496
Reduction in interest rate | Auto loans and leases
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	39	74
Maturity or term extension
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	39,017	10,295
Maturity or term extension | Commercial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	30,821	3,212
Maturity or term extension | Commercial | Commercial secured by real estate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	29,454	1,227
Maturity or term extension | Commercial | Other commercial and industrial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	1,367	1,985
Maturity or term extension | Commercial | US commercial loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0	0
Maturity or term extension | Mortgage
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	8,020	6,796
Maturity or term extension | Consumer | Personal loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	176	287
Maturity or term extension | Auto loans and leases
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0	0
Combination of reduction in interest rate and extension of maturity
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	43,905	46,837
Combination of reduction in interest rate and extension of maturity | Commercial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	7,898	12,923
Combination of reduction in interest rate and extension of maturity | Commercial | Commercial secured by real estate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	7,424	12,401
Combination of reduction in interest rate and extension of maturity | Commercial | Other commercial and industrial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	474	522
Combination of reduction in interest rate and extension of maturity | Commercial | US commercial loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0	0
Combination of reduction in interest rate and extension of maturity | Mortgage
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	35,194	32,456
Combination of reduction in interest rate and extension of maturity | Consumer | Personal loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	793	1,430
Combination of reduction in interest rate and extension of maturity | Auto loans and leases
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	20	28
Forbearance
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	34,326	38,077
Forbearance | Commercial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0	3,364
Forbearance | Commercial | Commercial secured by real estate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0	3,336
Forbearance | Commercial | Other commercial and industrial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0	28
Forbearance | Commercial | US commercial loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0	0
Forbearance | Mortgage
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	34,237	34,403
Forbearance | Consumer | Personal loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	71	201
Forbearance | Auto loans and leases
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	$ 18	$ 109

LOANS (TDR Pre_Post Modificatio

LOANS (TDR Pre/Post Modifications) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) contract	Dec. 31, 2021 USD ($) contract	Dec. 31, 2020 USD ($) contract
Mortgage
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of contracts | contract	103	160	88
Pre-Modification Outstanding Recorded Investment	$ 12,580	$ 20,077	$ 11,081
Pre-Modification Weighted Average Rate	4.63%	4.33%	4.70%
Pre-Modification Weighted Average Term (in Months)	258 months	323 months	332 months
Post-Modification Outstanding Recorded Investment	$ 13,199	$ 20,241	$ 10,151
Post-Modification Weighted Average Rate	3.79%	3.47%	4.13%
Post-Modification Weighted Average Term (in Months)	342 months	345 months	327 months
Commercial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of contracts | contract	5	7	8
Pre-Modification Outstanding Recorded Investment	$ 38,873	$ 10,093	$ 14,896
Pre-Modification Weighted Average Rate	3.57%	5.50%	5.45%
Pre-Modification Weighted Average Term (in Months)	131 months	86 months	63 months
Post-Modification Outstanding Recorded Investment	$ 38,729	$ 9,979	$ 14,896
Post-Modification Weighted Average Rate	3.64%	4.48%	4.36%
Post-Modification Weighted Average Term (in Months)	184 months	60 months	77 months
Consumer
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of contracts | contract	4	17	23
Pre-Modification Outstanding Recorded Investment	$ 77	$ 294	$ 349
Pre-Modification Weighted Average Rate	13.42%	13.72%	14.11%
Pre-Modification Weighted Average Term (in Months)	74 months	69 months	64 months
Post-Modification Outstanding Recorded Investment	$ 77	$ 295	$ 391
Post-Modification Weighted Average Rate	10.41%	10.12%	10.57%
Post-Modification Weighted Average Term (in Months)	70 months	78 months	76 months
Auto loans and leases
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of contracts | contract		9	31
Pre-Modification Outstanding Recorded Investment		$ 148	$ 217
Pre-Modification Weighted Average Rate		8.70%	10.88%
Pre-Modification Weighted Average Term (in Months)		72 months	74 months
Post-Modification Outstanding Recorded Investment		$ 148	$ 219
Post-Modification Weighted Average Rate		9.35%	11.02%
Post-Modification Weighted Average Term (in Months)		49 months	71 months

LOANS (Troubled Debt Restructur

LOANS (Troubled Debt Restructurings, Rolling Twelve Months) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) contract	Dec. 31, 2021 USD ($) contract	Dec. 31, 2020 USD ($) contract
Mortgage
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts | contract	13	19	9
Recorded Investment | $	$ 1,701	$ 2,488	$ 1,345
Commercial loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts | contract	1	0	0
Recorded Investment | $	$ 633	$ 0	$ 0
Consumer
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts | contract	1	6	1
Recorded Investment | $	$ 40	$ 76	$ 2
Auto loans and leases
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts | contract	0	1	0
Recorded Investment | $	$ 0	$ 10	$ 0

LOANS (Aging of the Amortized C

LOANS (Aging of the Amortized Cost of Collateral-Dependent Loans Held For Investment) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Commercial loans | Commercial secured by real estate | Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost of collateral-dependent loans held for investment	$ 8,805	$ 10,233

