OFG Bancorp (OFG) 10-K 26 Feb 24 2023 FY Annual report Financial data

COVER

COVER - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Jan. 31, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
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
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 1,228
Entity Common Stock, Shares Outstanding		47,078,556
Documents Incorporated by Reference	Portions of the Company’s definitive proxy statement relating to the 2024 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	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0001030469

AUDITOR INFORMATION

AUDITOR INFORMATION	12 Months Ended
	Dec. 31, 2023
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, 2023	Dec. 31, 2022
Cash and cash equivalents:
Cash and due from banks	$ 743,550	$ 546,146
Money market investments	4,623	4,161
Total cash and cash equivalents	748,173	550,307
Restricted cash	0	157
Investments:
Trading securities, at fair value, with amortized cost of $163 (December 31, 2022 - $162)	13	9
Investment securities available-for-sale, at fair value, with amortized cost of $2,177,761 (December 31, 2022 - $1,522,812); no allowance for credit losses	2,099,264	1,412,776
Investment securities held-to-maturity, at amortized cost, with fair value of $490,764 (December 31, 2022 - $469,186); no allowance for credit losses	549,024	535,070
Equity securities	38,469	23,667
Total investments	2,686,770	1,971,522
Loans:
Loans held-for-sale, at lower of cost or fair value	28,345	40,587
Loans held for investment, net of allowance for credit losses of $161,106 (December 31, 2022 - $152,673)	7,373,273	6,682,649
Total loans	7,401,618	6,723,236
Other assets:
Foreclosed real estate	10,780	11,214
Accrued interest receivable	71,400	62,402
Deferred tax assets, net	4,923	55,485
Premises and equipment, net	104,102	106,820
Customers' liability on acceptances	25,576	28,607
Servicing assets	49,520	50,921
Goodwill	84,241	84,241
Other intangible assets	20,694	27,593
Operating lease right-of-use assets	21,725	25,363
Other assets	114,931	120,912
Total assets	11,344,453	9,818,780
Deposits:
Demand deposits	6,050,428	5,176,758
Savings accounts	2,088,102	2,227,965
Time deposits	1,623,639	1,163,641
Total deposits	9,762,169	8,568,364
Borrowings:
Advances from the Federal Home Loan Bank of New York (the “FHLB”)	200,768	26,716
Other borrowings	2	318
Total borrowings	200,770	27,034
Other liabilities:
Acceptances executed and outstanding	25,576	28,607
Operating lease liabilities	24,029	27,370
Deferred tax liabilities, net	22,444	0
Accrued expenses and other liabilities	115,985	124,999
Total liabilities	10,150,973	8,776,374
Commitments and contingencies (See Note 24)
Stockholders’ equity:
Common stock, $1 par value; 100,000,000 shares authorized; 59,885,234 shares issued: 47,065,156 shares outstanding (December 31, 2022 - 59,885,234 shares issued; 47,581,375 shares outstanding)	59,885	59,885
Additional paid-in capital	638,667	636,793
Legal surplus	150,967	133,901
Retained earnings	639,324	516,371
Treasury stock, at cost, 12,820,078 shares (December 31, 2022 - 12,303,859 shares)	(228,350)	(211,135)
Accumulated other comprehensive loss, net of tax of $11,484 (December 31, 2022 - $16,221)	(67,013)	(93,409)
Total stockholders’ equity	1,193,480	1,042,406
Total liabilities and stockholders’ equity	$ 11,344,453	$ 9,818,780

CONSOLIDATED STATEMENTS OF FI_2

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Trading securities, amortized cost	$ 163	$ 162
Investment securities available-for-sale, amortized cost	2,177,761	1,522,812
Investment securities available-for-sale, allowance for credit loss	0	0
Investment securities held-to-maturity, fair value	490,764	469,186
Investment securities held-to-maturity, allowance for credit loss	0	0
Loans held for investment, allowance for credit losses	$ 161,106	$ 152,673
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)	47,065,156	47,581,375
Treasury stock, at cost (in shares)	12,820,078	12,303,859
Accumulated other comprehensive income, tax (benefit) expense	$ 11,484	$ 16,221

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Interest income:
Loans	$ 554,744	$ 460,162	$ 433,788
Mortgage-backed securities	50,359	31,298	11,614
Investment securities and other	43,777	24,113	3,797
Total interest income	648,880	515,573	449,199
Interest expense:
Deposits	75,965	32,239	39,014
Securities sold under agreements to repurchase	3,306	0	0
Advances from FHLB and other borrowings	8,739	733	1,641
Subordinated capital notes	0	521	1,174
Total interest expense	88,010	33,493	41,829
Net interest income	560,870	482,080	407,370
Provision for credit losses	60,638	24,119	221
Net interest income after provision for credit losses	500,232	457,961	407,149
Non-interest income:
Banking service revenue	70,078	71,161	71,706
Wealth management revenue	32,990	32,635	35,044
Mortgage banking activities	18,787	21,929	22,508
Total banking and financial service revenues	121,855	125,725	129,258
Sale of securities	(1,149)	(247)	19
Early extinguishment of debt	0	42	(1,481)
Other non-interest income	7,675	6,170	5,414
Total non-interest income	128,381	131,690	133,210
Non-interest expense:
Compensation and employee benefits	155,827	142,930	133,442
Occupancy, equipment and infrastructure costs	59,235	51,308	50,158
Electronic banking charges	41,336	39,554	37,202
Information technology expenses	27,162	21,891	18,965
Professional and service fees	18,764	24,842	20,080
Taxes, other than payroll and income taxes	12,968	12,999	13,829
Insurance	10,494	9,898	10,092
Loan servicing and clearing expenses	7,774	9,161	7,604
Advertising, business promotion, and strategic initiatives	8,743	8,240	6,999
Communication	4,678	4,296	4,555
Printing, postage, stationery and supplies	3,338	3,563	4,037
Director and investor relations	1,351	1,125	1,135
Foreclosed real estate and other repossessed assets income, net of expenses	(405)	(2,074)	(3,007)
Other	12,100	17,813	20,665
Total non-interest expense	363,365	345,546	325,756
Income before income taxes	265,248	244,105	214,603
Income tax expense	83,376	77,866	68,452
Net income	181,872	166,239	146,151
Less: dividends on preferred stock	0	0	(1,255)
Net income available to common shareholders	$ 181,872	$ 166,239	$ 144,896
Earnings per common share:
Basic (in dollars per share)	$ 3.85	$ 3.46	$ 2.85
Diluted (in dollars per share)	$ 3.83	$ 3.44	$ 2.81
Average common shares outstanding and equivalents (in shares)	47,552	48,436	51,370
Cash dividends per share of common stock (in dollars per share)	