LOANS (Credit Quality Indicator

LOANS (Credit Quality Indicators of Loans) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 6,835,322	$ 6,402,586
Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Total	5,641,446	4,995,631
Commercial
Financing Receivable, Credit Quality Indicator [Line Items]
Total	2,629,929	2,379,330
Commercial | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	436,675	554,638
Term loans amortized by cost basis, in one year prior to current fiscal year	477,709	294,311
Term loans amortized by cost basis, in two years prior to current fiscal year	236,654	244,490
Term loans amortized by cost basis, in three years prior to current fiscal year	206,558	236,815
Term loans amortized by cost basis, in four years prior to current fiscal year	122,733	67,561
Prior	196,350	211,737
Revolving Loans Amortized Cost Basis	794,098	565,443
Total	2,470,777	2,174,995
Mortgage
Financing Receivable, Credit Quality Indicator [Line Items]
Total	1,704,221	1,907,271
Mortgage | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	18,700	18,486
Term loans amortized by cost basis, in one year prior to current fiscal year	25,274	16,711
Term loans amortized by cost basis, in two years prior to current fiscal year	16,285	15,590
Term loans amortized by cost basis, in three years prior to current fiscal year	16,031	19,771
Term loans amortized by cost basis, in four years prior to current fiscal year	17,031	26,702
Prior	582,472	621,588
Revolving Loans Amortized Cost Basis	0	0
Total	675,793	718,848
Mortgage | Performing | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	18,700	18,486
Term loans amortized by cost basis, in one year prior to current fiscal year	25,274	16,585
Term loans amortized by cost basis, in two years prior to current fiscal year	16,175	15,461
Term loans amortized by cost basis, in three years prior to current fiscal year	15,457	19,261
Term loans amortized by cost basis, in four years prior to current fiscal year	16,790	24,872
Prior	549,885	584,792
Revolving Loans Amortized Cost Basis	0	0
Total	642,281	679,457
Mortgage | Nonperforming | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	0	0
Term loans amortized by cost basis, in one year prior to current fiscal year	0	126
Term loans amortized by cost basis, in two years prior to current fiscal year	110	129
Term loans amortized by cost basis, in three years prior to current fiscal year	574	510
Term loans amortized by cost basis, in four years prior to current fiscal year	241	1,830
Prior	32,587	36,796
Revolving Loans Amortized Cost Basis	0	0
Total	33,512	39,391
Consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Total	537,257	409,675
Consumer | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	285,014	175,569
Term loans amortized by cost basis, in one year prior to current fiscal year	113,252	56,199
Term loans amortized by cost basis, in two years prior to current fiscal year	31,987	65,836
Term loans amortized by cost basis, in three years prior to current fiscal year	32,150	29,951
Term loans amortized by cost basis, in four years prior to current fiscal year	12,103	12,307
Prior	6,114	6,997
Revolving Loans Amortized Cost Basis	55,999	61,900
Total	536,619	408,759
Auto loans and leases
Financing Receivable, Credit Quality Indicator [Line Items]
Total	1,963,915	1,706,310
Auto loans and leases | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	733,760	567,948
Term loans amortized by cost basis, in one year prior to current fiscal year	479,581	353,141
Term loans amortized by cost basis, in two years prior to current fiscal year	263,060	330,287
Term loans amortized by cost basis, in three years prior to current fiscal year	230,492	242,752
Term loans amortized by cost basis, in four years prior to current fiscal year	157,044	123,506
Prior	94,320	75,395
Total	1,958,257	1,693,029
Auto loans and leases | 1-660 | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	178,426	161,534
Term loans amortized by cost basis, in one year prior to current fiscal year	143,926	90,402
Term loans amortized by cost basis, in two years prior to current fiscal year	72,148	80,745
Term loans amortized by cost basis, in three years prior to current fiscal year	58,069	65,681
Term loans amortized by cost basis, in four years prior to current fiscal year	44,156	38,001
Prior	31,980	23,171
Total	528,705	459,534
Auto loans and leases | 661-699 | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	171,723	134,507
Term loans amortized by cost basis, in one year prior to current fiscal year	93,359	68,422
Term loans amortized by cost basis, in two years prior to current fiscal year	42,388	48,173
Term loans amortized by cost basis, in three years prior to current fiscal year	31,033	33,854
Term loans amortized by cost basis, in four years prior to current fiscal year	21,283	16,761
Prior	13,518	10,534
Total	373,304	312,251
Auto loans and leases | 700+ | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	375,845	245,148
Term loans amortized by cost basis, in one year prior to current fiscal year	235,743	180,737
Term loans amortized by cost basis, in two years prior to current fiscal year	144,783	184,307
Term loans amortized by cost basis, in three years prior to current fiscal year	135,517	133,098
Term loans amortized by cost basis, in four years prior to current fiscal year	88,597	63,229
Prior	47,499	38,474
Total	1,027,984	844,993
Auto loans and leases | No FICO | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	7,766	26,759
Term loans amortized by cost basis, in one year prior to current fiscal year	6,553	13,580
Term loans amortized by cost basis, in two years prior to current fiscal year	3,741	17,062
Term loans amortized by cost basis, in three years prior to current fiscal year	5,873	10,119
Term loans amortized by cost basis, in four years prior to current fiscal year	3,008	5,515
Prior	1,323	3,216
Total	28,264	76,251
Mortgage and consumer loans | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	303,714	194,055
Term loans amortized by cost basis, in one year prior to current fiscal year	138,526	72,910
Term loans amortized by cost basis, in two years prior to current fiscal year	48,272	81,426
Term loans amortized by cost basis, in three years prior to current fiscal year	48,181	49,722
Term loans amortized by cost basis, in four years prior to current fiscal year	29,134	39,009
Prior	588,586	628,585
Revolving Loans Amortized Cost Basis	55,999	61,900
Total	1,212,412	1,127,607
Commercial secured by real estate | Commercial
Financing Receivable, Credit Quality Indicator [Line Items]
Total	1,112,880	1,060,180
Commercial secured by real estate | Commercial | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	222,037	192,889
Term loans amortized by cost basis, in one year prior to current fiscal year	186,185	132,177
Term loans amortized by cost basis, in two years prior to current fiscal year	117,161	146,844
Term loans amortized by cost basis, in three years prior to current fiscal year	135,927	100,294
Term loans amortized by cost basis, in four years prior to current fiscal year	53,022	57,849
Prior	188,392	205,705
Revolving Loans Amortized Cost Basis	71,478	48,236
Total	974,202	883,994
Other commercial and industrial | Commercial | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	123,774	276,355
Term loans amortized by cost basis, in one year prior to current fiscal year	198,836	93,880
Term loans amortized by cost basis, in two years prior to current fiscal year	67,438	54,207
Term loans amortized by cost basis, in three years prior to current fiscal year	36,804	60,596
Term loans amortized by cost basis, in four years prior to current fiscal year	15,906	9,712
Prior	7,958	6,032
Revolving Loans Amortized Cost Basis	403,726	345,279
Total	854,442	846,061
US commercial loans | Commercial
Financing Receivable, Credit Quality Indicator [Line Items]
Total	642,133	444,940
US commercial loans | Commercial | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	90,864	85,394
Term loans amortized by cost basis, in one year prior to current fiscal year	92,688	68,254
Term loans amortized by cost basis, in two years prior to current fiscal year	52,055	43,439
Term loans amortized by cost basis, in three years prior to current fiscal year	33,827	75,925
Term loans amortized by cost basis, in four years prior to current fiscal year	53,805	0
Prior	0	0
Revolving Loans Amortized Cost Basis	318,894	171,928
Total	642,133	444,940
Personal loans | Consumer | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	285,014	175,569
Term loans amortized by cost basis, in one year prior to current fiscal year	113,252	56,199
Term loans amortized by cost basis, in two years prior to current fiscal year	31,987	65,836
Term loans amortized by cost basis, in three years prior to current fiscal year	32,150	29,951
Term loans amortized by cost basis, in four years prior to current fiscal year	12,103	12,307
Prior	6,114	6,997
Revolving Loans Amortized Cost Basis	0	0
Total	480,620	346,859
Personal loans | Consumer | Performing | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	284,183	175,273
Term loans amortized by cost basis, in one year prior to current fiscal year	112,591	55,960
Term loans amortized by cost basis, in two years prior to current fiscal year	31,876	65,425
Term loans amortized by cost basis, in three years prior to current fiscal year	31,850	29,808
Term loans amortized by cost basis, in four years prior to current fiscal year	12,022	12,287
Prior	5,768	6,661
Revolving Loans Amortized Cost Basis	0	0
Total	478,290	345,414
Personal loans | Consumer | Nonperforming | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	831	296
Term loans amortized by cost basis, in one year prior to current fiscal year	661	239
Term loans amortized by cost basis, in two years prior to current fiscal year	111	411
Term loans amortized by cost basis, in three years prior to current fiscal year	300	143
Term loans amortized by cost basis, in four years prior to current fiscal year	81	20
Prior	346	336
Revolving Loans Amortized Cost Basis	0	0
Total	2,330	1,445
Credit lines | Consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Total	13,126	15,145
Credit lines | Consumer | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	0	0
Term loans amortized by cost basis, in one year prior to current fiscal year	0	0
Term loans amortized by cost basis, in two years prior to current fiscal year	0	0
Term loans amortized by cost basis, in three years prior to current fiscal year	0	0
Term loans amortized by cost basis, in four years prior to current fiscal year	0	0
Prior	0	0
Revolving Loans Amortized Cost Basis	12,826	14,775
Total	12,826	14,775
Credit lines | Consumer | Performing | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	0	0
Term loans amortized by cost basis, in one year prior to current fiscal year	0	0
Term loans amortized by cost basis, in two years prior to current fiscal year	0	0
Term loans amortized by cost basis, in three years prior to current fiscal year	0	0
Term loans amortized by cost basis, in four years prior to current fiscal year	0	0
Prior	0	0
Revolving Loans Amortized Cost Basis	12,710	14,549
Total	12,710	14,549
Credit lines | Consumer | Nonperforming | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	0	0
Term loans amortized by cost basis, in one year prior to current fiscal year	0	0
Term loans amortized by cost basis, in two years prior to current fiscal year	0	0
Term loans amortized by cost basis, in three years prior to current fiscal year	0	0
Term loans amortized by cost basis, in four years prior to current fiscal year	0	0
Prior	0	0
Revolving Loans Amortized Cost Basis	116	226
Total	116	226
Credit cards | Consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Total	42,872	46,795
Credit cards | Consumer | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	0	0
Term loans amortized by cost basis, in one year prior to current fiscal year	0	0
Term loans amortized by cost basis, in two years prior to current fiscal year	0	0
Term loans amortized by cost basis, in three years prior to current fiscal year	0	0
Term loans amortized by cost basis, in four years prior to current fiscal year	0	0
Prior	0	0
Revolving Loans Amortized Cost Basis	42,872	46,795
Total	42,872	46,795
Credit cards | Consumer | Performing | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	0	0
Term loans amortized by cost basis, in one year prior to current fiscal year	0	0
Term loans amortized by cost basis, in two years prior to current fiscal year	0	0
Term loans amortized by cost basis, in three years prior to current fiscal year	0	0
Term loans amortized by cost basis, in four years prior to current fiscal year	0	0
Prior	0	0
Revolving Loans Amortized Cost Basis	42,189	46,163
Total	42,189	46,163
Credit cards | Consumer | Nonperforming | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	0	0
Term loans amortized by cost basis, in one year prior to current fiscal year	0	0
Term loans amortized by cost basis, in two years prior to current fiscal year	0	0
Term loans amortized by cost basis, in three years prior to current fiscal year	0	0
Term loans amortized by cost basis, in four years prior to current fiscal year	0	0
Prior	0	0
Revolving Loans Amortized Cost Basis	683	632
Total	683	632
Overdraft | Consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Total	301	330
Overdraft | Consumer | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	0	0
Term loans amortized by cost basis, in one year prior to current fiscal year	0	0
Term loans amortized by cost basis, in two years prior to current fiscal year	0	0
Term loans amortized by cost basis, in three years prior to current fiscal year	0	0
Term loans amortized by cost basis, in four years prior to current fiscal year	0	0
Prior	0	0
Revolving Loans Amortized Cost Basis	301	330
Total	301	330
Overdraft | Consumer | Performing | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	0	0
Term loans amortized by cost basis, in one year prior to current fiscal year	0	0
Term loans amortized by cost basis, in two years prior to current fiscal year	0	0
Term loans amortized by cost basis, in three years prior to current fiscal year	0	0
Term loans amortized by cost basis, in four years prior to current fiscal year	0	0
Prior	0	0
Revolving Loans Amortized Cost Basis	301	330
Total	301	330
Overdraft | Consumer | Nonperforming | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	0	0
Term loans amortized by cost basis, in one year prior to current fiscal year	0	0
Term loans amortized by cost basis, in two years prior to current fiscal year	0	0
Term loans amortized by cost basis, in three years prior to current fiscal year	0	0
Term loans amortized by cost basis, in four years prior to current fiscal year	0	0
Prior	0	0
Revolving Loans Amortized Cost Basis	0	0
Total	0	0
Pass | Commercial secured by real estate | Commercial | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	220,035	183,820
Term loans amortized by cost basis, in one year prior to current fiscal year	177,775	120,855
Term loans amortized by cost basis, in two years prior to current fiscal year	110,809	114,208
Term loans amortized by cost basis, in three years prior to current fiscal year	118,518	94,864
Term loans amortized by cost basis, in four years prior to current fiscal year	50,454	52,439
Prior	159,721	183,026
Revolving Loans Amortized Cost Basis	69,523	45,178
Total	906,835	794,390
Pass | Other commercial and industrial | Commercial | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	123,659	276,165
Term loans amortized by cost basis, in one year prior to current fiscal year	198,776	93,809
Term loans amortized by cost basis, in two years prior to current fiscal year	67,147	45,976
Term loans amortized by cost basis, in three years prior to current fiscal year	35,678	57,989
Term loans amortized by cost basis, in four years prior to current fiscal year	13,807	6,106
Prior	7,863	6,004
Revolving Loans Amortized Cost Basis	397,944	330,072
Total	844,874	816,121
Pass | US commercial loans | Commercial | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	81,155	85,394
Term loans amortized by cost basis, in one year prior to current fiscal year	92,688	61,098
Term loans amortized by cost basis, in two years prior to current fiscal year	43,965	41,924
Term loans amortized by cost basis, in three years prior to current fiscal year	33,827	47,179
Term loans amortized by cost basis, in four years prior to current fiscal year	49,356	0
Prior	0	0
Revolving Loans Amortized Cost Basis	308,183	171,928
Total	609,174	407,523
Special Mention | Commercial secured by real estate | Commercial | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	1,899	654
Term loans amortized by cost basis, in one year prior to current fiscal year	0	628
Term loans amortized by cost basis, in two years prior to current fiscal year	6,007	32,578
Term loans amortized by cost basis, in three years prior to current fiscal year	17,004	4,581
Term loans amortized by cost basis, in four years prior to current fiscal year	2,095	4,053
Prior	13,934	5,102
Revolving Loans Amortized Cost Basis	439	643
Total	41,378	48,239
Special Mention | Other commercial and industrial | Commercial | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	3	78
Term loans amortized by cost basis, in one year prior to current fiscal year	60	23
Term loans amortized by cost basis, in two years prior to current fiscal year	31	8,076
Term loans amortized by cost basis, in three years prior to current fiscal year	654	2,213
Term loans amortized by cost basis, in four years prior to current fiscal year	1,819	3,525
Prior	21	0
Revolving Loans Amortized Cost Basis	3,823	13,642
Total	6,411	27,557
Special Mention | US commercial loans | Commercial | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	6,346	0
Term loans amortized by cost basis, in one year prior to current fiscal year	0	0
Term loans amortized by cost basis, in two years prior to current fiscal year	0	1,515
Term loans amortized by cost basis, in three years prior to current fiscal year	0	19,095
Term loans amortized by cost basis, in four years prior to current fiscal year	0	0
Prior	0	0
Revolving Loans Amortized Cost Basis	1,122	0
Total	7,468	20,610
Substandard | Commercial secured by real estate | Commercial | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	103	8,415
Term loans amortized by cost basis, in one year prior to current fiscal year	8,410	10,694
Term loans amortized by cost basis, in two years prior to current fiscal year	345	58
Term loans amortized by cost basis, in three years prior to current fiscal year	405	849
Term loans amortized by cost basis, in four years prior to current fiscal year	473	1,357
Prior	14,722	17,555
Revolving Loans Amortized Cost Basis	1,185	1,671
Total	25,643	40,599
Substandard | Other commercial and industrial | Commercial | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	112	112
Term loans amortized by cost basis, in one year prior to current fiscal year	0	48
Term loans amortized by cost basis, in two years prior to current fiscal year	260	155
Term loans amortized by cost basis, in three years prior to current fiscal year	472	394
Term loans amortized by cost basis, in four years prior to current fiscal year	280	81
Prior	74	28
Revolving Loans Amortized Cost Basis	1,920	1,513
Total	3,118	2,331
Substandard | US commercial loans | Commercial | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	3,363	0
Term loans amortized by cost basis, in one year prior to current fiscal year	0	7,156
Term loans amortized by cost basis, in two years prior to current fiscal year	8,090	0
Term loans amortized by cost basis, in three years prior to current fiscal year	0	9,651
Term loans amortized by cost basis, in four years prior to current fiscal year	4,449	0
Prior	0	0
Revolving Loans Amortized Cost Basis	9,589	0
Total	25,491	16,807
Doubtful | Commercial secured by real estate | Commercial | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	0	0
Term loans amortized by cost basis, in one year prior to current fiscal year	0	0
Term loans amortized by cost basis, in two years prior to current fiscal year	0	0
Term loans amortized by cost basis, in three years prior to current fiscal year	0	0
Term loans amortized by cost basis, in four years prior to current fiscal year	0	0
Prior	15	22
Revolving Loans Amortized Cost Basis	331	744
Total	346	766
Doubtful | Other commercial and industrial | Commercial | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	0	0
Term loans amortized by cost basis, in one year prior to current fiscal year	0	0
Term loans amortized by cost basis, in two years prior to current fiscal year	0	0
Term loans amortized by cost basis, in three years prior to current fiscal year	0	0
Term loans amortized by cost basis, in four years prior to current fiscal year	0	0
Prior	0	0
Revolving Loans Amortized Cost Basis	39	52
Total	39	52
Doubtful | US commercial loans | Commercial | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	0	0
Term loans amortized by cost basis, in one year prior to current fiscal year	0	0
Term loans amortized by cost basis, in two years prior to current fiscal year	0	0
Term loans amortized by cost basis, in three years prior to current fiscal year	0	0
Term loans amortized by cost basis, in four years prior to current fiscal year	0	0
Prior	0	0
Revolving Loans Amortized Cost Basis	0	0
Total	0	0
Loss | Commercial secured by real estate | Commercial | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	0	0
Term loans amortized by cost basis, in one year prior to current fiscal year	0	0
Term loans amortized by cost basis, in two years prior to current fiscal year	0	0
Term loans amortized by cost basis, in three years prior to current fiscal year	0	0
Term loans amortized by cost basis, in four years prior to current fiscal year	0	0
Prior	0	0
Revolving Loans Amortized Cost Basis	0	0
Total	0	0
Loss | Other commercial and industrial | Commercial | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	0	0
Term loans amortized by cost basis, in one year prior to current fiscal year	0	0
Term loans amortized by cost basis, in two years prior to current fiscal year	0	0
Term loans amortized by cost basis, in three years prior to current fiscal year	0	0
Term loans amortized by cost basis, in four years prior to current fiscal year	0	0
Prior	0	0
Revolving Loans Amortized Cost Basis	0	0
Total	0	0
Loss | US commercial loans | Commercial | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	0	0
Term loans amortized by cost basis, in one year prior to current fiscal year	0	0
Term loans amortized by cost basis, in two years prior to current fiscal year	0	0
Term loans amortized by cost basis, in three years prior to current fiscal year	0	0
Term loans amortized by cost basis, in four years prior to current fiscal year	0	0
Prior	0	0
Revolving Loans Amortized Cost Basis	0	0
Total	$ 0	$ 0

ALLOWANCE FOR CREDIT LOSSES (Na

ALLOWANCE FOR CREDIT LOSSES (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]
Decrease in allowance for credit losses	$ 3,300
Provision for (recapture of) credit losses	24,119	$ 221	$ 92,672
Net charge-off	(27,700)
Decrease in net charge-offs	22,100
Reclassification of loans held-for-investment portfolio to held-for-sale portfolio	$ 17,476	54,983	2,542
Number of commercial loans | loan	4
Number of commercial loans sold	2
Allowance for credit losses	$ 152,673	155,937	204,809
Changes in Economic and Loss Rate Models and Miscellaneous Reserves
Financing Receivable, Allowance for Credit Loss [Line Items]
Provision for (recapture of) credit losses	1,900
Loan sales
Financing Receivable, Allowance for Credit Loss [Line Items]
Net charge-offs recognized		30,100
Decrease in allowance for credit losses		20,400
Provision for (recapture of) credit losses		9,700
Financing Receivable, Loan Growth Member
Financing Receivable, Allowance for Credit Loss [Line Items]
Provision for (recapture of) credit losses	25,900
Commercial loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Decrease in net charge-offs	7,300
Allowance for credit losses	40,546	36,770	62,184
Commercial loans | Non-accruing
Financing Receivable, Allowance for Credit Loss [Line Items]
Provision for (recapture of) credit losses	11,800
Auto loans and leases
Financing Receivable, Allowance for Credit Loss [Line Items]
Decrease in net charge-offs	(8,900)
Allowance for credit losses	69,919	65,675	71,239
Consumer
Financing Receivable, Allowance for Credit Loss [Line Items]
Decrease in net charge-offs	(3,400)
Allowance for credit losses	23,278	19,175	25,310
Mortgage
Financing Receivable, Allowance for Credit Loss [Line Items]
Decrease in net charge-offs	27,100
Allowance for credit losses	18,930	34,317	46,076
PCD
Financing Receivable, Allowance for Credit Loss [Line Items]
Net charge-offs recognized	2,250	33,559	49,004
Provision for (recapture of) credit losses	(18,010)	7,760	7,185
Recoveries	7,220	5,877	3,596
Allowance for credit losses	10,832	23,872	43,794	$ 31,495
PCD | Commercial loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Net charge-offs recognized	69	12,241	36,097
Provision for (recapture of) credit losses	(6,855)	(2,585)	480
Recoveries	3,804	2,929	986
Allowance for credit losses	1,388	4,508	16,405	8,893
PCD | Commercial loans | Puerto Rico | Government
Financing Receivable, Allowance for Credit Loss [Line Items]
Recoveries	2,800
PCD | Auto loans and leases
Financing Receivable, Allowance for Credit Loss [Line Items]
Net charge-offs recognized	310	946	2,023
Provision for (recapture of) credit losses	(588)	(894)	187
Recoveries	657	1,209	1,464
Allowance for credit losses	71	312	943	947
PCD | Consumer
Financing Receivable, Allowance for Credit Loss [Line Items]
Net charge-offs recognized	176	22	542
Provision for (recapture of) credit losses	62	(317)	126
Recoveries	94	316	292
Allowance for credit losses	14	34	57	0
PCD | Mortgage
Financing Receivable, Allowance for Credit Loss [Line Items]
Net charge-offs recognized	1,695	20,350	10,342
Provision for (recapture of) credit losses	(10,629)	11,556	6,392
Recoveries	2,665	1,423	854
Allowance for credit losses	9,359	19,018	26,389	21,655
Non-PCD
Financing Receivable, Allowance for Credit Loss [Line Items]
Net charge-offs recognized	61,524	52,987	76,182
Provision for (recapture of) credit losses	42,418	(6,877)	86,532
Recoveries	28,882	30,914	26,423
Allowance for credit losses	141,841	132,065	161,015	85,044
Non-PCD | Commercial loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Net charge-offs recognized	13,380	8,788	4,979
Provision for (recapture of) credit losses	19,076	(7,130)	18,462
Charge-offs for previously reserved amount	12,300
Recoveries	1,200	2,401	2,741
Allowance for credit losses	39,158	32,262	45,779	25,993
Non-PCD | Auto loans and leases
Financing Receivable, Allowance for Credit Loss [Line Items]
Net charge-offs recognized	32,662	26,530	48,547
Provision for (recapture of) credit losses	16,016	(2,373)	51,233
Recoveries	21,131	23,970	19,494
Allowance for credit losses	69,848	65,363	70,296	31,878
Non-PCD | Consumer
Financing Receivable, Allowance for Credit Loss [Line Items]
Net charge-offs recognized	15,198	11,880	21,772
Provision for (recapture of) credit losses	16,084	2,868	16,579
Recoveries	3,237	2,900	3,582
Allowance for credit losses	23,264	19,141	25,253	18,446
Non-PCD | Mortgage
Financing Receivable, Allowance for Credit Loss [Line Items]
Net charge-offs recognized	284	5,789	884
Provision for (recapture of) credit losses	(8,758)	(242)	258
Recoveries	3,314	1,643	606
Allowance for credit losses	9,571	15,299	19,687	$ 8,727
Improved Macroeconomic Conditions
Financing Receivable, Allowance for Credit Loss [Line Items]
Provision for (recapture of) credit losses	(15,200)
COVID-19 Pandemic
Financing Receivable, Allowance for Credit Loss [Line Items]
Provision for (recapture of) credit losses			$ 39,900
Total Past Due
Financing Receivable, Allowance for Credit Loss [Line Items]
Reclassification of loans held-for-investment portfolio to held-for-sale portfolio		$ 65,500
Total Past Due | Non-PCD | Mortgage | Loan sales
Financing Receivable, Allowance for Credit Loss [Line Items]
Recoveries	$ 1,100

ALLOWANCE FOR CREDIT LOSSES (Al

ALLOWANCE FOR CREDIT LOSSES (Allowance for Credit Losses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of year	$ 155,937	$ 204,809
Provision for (recapture of) credit losses	24,119	221	$ 92,672
Balance at end of year	152,673	155,937	204,809
Commercial
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of year	36,770	62,184
Balance at end of year	40,546	36,770	62,184
Mortgage
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of year	34,317	46,076
Balance at end of year	18,930	34,317	46,076
Consumer
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of year	19,175	25,310
Balance at end of year	23,278	19,175	25,310
Auto loans and leases
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of year	65,675	71,239
Balance at end of year	69,919	65,675	71,239
Non-PCD
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of year	132,065	161,015	85,044
Provision for (recapture of) credit losses	42,418	(6,877)	86,532
Charge-offs	(61,524)	(52,987)	(76,182)
Recoveries	28,882	30,914	26,423
Balance at end of year	141,841	132,065	161,015
Non-PCD | Impact of ASC 326 adoption
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of year			39,198
Non-PCD | Commercial
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of year	32,262	45,779	25,993
Provision for (recapture of) credit losses	19,076	(7,130)	18,462
Charge-offs	(13,380)	(8,788)	(4,979)
Recoveries	1,200	2,401	2,741
Balance at end of year	39,158	32,262	45,779
Non-PCD | Commercial | Impact of ASC 326 adoption
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of year			3,562
Non-PCD | Mortgage
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of year	15,299	19,687	8,727
Provision for (recapture of) credit losses	(8,758)	(242)	258
Charge-offs	(284)	(5,789)	(884)
Recoveries	3,314	1,643	606
Balance at end of year	9,571	15,299	19,687
Non-PCD | Mortgage | Impact of ASC 326 adoption
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of year			10,980
Non-PCD | Consumer
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of year	19,141	25,253	18,446
Provision for (recapture of) credit losses	16,084	2,868	16,579
Charge-offs	(15,198)	(11,880)	(21,772)
Recoveries	3,237	2,900	3,582
Balance at end of year	23,264	19,141	25,253
Non-PCD | Consumer | Impact of ASC 326 adoption
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of year			8,418
Non-PCD | Auto loans and leases
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of year	65,363	70,296	31,878
Provision for (recapture of) credit losses	16,016	(2,373)	51,233
Charge-offs	(32,662)	(26,530)	(48,547)
Recoveries	21,131	23,970	19,494
Balance at end of year	69,848	65,363	70,296
Non-PCD | Auto loans and leases | Impact of ASC 326 adoption
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of year			16,238
PCD
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of year	23,872	43,794	31,495
Provision for (recapture of) credit losses	(18,010)	7,760	7,185
Charge-offs	(2,250)	(33,559)	(49,004)
Recoveries	7,220	5,877	3,596
Balance at end of year	10,832	23,872	43,794
PCD | Impact of ASC 326 adoption
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of year			50,522
PCD | Commercial
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of year	4,508	16,405	8,893
Provision for (recapture of) credit losses	(6,855)	(2,585)	480
Charge-offs	(69)	(12,241)	(36,097)
Recoveries	3,804	2,929	986
Balance at end of year	1,388	4,508	16,405
PCD | Commercial | Impact of ASC 326 adoption
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of year			42,143
PCD | Mortgage
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of year	19,018	26,389	21,655
Provision for (recapture of) credit losses	(10,629)	11,556	6,392
Charge-offs	(1,695)	(20,350)	(10,342)
Recoveries	2,665	1,423	854
Balance at end of year	9,359	19,018	26,389
PCD | Mortgage | Impact of ASC 326 adoption
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of year			7,830
PCD | Consumer
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of year	34	57	0
Provision for (recapture of) credit losses	62	(317)	126
Charge-offs	(176)	(22)	(542)
Recoveries	94	316	292
Balance at end of year	14	34	57
PCD | Consumer | Impact of ASC 326 adoption
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of year			181
PCD | Auto loans and leases
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of year	312	943	947
Provision for (recapture of) credit losses	(588)	(894)	187
Charge-offs	(310)	(946)	(2,023)
Recoveries	657	1,209	1,464
Balance at end of year	$ 71	$ 312	943
PCD | Auto loans and leases | Impact of ASC 326 adoption
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of year			$ 368

FORECLOSED REAL ESTATE (Foreclo

FORECLOSED REAL ESTATE (Foreclosed Real Estate Rollforward) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other Real Estate Owned Activity [Roll Forward]
Foreclosed real estate beginning balance	$ 15,039	$ 11,596	$ 29,909
Additions	7,872	18,221	3,654
Sales	(16,855)	(14,758)	(18,521)
Decline in value	(1,256)	(1,450)	(2,489)
Other adjustments	6,414	1,430	(957)
Foreclosed real estate ending balance	$ 11,214	$ 15,039	$ 11,596

PREMISES AND EQUIPMENT (Schedul

PREMISES AND EQUIPMENT (Schedule of Premises and Equipment) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	$ 178,871	$ 165,531
Less: accumulated depreciation and amortization	(72,051)	(73,407)
Total premises and equipment, net	106,820	92,124
Land
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	4,031	4,080
Buildings and improvements
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	$ 74,349	77,988
Buildings and improvements | Minimum
Property, Plant and Equipment [Line Items]
Useful Life (Years)	20 years
Buildings and improvements | Maximum
Property, Plant and Equipment [Line Items]
Useful Life (Years)	40 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	$ 17,901	20,929
Leasehold improvements | Minimum
Property, Plant and Equipment [Line Items]
Useful Life (Years)	1 year
Leasehold improvements | Maximum
Property, Plant and Equipment [Line Items]
Useful Life (Years)	10 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	$ 23,460	19,378
Furniture and fixtures | Minimum
Property, Plant and Equipment [Line Items]
Useful Life (Years)	3 years
Furniture and fixtures | Maximum
Property, Plant and Equipment [Line Items]
Useful Life (Years)	10 years
Information technology and other
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	$ 59,130	$ 43,156
Information technology and other | Minimum
Property, Plant and Equipment [Line Items]
Useful Life (Years)	3 years
Information technology and other | Maximum
Property, Plant and Equipment [Line Items]
Useful Life (Years)	7 years

PREMISES AND EQUIPMENT (Narrati

PREMISES AND EQUIPMENT (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Depreciation	$ 15.8	$ 14.1	$ 12.7

SERVICING ASSETS (Narrative) (D

SERVICING ASSETS (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Servicing Assets at Fair Value [Line Items]
Fair value of servicing asset	$ 50,921	$ 48,973	$ 47,295	$ 50,779
Servicing fees on mortgage loans	3,222	3,256	2,485
Conventional Mortgage Loan
Servicing Assets at Fair Value [Line Items]
Servicing fees on mortgage loans	$ 20,300	$ 21,400	$ 17,200

SERVICING ASSETS (Changes in Se

SERVICING ASSETS (Changes in Serving Rights at Fair Value) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Servicing Asset at Fair Value, Amount [Roll Forward]
Fair value at beginning of year	$ 48,973	$ 47,295	$ 50,779
Servicing from mortgage securitization or asset transfers	3,998	6,089	2,394
Changes due to payments on loans	(5,312)	(6,738)	(4,067)
Changes in fair value due to changes in valuation model inputs or assumptions	3,262	2,327	(1,811)
Fair value at end of year	$ 50,921	$ 48,973	$ 47,295

SERVICING ASSETS (Key Economic

SERVICING ASSETS (Key Economic Assumptions) (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Minimum
Servicing Assets at Fair Value [Line Items]
Constant prepayment rate	3.43%	3.90%	5.02%
Discount rate	10%	10%	10%
Maximum
Servicing Assets at Fair Value [Line Items]
Constant prepayment rate	21.20%	24.48%	35.22%
Discount rate	15.50%	15.50%	15.50%

SERVICING ASSETS (Sensitivity o

SERVICING ASSETS (Sensitivity of Current Fair Value of Servicing Assets) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Transfers and Servicing [Abstract]
Carrying value of mortgage servicing asset	$ 50,921	$ 48,973
Weighted average life (in years)	7 years 9 months 18 days	7 years 9 months 18 days
Constant prepayment rate - Decrease in fair value due to 10% adverse change	$ (956)	$ (1,020)
Constant prepayment rate - Decrease in fair value due to 20% adverse change	(1,880)	(2,004)
Discount rate - Decrease in fair value due to 10% adverse change	(2,265)	(2,175)
Discount rate - Decrease in fair value due to 20% adverse change	$ (4,356)	$ (4,183)

DERIVATIVES (Narrative) (Detail

DERIVATIVES (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Notional amount of derivative contracts outstanding	$ 26,600	$ 28,500
Derivative assets	406	1
Derivative liabilities	$ 0	$ 804

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS (Schedule Of Goodwill) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Goodwill [Roll Forward]
Goodwill, Beginning Balance	$ 86,069
Goodwill written off related to sale of business unit	(1,828)
Goodwill, Ending Balance	84,241
Banking
Goodwill [Roll Forward]
Goodwill, Beginning Balance	84,063
Goodwill written off related to sale of business unit	0
Goodwill, Ending Balance	84,063
Wealth Management
Goodwill [Roll Forward]
Goodwill, Beginning Balance	2,006
Goodwill written off related to sale of business unit	(1,828)
Goodwill, Ending Balance	178
Treasury
Goodwill [Roll Forward]
Goodwill, Beginning Balance	0
Goodwill written off related to sale of business unit	0
Goodwill, Ending Balance	$ 0

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Increase (decrease) in carrying amount of goodwill		$ 0	$ 0
Accumulated impairment losses	$ 0	0	0
Impairment of goodwill	0	0
Amortization of intangible assets	$ 8,500,000	$ 9,803,000	$ 11,069,000

GOODWILL AND OTHER INTANGIBLE_5

GOODWILL AND OTHER INTANGIBLE ASSETS (Schedule of Core Deposit, Customer Relationship and Other Intangibles) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 54,200	$ 69,722
Accumulated Amortization	26,607	33,629
Net Carrying Value	27,593	36,093
Core deposit intangibles
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	41,507	51,402
Accumulated Amortization	20,376	23,772
Net Carrying Value	21,131	27,630
Customer relationship intangibles
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	12,693	17,753
Accumulated Amortization	6,231	9,385
Net Carrying Value	$ 6,462	8,368
Other intangibles
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount		567
Accumulated Amortization		472
Net Carrying Value		$ 95

GOODWILL AND OTHER INTANGIBLE_6

GOODWILL AND OTHER INTANGIBLE ASSETS (Estimated Amortization of Other Intangible Assets) (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 6,898
2024	5,913
2025	4,927
2026	3,942
2027	2,956
Thereafter	$ 2,957

ACCRUED INTEREST RECEIVABLE A_3

ACCRUED INTEREST RECEIVABLE AND OTHER ASSETS (Schedule of Accrued Interest Receivable) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued interest receivable	$ 62,402	$ 56,560
Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued interest receivable	58,144	54,794
Investments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued interest receivable	$ 4,258	$ 1,766

ACCRUED INTEREST RECEIVABLE A_4

ACCRUED INTEREST RECEIVABLE AND OTHER ASSETS (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other assets [Line Items]
Allowance for credit losses	$ 152,673	$ 155,937	$ 204,809
Prepaid expenses	54,875	61,061
Prepaid municipal, property, and income taxes	47,200	54,600
Other repossessed assets	4,617	1,945
COVID-19 and Hurricane Fiona Deferral Program Loans
Other assets [Line Items]
Accrued interest receivable	21,800	23,900
COVID-19 and Hurricane Fiona Deferral Program Loans | Accrued Income Receivable
Other assets [Line Items]
Allowance for credit losses	144	161
COVID-19 and Hurricane Fiona Deferral Program Loans | Current
Other assets [Line Items]
Accrued interest receivable	$ 20,700	$ 21,500

ACCRUED INTEREST RECEIVABLE A_5

ACCRUED INTEREST RECEIVABLE AND OTHER ASSETS (Other Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accrued Interest Receivable and Other Assets [Abstract]
Prepaid expenses	$ 54,875	$ 61,061
Other repossessed assets	4,617	1,945
Investment in Statutory Trust	0	1,083
Accounts receivable and other assets	61,420	88,756
Other assets	$ 120,912	$ 152,845

DEPOSITS AND RELATED INTEREST_2

DEPOSITS AND RELATED INTEREST (Deposits by Components) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deposits and Related Interest [Abstract]
Non-interest-bearing demand deposits	$ 2,630,458	$ 2,501,644
Interest-bearing savings and demand deposits	4,774,265	4,880,476
Retail certificates of deposit	979,545	1,007,577
Institutional certificates of deposit	172,725	202,050
Total core deposits	8,556,993	8,591,747
Brokered deposits	11,371	11,371
Total deposits	$ 8,568,364	$ 8,603,118

DEPOSITS AND RELATED INTEREST_3

DEPOSITS AND RELATED INTEREST (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deposits and Related Interest [Line Items]
Uninsured deposits	$ 3,498,000	$ 3,270,000
Weighted average interest rate of deposits	0.41%	0.49%
Time deposits in denominations in excess of $250,000	$ 384,400	$ 360,800
Deposits	8,568,364	8,603,118
Public funds collateral investments	367,300	228,900
Accrued interest on time deposits	682	736
Overdrafts in demand deposit accounts	495	491
Government | Puerto Rico
Deposits and Related Interest [Line Items]
Deposits	$ 284,200	$ 183,800

DEPOSITS AND RELATED INTEREST_4

DEPOSITS AND RELATED INTEREST (Interest Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deposits and Related Interest [Abstract]
Demand and savings deposits	$ 24,261	$ 23,713	$ 25,798
Certificates of deposit	7,978	15,301	34,400
Total	$ 32,239	$ 39,014	$ 60,198

DEPOSITS AND RELATED INTEREST_5

DEPOSITS AND RELATED INTEREST (Maturities of Time Deposits) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Year-end amount, Within One Year
Three months or less	$ 238,776	$ 252,513
Over 3 months through 6 months	152,940	147,400
Over 6 months through 1 year	262,976	239,830
Within one year	654,692	639,743
Year-end amount, after one year:
Over 1 through 2 years	279,034	328,177
Over 2 through 3 years	136,732	114,403
Over 3 through 4 years	51,505	77,604
Over 4 through 5 years	39,888	58,918
Over 5 years	1,108	1,417
Certificates of deposit	1,162,959	1,220,262
Uninsured amount, within one year:
Three months or less	29,503	25,003
Over 3 months through 6 months	18,238	12,113
Over 6 months through 1 year	59,093	45,280
Within one year	106,834	82,396
Uninsured amount, after one year:
Over 1 through 2 years	64,109	60,108
Over 2 through 3 years	26,481	18,578
Over 3 through 4 years	8,276	22,536
Over 4 through 5 years	2,230	8,505
Over 5 years	0	0
Uninsured amount	$ 207,930	$ 192,123

BORROWINGS AND RELATED INTERE_3

BORROWINGS AND RELATED INTEREST (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2003
Debt Instrument [Line Items]
Loans, gross	$ 6,835,322	$ 6,402,586
Trust redeemable preferred securities issued		35,000		$ 35,000
Gain on early extinguishment of debt	$ 42	(1,481)	$ (63)
Advances from the Federal Home Loan Bank
Debt Instrument [Line Items]
Minimum amount of qualifying collateral	110%
Additional borrowing capacity	$ 628,100	$ 697,300
Weighted average period remaining maturity of FHLB advances	3 days	3 days
Original debt instrument term of FHLB advances	1 month
Accrued interest payable	$ 103	$ 8
Advances from the Federal Home Loan Bank | Asset Pledged as Collateral
Debt Instrument [Line Items]
Loans, gross	951,100	$ 949,000
Junior Subordinated Debt
Debt Instrument [Line Items]
Par value of subordinated deferrable interest debenture	36,100			$ 36,100
Write off of unamortized issuance costs	405
Gain on early extinguishment of debt	$ 42
Effective interest rate	3.23%
Junior Subordinated Debt | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	2.95%

BORROWINGS AND RELATED INTERE_4

BORROWINGS AND RELATED INTEREST (Schedule of Federal Home Loan Bank Advances And Maturity) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Advances from Federal Home Loan Bank	$ 26,716	$ 28,488
Advances from the Federal Home Loan Bank
Debt Instrument [Line Items]
Advances from Federal Home Loan Bank	$ 26,613	$ 28,480
Weighted average interest rate of FHLB advances	4.46%	0.35%
Advances from the Federal Home Loan Bank | Under 90 days
Debt Instrument [Line Items]
Advances from Federal Home Loan Bank	$ 26,613	$ 28,480

EMPLOYEE BENEFIT PLAN (Narrativ

EMPLOYEE BENEFIT PLAN (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Retirement Benefits [Abstract]
Maximum annual contributions per employee	$ 20,500
Amount of employer match	$ 0.50
Employer matching contribution, percent of match	4%
Cash contributions	$ 2,400,000	$ 2,300,000	$ 2,300,000
Vesting service period (in years)	3 years

RELATED PARTY TRANSACTIONS (Act

RELATED PARTY TRANSACTIONS (Activity and Balance of Related Party Loans) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Notes Receivable, Related Parties [Roll Forward]
Balance at the beginning of year	$ 25,915	$ 21,112	$ 22,312
New loans and disbursements	9,706	8,233	17,896
Repayments	(2,829)	(3,430)	(19,096)
Balance at the end of year	$ 32,792	$ 25,915	$ 21,112

RELATED PARTY TRANSACTIONS (Nar

RELATED PARTY TRANSACTIONS (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Professional services purchased from related party	$ 4.3	$ 5	$ 3.2
Subsidiaries | Equity Investment Commitment
Related Party Transaction [Line Items]
Commitment amount	3
Investment in partnership	$ 2.4	$ 1.8

INCOME TAXES (Narrative) (Detai

INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Examination [Line Items]
Statutory tax rate (as a percent)	37.50%
Tax-exempt interest income	$ 26,300	$ 14,400	$ 15,200
Effective tax rate (as a percent)	31.90%	31.90%	21.62%
Unrecognized tax benefits	$ 867	$ 798
Unrecognized tax benefits, income tax penalties and interest accrued	69	70
Net increase in unrecognized tax benefit	69
Valuation allowance	9,143	9,645
Deferred tax asset, net	55,485	99,063
Increase (decrease) in valuation allowance	(502)
International Banking Entity
Income Tax Examination [Line Items]
Tax-exempt interest income	$ 4,400	$ 9,500	$ 4,100

INCOME TAXES (Components of Inc

INCOME TAXES (Components of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Current income tax expense (benefit)	$ 16,740	$ 4,836	$ (7,347)
Deferred income tax expense	61,126	63,616	27,846
Total income tax expense	$ 77,866	$ 68,452	$ 20,499

INCOME TAXES (Effective Income

INCOME TAXES (Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Income tax expense at statutory rates	$ 91,539	$ 80,476	$ 35,567
Tax of exempt income, net	(11,523)	(9,489)	(7,272)
Disallowed net operating loss carryover	(267)	(179)	202
Change in valuation allowance	(502)	803	2,267
Unrecognized tax benefits, net	69	70	(1,941)
Capital gain at preferential rate	(787)	(3)	(450)
Tax rate difference (ordinary vs capital)	(247)	(480)	(4,218)
Bargain purchase gain	0	0	(2,751)
Return to provision adjustments	(407)	(933)	(1,099)
Foreign tax credit	0	187	361
Other items, net	(9)	(2,000)	(167)
Total income tax expense	$ 77,866	$ 68,452	$ 20,499
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Income tax expense at statutory rates	37.50%	37.50%	37.50%
Tax of exempt income, net	(4.72%)	(4.42%)	(7.67%)
Disallowed net operating loss carryover	(0.11%)	(0.08%)	0.21%
Change in valuation allowance	(0.21%)	0.37%	2.39%
Unrecognized tax benefits, net	0.03%	0.03%	(2.05%)
Capital gain at preferential rate	(0.32%)	0%	(0.47%)
Tax rate difference (ordinary vs capital)	(0.10%)	(0.22%)	(4.45%)
Bargain purchase gain	0%	0%	(2.90%)
Return to provision adjustments	(0.17%)	(0.43%)	(1.16%)
Foreign tax credit	0%	0.09%	0.38%
Other items, net	0%	(0.94%)	(0.16%)
Income tax expense	31.90%	31.90%	21.62%

INCOME TAXES (Reconciliation of

INCOME TAXES (Reconciliation of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of year	$ 798	$ 728	$ 2,668
Additions for tax positions of prior years	69	70	50
Reduction for tax positions as a result of lapse of statute of limitations or new information resulting in a change in assessment	0	0	(1,990)
Balance at end of year	$ 867	$ 798	$ 728

INCOME TAXES (Components of Def

INCOME TAXES (Components of Deferred Tax Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax asset:
Allowance for credit losses and other reserves	$ 57,273	$ 61,009
Scotiabank PR discount	1,453	2,053
Loans and other real estate valuation adjustment	2,313	3,660
Deferred loan charge-offs	72,376	115,661
Net operating loss carry forwards	9,022	8,460
Alternative minimum tax	14,467	15,385
Unrealized net loss included in other comprehensive income	0	301
Unrealized net loss on available-for-sale securities	16,422	0
Goodwill	10,252	16,961
Acquired portfolio	45,761	53,687
Other assets allowances	1,538	929
Other deferred tax assets	16,570	20,291
Total gross deferred tax asset	247,447	298,397
Less: valuation allowance	(9,143)	(9,645)
Net gross deferred tax assets	238,304	288,752
Deferred tax liability:
Acquired loans tax basis	(137,195)	(137,402)
FDIC-assisted Eurobank acquisition, net	(5,760)	(6,636)
Customer deposit and customer relationship intangibles	(7,314)	(10,324)
Building valuation adjustment	(6,540)	(6,976)
Unrealized net gain on available-for-sale securities	0	(1,572)
Unrealized net loss included in other comprehensive income	(152)	0
Servicing asset	(16,041)	(15,311)
Other deferred tax liabilities	(9,817)	(11,468)
Total gross deferred tax liabilities	(182,819)	(189,689)
Net deferred tax asset	$ 55,485	$ 99,063

REGULATORY CAPITAL REQUIREMEN_3

REGULATORY CAPITAL REQUIREMENTS (Details) $ in Thousands	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
OFG Bancorp
Amount
Actual - Total capital to risk-weighted assets	$ 1,132,658	$ 1,086,897
Actual - Tier 1 capital to risk-weighted assets	1,037,385	999,284
Actual - Common equity tier 1 capital to risk-weighted assets	1,037,385	964,284
Actual - Tier 1 capital to average total assets	1,037,385	999,284
Minimum Capital Requirement - Total capital to risk-weighted assets	798,574	735,512
Minimum Capital Requirement - Tier 1 capital to risk-weighted assets	646,465	595,414
Minimum Capital Requirement - Common equity tier 1 capital to risk-weighted assets	532,383	490,341
Minimum Capital Requirement - Tier 1 capital to average total assets	400,445	412,359
Minimum to be Well Capitalized - Total capital to risk-weighted assets	760,547	700,488
Minimum to be Well Capitalized - Tier 1 capital to risk-weighted assets	608,437	560,390
Minimum to be Well Capitalized - Common equity tier 1 capital to risk-weighted assets	494,355	455,317
Minimum to be Well Capitalized - Tier 1 capital to average total assets	$ 500,557	$ 515,449
Ratio
Actual - total capital to risk-weighted assets	0.1489	0.1552
Actual - Tier 1 capital to risk-weighted assets	0.1364	0.1427
Actual - Common equity tier 1 capital to risk-weighted assets	13.64%	13.77%
Actual - Tier 1 capital to average total assets	0.1036	0.0969
Minimum Capital Requirement - Total capital to risk-weighted assets	0.1050	0.1050
Minimum Capital Requirement - Tier 1 capital to risk-weighted assets	0.0850	0.0850
Minimum Capital Requirement - Common equity tier 1 capital to risk-weighted assets	7%	7%
Minimum Capital Requirement - Tier 1 capital to average total assets	0.0400	0.0400
Minimum to be Well Capitalized - Total capital to risk-weighted assets	0.1000	0.1000
Minimum to be Well Capitalized - Tier 1 capital to risk-weighted assets	0.0800	0.0800
Minimum to be Well Capitalized - Common equity tier 1 capital to risk-weighted assets	6.50%	6.50%
Minimum to be Well Capitalized - Tier 1 capital to average total assets	0.0500	0.0500
Bank
Amount
Actual - Total capital to risk-weighted assets	$ 1,028,126	$ 995,549
Actual - Tier 1 capital to risk-weighted assets	933,494	908,717
Actual - Common equity tier 1 capital to risk-weighted assets	933,494	908,717
Actual - Tier 1 capital to average total assets	933,494	908,717
Minimum Capital Requirement - Total capital to risk-weighted assets	793,124	728,867
Minimum Capital Requirement - Tier 1 capital to risk-weighted assets	642,053	590,035
Minimum Capital Requirement - Common equity tier 1 capital to risk-weighted assets	528,749	485,911
Minimum Capital Requirement - Tier 1 capital to average total assets	396,525	409,855
Minimum to be Well Capitalized - Total capital to risk-weighted assets	755,356	694,159
Minimum to be Well Capitalized - Tier 1 capital to risk-weighted assets	604,285	555,327
Minimum to be Well Capitalized - Common equity tier 1 capital to risk-weighted assets	490,981	451,203
Minimum to be Well Capitalized - Tier 1 capital to average total assets	$ 495,656	$ 512,319
Ratio
Actual - total capital to risk-weighted assets	0.1361	0.1434
Actual - Tier 1 capital to risk-weighted assets	0.1236	0.1309
Actual - Common equity tier 1 capital to risk-weighted assets	12.36%	13.09%
Actual - Tier 1 capital to average total assets	0.0942	0.0887
Minimum Capital Requirement - Total capital to risk-weighted assets	0.1050	0.1050
Minimum Capital Requirement - Tier 1 capital to risk-weighted assets	0.0850	0.0850
Minimum Capital Requirement - Common equity tier 1 capital to risk-weighted assets	7%	7%
Minimum Capital Requirement - Tier 1 capital to average total assets	0.0400	0.0400
Minimum to be Well Capitalized - Total capital to risk-weighted assets	0.1000	0.1000
Minimum to be Well Capitalized - Tier 1 capital to risk-weighted assets	0.0800	0.0800
Minimum to be Well Capitalized - Common equity tier 1 capital to risk-weighted assets	6.50%	6.50%
Minimum to be Well Capitalized - Tier 1 capital to average total assets	0.0500	0.0500

EQUITY-BASED COMPENSATION PLA_2

EQUITY-BASED COMPENSATION PLAN (Equity-Based Compensation Plan) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Number Of Options
Number of options - Beginning of period (in shares)	338,494	481,444	634,294
Number of options - Options exercised (in shares)	(103,544)	(140,850)	(119,500)
Number of options - Options forfeited (in shares)	0	(2,100)	(33,350)
Number of options - End of period (in shares)	234,950	338,494	481,444
Weighted Average Exercise Price
Weighted Average Exercise Price - Beginning of period (in dollars per share)	$ 15.76	$ 15.10	$ 14.60
Weighted Average Exercise Price - Options exercised (in dollars per share)	14.34	13.51	12.36
Weighted Average Exercise Price - Options forfeited (in dollars per share)	0	16.55	15.42
Weighted Average Exercise Price - End of period (in dollars per share)	$ 16.38	$ 15.76	$ 15.10

EQUITY-BASED COMPENSATION PLA_3

EQUITY-BASED COMPENSATION PLAN (Range of Exercise Prices and Weighted Average Remaining Contractual Life) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of options, outstanding (in shares)	234,950	338,494	481,444	634,294
Aggregate intrinsic value, outstanding	$ 2,626,986
Weighted average exercise price, outstanding (in dollars per share)	$ 16.38	$ 15.76	$ 15.10	$ 14.60
Weighted average contractual life remaining, outstanding (in years)	1 year 3 months 18 days
Number of options, exercisable (in shares)	234,950
Aggregate intrinsic value, exercisable	$ 2,626,986
Weighted average exercise price, exercisable (in dollars per share)	$ 16.38
14.09 to 16.90
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of exercise prices, minimum (in dollars per share)	14.09
Range of exercise prices, maximum (in dollars per share)	$ 16.90
Number of options, outstanding (in shares)	139,700
Weighted average exercise price, outstanding (in dollars per share)	$ 15.66
Weighted average contractual life remaining, outstanding (in years)	1 year 1 month 6 days
Number of options, exercisable (in shares)	139,700
Weighted average exercise price, exercisable (in dollars per share)	$ 15.66
16.91 to 19.71
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of exercise prices, minimum (in dollars per share)	16.91
Range of exercise prices, maximum (in dollars per share)	$ 19.71
Number of options, outstanding (in shares)	95,250
Weighted average exercise price, outstanding (in dollars per share)	$ 17.44
Weighted average contractual life remaining, outstanding (in years)	1 year 7 months 6 days
Number of options, exercisable (in shares)	95,250
Weighted average exercise price, exercisable (in dollars per share)	$ 17.44

EQUITY-BASED COMPENSATION PLA_4

EQUITY-BASED COMPENSATION PLAN (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Payment Arrangement [Abstract]
Number of options granted (in shares)	0	0	0
Total unrecognized compensation cost related to non-vested restricted units	$ 4.8
Weighted-average period of recognition for total unrecognized compensation cost related to non-vested restricted units (in years)	1 year 8 months 12 days

EQUITY-BASED COMPENSATION PLA_5

EQUITY-BASED COMPENSATION PLAN (Schedule of the Restricted Units' Activity Under the Omnibus Plan) (Details) - Omnibus Plan - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restricted Units
Beginning of year (in shares)	511,740	529,770	379,150
Restricted units granted (in shares)	178,281	205,440	257,850
Restricted units lapsed (in shares)	(277,866)	(218,188)	(102,525)
Restricted units forfeited (in shares)	(3,323)	(5,282)	(4,705)
End of year (in shares)	408,832	511,740	529,770
Weighted Average Grant Date Fair Value
Beginning of year (in dollars per share)	$ 19.35	$ 15.58	$ 15.32
Restricted units granted (in dollars per share)	27.89	18.76	16.82
Restricted units lapsed (in dollars per share)	17.08	13.85	14.74
Restricted units forfeited (in dollars per share)	22.89	19.38	15.93
End of year (in dollars per share)	$ 22.27	$ 19.35	$ 15.58

STOCKHOLDERS_ EQUITY (Narrative

STOCKHOLDERS’ EQUITY (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jan. 31, 2022
Equity, Class of Treasury Stock [Line Items]
Common stock	$ 59,885	$ 59,885
Legal surplus	133,900	117,700
Transfer to legal surplus	16,200	14,400
Stock repurchase program, authorized amount	$ 100,000	$ 50,000	$ 70,000	$ 100,000
Shares repurchased during period (in shares)	2,351,868	2,052,429	175,000
Shares purchased (in shares)	0	0	0
Common shares repurchased	$ 64,110	$ 49,872	$ 2,226
Share repurchased, average price per share (in dollars per share)	$ 27.26	$ 24.29	$ 12.69
Stock repurchase program, remaining number of shares authorized to be repurchased (in shares)	1,302,242
Stock repurchase program, remaining authorized repurchase amount	$ 35,900
Share price (in dollars per share)	$ 27.56
Preferred stock
Equity, Class of Treasury Stock [Line Items]
Redemption of preferred stock		$ 92,000
Preferred stock, redemption price (in dollars per share)		$ 25
Common stock
Equity, Class of Treasury Stock [Line Items]
Accumulated common stock issuance costs charged against paid in capital	$ 13,600	$ 13,600

STOCKHOLDERS_ EQUITY (Activity

STOCKHOLDERS’ EQUITY (Activity of Common Shares Held in Treasury) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Shares
Beginning of period (in shares)	10,248,882	8,498,163	8,486,278
Common shares used upon lapse of restricted stock units and options (in shares)	(296,891)	(301,710)	(163,115)
Common shares repurchased as part of the stock repurchase programs (in shares)	2,351,868	2,052,429	175,000
End of period (in shares)	12,303,859	10,248,882	8,498,163
Dollar Amount
Beginning of period	$ 150,572	$ 102,949	$ 102,339
Common shares used upon lapse of restricted stock units and options	(3,547)	(2,249)	(1,616)
Common shares repurchased as part of the stock repurchase programs	64,110	49,872	2,226
End of period	$ 211,135	$ 150,572	$ 102,949

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Accumulated Comprehensive Income, Net of Income Tax) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized gain (loss) on cash flow hedges	$ 1,210	$ 908	$ (804)
Accumulated other comprehensive (loss) income, net of income taxes	(93,409)	5,160
AOCI Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive (loss) income, net of income taxes	(93,409)	5,160
Net unrealized gain (loss) on securities available-for-sale
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized (loss) gain on securities available-for-sale	(110,036)	7,292
Income tax effect of unrealized loss (gain) on securities available-for-sale	16,373	(1,629)
Net unrealized (loss) gain on securities available-for-sale	(93,663)	5,663
Net unrealized gain (loss) on cash flow hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized gain (loss) on cash flow hedges	406	(804)
Income tax effect of unrealized (gain) loss on cash flow hedges	(152)	301
Net unrealized gain (loss) on cash flow hedges	$ 254	$ (503)

ACCUMULATED OTHER COMPREHENSI_4

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Changes in Other Comprehensive Income by Components) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of year	$ 1,069,160	$ 1,085,975
Other comprehensive (loss) income before reclassifications	(99,063)	(7,528)	$ 5,312
Amounts reclassified out of accumulated other comprehensive loss	494	1,666	6,718
Other comprehensive (loss) income	(98,569)	(5,862)	12,030
Balance at end of year	1,042,406	1,069,160	1,085,975
Net unrealized gain (loss) on securities available-for-sale
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of year	5,663	12,092	(441)
Other comprehensive (loss) income before reclassifications	(99,087)	(6,454)	7,803
Amounts reclassified out of accumulated other comprehensive loss	(239)	25	4,730
Other comprehensive (loss) income	(99,326)	(6,429)	12,533
Balance at end of year	(93,663)	5,663	12,092
Net unrealized gain (loss) on cash flow hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of year	(503)	(1,070)	(567)
Other comprehensive (loss) income before reclassifications	24	(1,074)	(2,491)
Amounts reclassified out of accumulated other comprehensive loss	733	1,641	1,988
Other comprehensive (loss) income	757	567	(503)
Balance at end of year	254	(503)	(1,070)
Accumulated other comprehensive (loss) income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of year	5,160	11,022	(1,008)
Balance at end of year	$ (93,409)	$ 5,160	$ 11,022

ACCUMULATED OTHER COMPREHENSI_5

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Reclassifications Out of Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net interest expense	$ 33,493	$ 41,829	$ 64,915
Income tax expense	77,866	68,452	20,499
Net income	166,239	146,151	74,327
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Gain on sale of investments	(247)	19	4,728
Net income	494	1,666	6,718
Reclassification out of Accumulated Other Comprehensive Income | Net unrealized gain (loss) on securities available-for-sale
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income tax expense	8	6	2
Reclassification out of Accumulated Other Comprehensive Income | Interest Rate Contract | Net unrealized gain (loss) on cash flow hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net interest expense	$ 733	$ 1,641	$ 1,988

EARNINGS PER COMMON SHARE (Sche

EARNINGS PER COMMON SHARE (Schedule of Earnings Per Share Basic and Diluted) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income	$ 166,239	$ 146,151	$ 74,327
Income available to common shareholders	$ 166,239	$ 144,896	$ 67,815
Average common shares outstanding (in shares)	48,033	50,956	51,358
Average potential common shares-options (in shares)	403	414	197
Total weighted average common shares outstanding and equivalents (in shares)	48,436	51,370	51,555
Earnings per common share - basic (in dollars per share)	$ 3.46	$ 2.85	$ 1.32
Earnings per common share - diluted (in dollars per share)	$ 3.44	$ 2.81	$ 1.32
Preferred Non-Convertible Stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Non-convertible preferred stock (Series A, B, and D)	$ 0	$ (1,255)	$ (6,512)

EARNINGS PER COMMON SHARE (Narr

EARNINGS PER COMMON SHARE (Narrative) (Details) - $ / shares	3 Months Ended		12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average stock options with an anti dilutive effect excluded from calculation of earnings per share (in shares)			1,279	3,175	7,481
Quarterly common stock cash dividend (in dollars per share)	$ 0.20	$ 0.12	$ 0.70	$ 0.40	$ 0.28

GUARANTEES (Narrative) (Details

GUARANTEES (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Guarantor Obligations [Line Items]
Acquired standby letters of credit and financial guarantees	$ 24,700	$ 25,200
Repurchased loans not subject to credit recourse provision	24,200	38,900
Gain (loss) from early extinguishment of debt	42	(1,481)	$ (63)
Amount of serviced loans	5,800,000	5,700,000
Funds advanced to investors under servicing agreements	7,800	12,900
Recourse
Guarantor Obligations [Line Items]
Unpaid principal balance of residential subject loans subject to credit recourse	110,891	121,778
Repurchased GNMA	1,500	3,100	481
Liability for estimated credit losses to loans sold with credit recourse	147	294
Gain (loss) from early extinguishment of debt	148	(157)	658
Nonrecourse
Guarantor Obligations [Line Items]
Gain (loss) from early extinguishment of debt	281	(4,300)	$ (2,200)
Loan serviced under representation warranties | Nonrecourse
Guarantor Obligations [Line Items]
Unpaid principal balance of residential subject loans subject to credit recourse	$ 1,400	$ 3,400

GUARANTEES (Changes in Liabilit

GUARANTEES (Changes in Liability of Estimated Loss from Credit Recourse Agreement) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross [Roll Forward]
Balance at beginning of year	$ 294	$ 218	$ 985
Net recoveries (charge-offs/terminations)	(147)	76	(767)
Balance at end of year	$ 147	$ 294	$ 218

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Summarized Credit-Related Financial Instruments) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments to extend credit	$ 1,403,118	$ 1,365,273
Commercial letters of credit	1,082	48,196
Standby letters of credit and financial guarantees	24,749	25,203
Recourse
Other Commitments [Line Items]
Loans sold with recourse	$ 110,891	$ 121,778

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Other Commitments [Line Items]
Allowance for credit losses for off-balance sheet	$ 734	$ 1,000
Other non-credit commitments	21,500	8,900
Contingency loss accrued liability	2,400	7,000
Technology Commitments
Other Commitments [Line Items]
Commitments for capital expenditures in technology	$ 8,600	$ 15,400

OPERATING LEASES (Operating Lea

OPERATING LEASES (Operating Lease Cost) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Lessee Disclosure [Abstract]
Lease costs	$ 10,467	$ 11,417	$ 13,233
Variable lease costs	1,529	1,881	2,133
Short-term lease cost	565	859	800
Lease income	(226)	(442)	(499)
Total lease cost	$ 12,335	$ 13,715	$ 15,667

OPERATING LEASES (Operating L_2

OPERATING LEASES (Operating Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Lessee Disclosure [Abstract]
Right-of-use assets	$ 25,363	$ 28,846
Lease Liabilities	$ 27,370	$ 30,498

OPERATING LEASES (Operating L_3

OPERATING LEASES (Operating Lease Terms) (Details)	Dec. 31, 2022	Dec. 31, 2021
Lessee Disclosure [Abstract]
Weighted-average remaining lease term (in years)	5 years 1 month 6 days	5 years 7 months 6 days
Weighted-average discount rate (percentage)	6.80%	6.60%

OPERATING LEASES (Future Minimu

OPERATING LEASES (Future Minimum Payments for Operating Leases and Present Value) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Lessee Disclosure [Abstract]
2023	$ 9,326
2024	7,134
2025	5,127
2026	3,106
2027	2,290
Thereafter	5,773
Total lease payments	32,756
Less imputed interest	5,386
Present value of lease liabilities	$ 27,370	$ 30,498

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS (Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers into Level 3		$ 1.5
Transfers for financial instruments measured at fair value on a recurring basis	$ 0		$ 0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of security categorized as other debt	1

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS (Assets and Liabilities on Recurring and Non-Recurring Basis) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available-for-sale	$ 1,412,776	$ 510,713
Trading securities	9	20
Money market investments	$ 4,161	$ 8,952	$ 11,908
DerivativeAssetStatementOfFinancialPositionExtensibleEnumerationNotDisclosedFlag	Derivative assets	Derivative assets
Derivative assets	$ 406	$ 1
Servicing assets	$ 50,921	$ 48,973	47,295	$ 50,779
DerivativeLiabilityCurrentStatementOfFinancialPositionExtensibleEnumerationNotDisclosedFlag	Derivative liabilities	Derivative liabilities
Foreclosed real estate	$ 11,214	$ 15,039	$ 11,596	$ 29,909
Other repossessed assets	4,617	1,945
Recurring fair value measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available-for-sale	1,412,776	510,713
Trading securities	9	20
Money market investments	4,161	8,952
Derivative assets	406	1
Servicing assets	50,921	48,973
Derivative liabilities		(804)
Total	1,468,273	567,855
Recurring fair value measurements | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available-for-sale	309,133	10,825
Trading securities	0	0
Money market investments	4,161	8,952
Derivative assets	0	0
Servicing assets	0	0
Derivative liabilities		0
Total	313,294	19,777
Recurring fair value measurements | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available-for-sale	1,103,237	498,358
Trading securities	9	20
Money market investments	0	0
Derivative assets	406	1
Servicing assets	0	0
Derivative liabilities		(804)
Total	1,103,652	497,575
Recurring fair value measurements | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available-for-sale	406	1,530
Trading securities	0	0
Money market investments	0	0
Derivative assets	0	0
Servicing assets	50,921	48,973
Derivative liabilities		0
Total	51,327	50,503
Non-recurring fair value measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral dependent loans	8,805	10,233
Foreclosed real estate	11,214	15,039
Other repossessed assets	4,617	1,945
Mortgage loans held for sale	19,499	51,096
Other loans held for sale	21,088	31,566
Total	65,223	109,879
Non-recurring fair value measurements | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral dependent loans	0	0
Foreclosed real estate	0	0
Other repossessed assets	0	0
Mortgage loans held for sale	0	0
Other loans held for sale	0	0
Total	0	0
Non-recurring fair value measurements | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral dependent loans	0	0
Foreclosed real estate	0	0
Other repossessed assets	0	0
Mortgage loans held for sale	0	0
Other loans held for sale	0	0
Total	0	0
Non-recurring fair value measurements | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral dependent loans	8,805	10,233
Foreclosed real estate	11,214	15,039
Other repossessed assets	4,617	1,945
Mortgage loans held for sale	19,499	51,096
Other loans held for sale	21,088	31,566
Total	$ 65,223	$ 109,879

FAIR VALUE OF FINANCIAL INSTR_5

FAIR VALUE OF FINANCIAL INSTRUMENTS (Reconciliation of Assets and Liabilities Using Significant Unobservable Inputs (Level 3)) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Transfer from Level 2		$ 1,500
FairValueRecurringBasisUnobservableInputReconciliationAssetGainLossStatementOfIncomeExtensibleListNotDisclosedFlag	Gains included in earnings	Gains included in earnings
FairValueRecurringBasisUnobservableInputReconciliationAssetGainLossStatementOfOtherComprehensiveIncomeExtensibleListNotDisclosedFlag	Gains included in other comprehensive income	Gains included in other comprehensive income
Recurring fair value measurements | Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning year	$ 50,503	$ 47,295
New instruments acquired	4,374	6,089
Transfer from Level 2	0	1,500
Principal repayments and amortization	(5,312)	(6,738)
Instrument converted to equity security	(1,581)	0
Gains (losses) included in earnings	3,262	2,327
Gains included in other comprehensive income	81	30
Balance at end of year	51,327	50,503	$ 47,295
Recurring fair value measurements | Level 3 | Other debt securities available for sale
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning year	1,530	0
New instruments acquired	376	0
Transfer from Level 2	0	1,500
Principal repayments and amortization	0	0
Instrument converted to equity security	(1,581)	0
Gains (losses) included in earnings	0	0
Gains included in other comprehensive income	81	30
Balance at end of year	406	1,530	0
Recurring fair value measurements | Level 3 | Servicing Assets
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning year	48,973	47,295	50,779
New instruments acquired	3,998	6,089	2,394
Transfer from Level 2	0	0	0
Principal repayments and amortization	(5,312)	(6,738)	(4,067)
Instrument converted to equity security	0	0	0
Gains (losses) included in earnings	3,262	2,327	(1,811)
Gains included in other comprehensive income	0	0	0
Balance at end of year	$ 50,921	$ 48,973	$ 47,295

FAIR VALUE OF FINANCIAL INSTR_6

FAIR VALUE OF FINANCIAL INSTRUMENTS (Qualitative Information for Assets and Liabilities) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Fair Value
Investment securities available-for-sale	$ 1,412,776	$ 510,713
Servicing assets	50,921	48,973	$ 47,295	$ 50,779
Foreclosed real estate	11,214	15,039	$ 11,596	$ 29,909
Other repossessed assets	$ 4,617	$ 1,945
Minimum
Fair Value
Discount rate	10%	10%	10%
Unobservable Input
Constant prepayment rate	3.43%	3.90%	5.02%
Maximum
Fair Value
Discount rate	15.50%	15.50%	15.50%
Unobservable Input
Constant prepayment rate	21.20%	24.48%	35.22%
Level 3 | Cash flow valuation | Other debt securities available for sale
Fair Value
Investment securities available-for-sale	$ 406	$ 1,530
Level 3 | Cash flow valuation | Other debt securities available for sale | Recovery Rate
Unobservable Input
Other debt securities, measurement input	0.3473	0.3308
Level 3 | Cash flow valuation | Servicing Assets
Fair Value
Servicing assets	$ 50,921	$ 48,973
Level 3 | Cash flow valuation | Minimum | Other debt securities available for sale
Unobservable Input
Credit rating	Baa1	Baa1
Level 3 | Cash flow valuation | Minimum | Other debt securities available for sale | Probability of Default Rate
Unobservable Input
Other debt securities, measurement input	0.0015	0.0016
Level 3 | Cash flow valuation | Minimum | Servicing Assets
Fair Value
Discount rate	10%	10%
Unobservable Input
Constant prepayment rate	3.43%	3.90%
Level 3 | Cash flow valuation | Maximum | Other debt securities available for sale
Unobservable Input
Credit rating	Baa3	Baa3
Level 3 | Cash flow valuation | Maximum | Other debt securities available for sale | Probability of Default Rate
Unobservable Input
Other debt securities, measurement input	0.0212	0.0228
Level 3 | Cash flow valuation | Maximum | Servicing Assets
Fair Value
Discount rate	15.50%	15.50%
Unobservable Input
Constant prepayment rate	21.20%	24.48%
Level 3 | Cash flow valuation | Weighted Average | Other debt securities available for sale
Unobservable Input
Credit rating	Baa2	Baa2
Level 3 | Cash flow valuation | Weighted Average | Other debt securities available for sale | Probability of Default Rate
Unobservable Input
Other debt securities, measurement input	0.0015	0.0035
Level 3 | Cash flow valuation | Weighted Average | Other debt securities available for sale | Recovery Rate
Unobservable Input
Other debt securities, measurement input	0.3473	0.3308
Level 3 | Cash flow valuation | Weighted Average | Servicing Assets
Fair Value
Discount rate	11.45%	11.47%
Unobservable Input
Constant prepayment rate	5.66%	6.17%
Level 3 | Fair value of property or collateral | Collateral dependent loans
Fair Value
Collateral dependent loans	$ 8,805	$ 10,233
Level 3 | Fair value of property or collateral | Foreclosed real estate
Fair Value
Foreclosed real estate	11,214	15,039
Level 3 | Fair value of property or collateral | Other repossessed assets
Fair Value
Other repossessed assets	4,617	1,945
Level 3 | Fair value of property or collateral | Mortgage loans held for sale
Fair Value
Mortgage loans held for sale	$ 19,499	$ 51,096
Level 3 | Fair value of property or collateral | Minimum | Collateral dependent loans
Unobservable Input
Appraised value less disposition costs	10.20%	10.20%
Level 3 | Fair value of property or collateral | Minimum | Foreclosed real estate
Unobservable Input
Appraised value less disposition costs	10.20%	10.20%
Level 3 | Fair value of property or collateral | Minimum | Other repossessed assets
Unobservable Input
Estimated net realizable value	22%	39%
Level 3 | Fair value of property or collateral | Minimum | Mortgage loans held for sale
Unobservable Input
Estimated net realizable value	83.25%	98.43%
Level 3 | Fair value of property or collateral | Maximum | Collateral dependent loans
Unobservable Input
Appraised value less disposition costs	51.20%	30.20%
Level 3 | Fair value of property or collateral | Maximum | Foreclosed real estate
Unobservable Input
Appraised value less disposition costs	33.20%	30.20%
Level 3 | Fair value of property or collateral | Maximum | Other repossessed assets
Unobservable Input
Estimated net realizable value	80%	80%
Level 3 | Fair value of property or collateral | Maximum | Mortgage loans held for sale
Unobservable Input
Estimated net realizable value	102.43%	106%
Level 3 | Fair value of property or collateral | Weighted Average | Collateral dependent loans
Unobservable Input
Appraised value less disposition costs	17.11%	20.20%
Level 3 | Fair value of property or collateral | Weighted Average | Foreclosed real estate
Unobservable Input
Appraised value less disposition costs	11.81%	12.54%
Level 3 | Fair value of property or collateral | Weighted Average | Other repossessed assets
Unobservable Input
Estimated net realizable value	58.49%	60.54%
Level 3 | Fair value of property or collateral | Weighted Average | Mortgage loans held for sale
Unobservable Input
Estimated net realizable value	71.86%	124.41%
Level 3 | Bids or sales contract prices | Commercial
Fair Value
Other loans held for sale	$ 21,088	$ 31,566
Level 3 | Bids or sales contract prices | Minimum | Commercial
Unobservable Input
Estimated market value	100%	100%
Level 3 | Bids or sales contract prices | Maximum | Commercial
Unobservable Input
Estimated market value	103.20%	103.20%
Level 3 | Bids or sales contract prices | Weighted Average | Commercial
Unobservable Input
Estimated market value	74.65%	42.54%

FAIR VALUE OF FINANCIAL INSTR_7

FAIR VALUE OF FINANCIAL INSTRUMENTS (Estimated Fair Value and Carrying Value) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Financial Assets:
Restricted cash	$ 157	$ 175	$ 1,375
Investment securities available-for-sale	1,412,776	510,713
Trading securities	9	20
Investment securities held-to-maturity	469,186	363,653
Derivative assets	406	1
Total loans (including loans held-for-sale)	6,682,649	6,246,649
Servicing assets	50,921	48,973	$ 47,295	$ 50,779
Level 1 | Fair Value
Financial Assets:
Cash and cash equivalents	550,307	2,023,475
Restricted cash	157	175
Investment securities available-for-sale	309,133	10,825
Level 1 | Carrying Value
Financial Assets:
Cash and cash equivalents	550,307	2,023,475
Restricted cash	157	175
Investment securities available-for-sale	309,133	10,825
Level 2 | Fair Value
Financial Assets:
Investment securities available-for-sale	1,103,237	498,358
Trading securities	9	20
Investment securities held-to-maturity	469,186	363,653
Federal Home Loan Bank (FHLB) stock	6,005	5,966
Equity securities	17,662	11,612
Derivative assets	406	1
Financial Liabilities:
Derivative liabilities	0	804
Level 2 | Carrying Value
Financial Assets:
Investment securities available-for-sale	1,103,237	498,358
Trading securities	9	20
Investment securities held-to-maturity	535,070	367,507
Federal Home Loan Bank (FHLB) stock	6,005	5,966
Equity securities	17,662	11,612
Derivative assets	406	1
Financial Liabilities:
Derivative liabilities	0	804
Level 3 | Fair Value
Financial Assets:
Investment securities available-for-sale	406	1,530
Total loans (including loans held-for-sale)	6,467,878	6,197,347
Accrued interest receivable	62,402	56,560
Servicing assets	50,921	48,973
Accounts receivable and other assets	61,014	88,756
Financial Liabilities:
Deposits	8,556,300	8,614,073
Advances from FHLB	26,716	28,480
Other borrowings	318	0
Subordinated capital notes	0	36,084
Accrued expenses and other liabilities	124,999	96,240
Level 3 | Carrying Value
Financial Assets:
Investment securities available-for-sale	406	1,530
Total loans (including loans held-for-sale)	6,723,236	6,329,311
Accrued interest receivable	62,402	56,560
Servicing assets	50,921	48,973
Accounts receivable and other assets	61,014	88,756
Financial Liabilities:
Deposits	8,568,364	8,603,118
Advances from FHLB	26,716	28,488
Other borrowings	318	0
Subordinated capital notes	0	36,083
Accrued expenses and other liabilities	$ 124,999	$ 96,240

BUSINESS SEGMENTS (Results of O

BUSINESS SEGMENTS (Results of Operations and Selected Financial Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Interest income	$ 515,573	$ 449,199	$ 473,347
Interest expense	(33,493)	(41,829)	(64,915)
Net interest income	482,080	407,370	408,432
Provision for (recapture of) credit losses	24,119	221	92,672
Non-interest income	131,690	133,210	124,352
Non-interest expenses	(345,546)	(325,756)	(345,286)
Intersegment revenue	0	0	0
Intersegment expenses	0	0	0
Income before income taxes	244,105	214,603	94,826
Income tax expense	77,866	68,452	20,499
Net income	166,239	146,151	74,327
Total assets	9,818,780	9,899,720	9,826,011
Total
Segment Reporting Information [Line Items]
Interest income	522,153	449,477	473,347
Interest expense	(40,073)	(42,107)	(64,915)
Net interest income	482,080	407,370	408,432
Provision for (recapture of) credit losses	24,119	221	92,672
Non-interest income	131,690	133,210	124,352
Non-interest expenses	(345,546)	(325,756)	(345,286)
Income before income taxes	244,105	214,603	94,826
Income tax expense	77,866	68,452	20,499
Net income	166,239	146,151	74,327
Total assets	10,803,401	10,968,419	10,947,248
Total | Intersubsegment Eliminations
Segment Reporting Information [Line Items]
Intersegment revenue	2,187	2,355	2,443
Intersegment expenses	(2,187)	(2,355)	(2,443)
Eliminations
Segment Reporting Information [Line Items]
Interest income	(6,580)	(278)	0
Interest expense	6,580	278	0
Net interest income	0	0	0
Provision for (recapture of) credit losses	0	0	0
Non-interest income	0	0	0
Non-interest expenses	0	0	0
Intersegment revenue	(2,187)	(2,355)	(2,443)
Intersegment expenses	2,187	2,355	2,443
Income before income taxes	0	0	0
Income tax expense	0	0	0
Net income	0	0	0
Total assets	(984,621)	(1,068,699)	(1,121,237)
Banking | Total
Segment Reporting Information [Line Items]
Interest income	465,177	432,375	462,493
Interest expense	(31,926)	(38,711)	(57,811)
Net interest income	433,251	393,664	404,682
Provision for (recapture of) credit losses	24,111	1,342	92,237
Non-interest income	98,407	98,950	87,810
Non-interest expenses	(323,125)	(300,568)	(320,997)
Income before income taxes	186,609	193,059	81,701
Income tax expense	77,731	68,409	15,939
Net income	108,878	124,650	65,762
Total assets	8,347,767	8,041,725	8,478,326
Banking | Total | Intersubsegment Eliminations
Segment Reporting Information [Line Items]
Intersegment revenue	2,187	2,355	2,443
Intersegment expenses	0	0	0
Wealth Management | Total
Segment Reporting Information [Line Items]
Interest income	21	30	59
Interest expense	0	0	0
Net interest income	21	30	59
Provision for (recapture of) credit losses	0	0	0
Non-interest income	33,481	35,625	32,043
Non-interest expenses	(19,206)	(20,941)	(20,240)
Income before income taxes	12,799	13,445	10,698
Income tax expense	97	0	4,506
Net income	12,702	13,445	6,192
Total assets	23,085	32,082	32,893
Wealth Management | Total | Intersubsegment Eliminations
Segment Reporting Information [Line Items]
Intersegment revenue	0	0	0
Intersegment expenses	(1,497)	(1,269)	(1,164)
Treasury | Total
Segment Reporting Information [Line Items]
Interest income	56,955	17,072	10,795
Interest expense	(8,147)	(3,396)	(7,104)
Net interest income	48,808	13,676	3,691
Provision for (recapture of) credit losses	8	(1,121)	435
Non-interest income	(198)	(1,365)	4,499
Non-interest expenses	(3,215)	(4,247)	(4,049)
Income before income taxes	44,697	8,099	2,427
Income tax expense	38	43	54
Net income	44,659	8,056	2,373
Total assets	2,432,549	2,894,612	2,436,029
Treasury | Total | Intersubsegment Eliminations
Segment Reporting Information [Line Items]
Intersegment revenue	0	0	0
Intersegment expenses	(690)	(1,086)	(1,279)
Treasury | Eliminations
Segment Reporting Information [Line Items]
Net interest income	$ 470,200	$ 262,900	$ 0

BUSINESS SEGMENTS (Narrative) (

BUSINESS SEGMENTS (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net interest income	$ 482,080	$ 407,370	$ 408,432
Eliminations
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net interest income	0	0	0
Eliminations | Treasury
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net interest income	$ 470,200	$ 262,900	$ 0

BANKING AND FINANCIAL SERVICE_3

BANKING AND FINANCIAL SERVICE REVENUES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Banking service revenues:
Checking accounts fees	$ 8,933	$ 8,593	$ 8,577
Savings accounts fees	1,265	1,141	1,451
Electronic banking fees	54,639	55,968	47,542
Credit life commissions	724	469	254
Branch service commissions	1,456	1,467	1,462
Servicing and other loan fees	3,222	3,256	2,485
International fees	902	794	623
Miscellaneous income	20	18	185
Total banking service revenues	71,161	71,706	62,579
Wealth management revenue:
Insurance income	15,084	14,647	13,618
Broker fees	6,793	8,213	6,828
Trust fees	10,013	11,303	10,446
Retirement plan and administration fees	745	881	897
Total wealth management revenue	32,635	35,044	31,789
Mortgage banking activities:
Net servicing fees	18,258	16,818	12,120
Net gains on sale of mortgage loans and valuation	3,786	10,119	4,437
Loss on repurchased loans and other	(115)	(4,429)	(53)
Total mortgage banking activities	21,929	22,508	16,504
Total banking and financial service revenues	$ 125,725	$ 129,258	$ 110,872

OFG BANCORP (HOLDING COMPANY _3

OFG BANCORP (HOLDING COMPANY ONLY) FINANCIAL INFORMATION (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Oriental Bank
Subsidiary or Equity Method Investee [Line Items]
Dividends and interest paid	$ 140	$ 197	$ 26.1
Oriental Insurance
Subsidiary or Equity Method Investee [Line Items]
Dividends and interest paid	$ 9.5	$ 11	$ 9.5

OFG BANCORP (HOLDING COMPANY _4

OFG BANCORP (HOLDING COMPANY ONLY) FINANCIAL INFORMATION (Condensed Statements of Financial Information) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
ASSETS
Cash and due from banks	$ 546,146	$ 2,014,523	$ 2,142,294
Deferred tax asset, net	55,485	99,063
Other assets	120,912	152,845
Total assets	9,818,780	9,899,720	9,826,011
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accrued expenses and other liabilities	124,999	96,240
Subordinated capital notes	0	36,083
Total liabilities	8,776,374	8,830,560
Stockholders’ equity	1,042,406	1,069,160	1,085,975
Total liabilities and stockholders’ equity	9,818,780	9,899,720
Parent Company
ASSETS
Cash and due from banks	82,045	46,484	$ 26,529	$ 27,932
Investment in bank subsidiary, equity method	938,306	1,011,147
Investment in nonbank subsidiaries, equity method	32,525	35,915
Advance to investment dealers	6	17,213
Deferred tax asset, net	924	2,627
Due from bank subsidiary, net	44	50
Other assets	356	582
Total assets	1,054,206	1,114,018
LIABILITIES AND STOCKHOLDERS’ EQUITY
Dividend payable	9,513	6,010
Accrued expenses and other liabilities	2,287	2,765
Subordinated capital notes	0	36,083
Total liabilities	11,800	44,858
Stockholders’ equity	1,042,406	1,069,160
Total liabilities and stockholders’ equity	$ 1,054,206	$ 1,114,018

OFG BANCORP (HOLDING COMPANY _5

OFG BANCORP (HOLDING COMPANY ONLY) FINANCIAL INFORMATION (Condensed Statement of Operations Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income:
Total income	$ 0	$ 0	$ 0
Expenses:
Net interest expense	33,493	41,829	64,915
Total expenses	0	0	0
Net income	166,239	146,151	74,327
Parent Company
Income:
Interest income	977	55	86
Investment trading activities, net and other	6,022	6,765	6,583
Total income	6,999	6,820	6,669
Expenses:
Net interest expense	521	1,174	1,394
Operating expenses	7,992	8,397	7,483
Total expenses	8,513	9,571	8,877
Loss before income taxes	(1,514)	(2,751)	(2,208)
Income tax expense (benefit)	2,782	1,813	(1,363)
Loss before earnings of subsidiaries	(4,296)	(4,564)	(845)
Net income	166,239	146,151	74,327
Bank subsidiary
Expenses:
Net income	162,236	144,089	74,899
Nonbank subsidiaries
Expenses:
Net income	$ 8,299	$ 6,626	$ 273

OFG BANCORP (HOLDING COMPANY _6

OFG BANCORP (HOLDING COMPANY ONLY) FINANCIAL INFORMATION (Condensed Statement of Comprehensive Income Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Condensed Statement of Income Captions [Line Items]
Net income	$ 166,239	$ 146,151	$ 74,327
Other comprehensive (loss) income before tax:
Other comprehensive (loss) income before taxes	(116,118)	(6,062)	13,764
Income tax effect	17,549	200	(1,734)
Other comprehensive (loss) income after taxes	(98,569)	(5,862)	12,030
Comprehensive income	67,670	140,289	86,357
Parent Company
Condensed Statement of Income Captions [Line Items]
Net income	166,239	146,151	74,327
Other comprehensive (loss) income before tax:
Other comprehensive (loss) income from bank subsidiary	(98,569)	(5,862)	12,030
Other comprehensive (loss) income before taxes	(98,569)	(5,862)	12,030
Income tax effect	0	0	0
Other comprehensive (loss) income after taxes	(98,569)	(5,862)	12,030
Comprehensive income	$ 67,670	$ 140,289	$ 86,357

OFG BANCORP (HOLDING COMPANY _7

OFG BANCORP (HOLDING COMPANY ONLY) FINANCIAL INFORMATION (Condensed Statement of Cash Flows Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net income	$ 166,239	$ 146,151	$ 74,327
Adjustments to reconcile net income to net cash provided by operating activities:
Early extinguishment of debt	(42)	1,481	63
Stock-based compensation	4,185	6,245	2,170
Deferred income tax, net	61,126	63,616	27,846
Net (increase) decrease in other assets	35,371	(9,051)	(7,184)
Net increase (decrease) in accrued expenses and other liabilities	(34,151)	18,383	(17,436)
Net cash provided by operating activities	164,456	100,044	34,960
Cash flows from investing activities:
Proceeds from sales of premises and equipment	4,784	570	52
Additions to premises and equipment	(30,999)	(23,053)	(15,263)
Net cash (used in) provided by investing activities	(1,512,937)	(182,934)	757,501
Cash flows from financing activities:
Subordinated capital notes	(34,958)	0	0
Exercise of stock options and restricted units lapsed, net	(906)	283	583
Redemption of preferred stock	0	(92,000)	0
Net cash (used in) provided by financing activities	(124,705)	(49,037)	510,359
Net change in cash, cash equivalents and restricted cash	(1,473,186)	(131,927)	1,302,820
Cash and cash equivalents at beginning of year	2,014,523	2,142,294
Cash and cash equivalents at end of year	546,146	2,014,523	2,142,294
Parent Company
Cash flows from operating activities:
Net income	166,239	146,151	74,327
Adjustments to reconcile net income to net cash provided by operating activities:
Early extinguishment of debt	(42)	0	0
Stock-based compensation	652	940	2,170
Deferred income tax, net	1,703	10	(2,637)
Net (increase) decrease in other assets	18,829	(13,471)	12
Net increase (decrease) in accrued expenses and other liabilities	(488)	950	(486)
Net cash provided by operating activities	165,858	191,865	33,845
Cash flows from investing activities:
Net increase in due from bank subsidiary, net	0	0	(1,984)
Proceeds from sales of premises and equipment	0	240	282
Additions to premises and equipment	(233)	(288)	(295)
Net cash (used in) provided by investing activities	(233)	(9,348)	(12,713)
Cash flows from financing activities:
Subordinated capital notes	(34,958)	0	0
Exercise of stock options and restricted units lapsed, net	(906)	283	583
Purchase of treasury stock	(64,110)	(49,872)	(2,226)
Redemption of preferred stock	0	(92,000)	0
Dividends paid	(30,090)	(20,973)	(20,892)
Net cash (used in) provided by financing activities	(130,064)	(162,562)	(22,535)
Net change in cash, cash equivalents and restricted cash	35,561	19,955	(1,403)
Cash and cash equivalents at beginning of year	46,484	26,529	27,932
Cash and cash equivalents at end of year	82,045	46,484	26,529
Bank subsidiary
Cash flows from operating activities:
Net income	162,236	144,089	74,899
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in earnings	(162,236)	(144,089)	(74,899)
Dividends from subsidiary	140,000	197,000	26,100
Cash flows from investing activities:
Capital contribution to subsidiary	0	0	(1,703)
Nonbank subsidiaries
Cash flows from operating activities:
Net income	8,299	6,626	273
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in earnings	(8,299)	(6,626)	(273)
Dividends from subsidiary	9,500	11,000	9,531
Cash flows from investing activities:
Capital contribution to subsidiary	$ 0	$ (9,300)	$ (9,013)

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - $ / shares		3 Months Ended			12 Months Ended
	Jan. 25, 2023	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Subsequent Event [Line Items]
Quarterly common stock cash dividend (in dollars per share)			$ 0.20	$ 0.12	$ 0.70	$ 0.40	$ 0.28
Forecast
Subsequent Event [Line Items]
Quarterly common stock cash dividend (in dollars per share)		$ 0.22
Subsequent Event
Subsequent Event [Line Items]
Percentage increase in common stock cash dividend	10%

Uncategorized Items - ofg-20221

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-13 [Member]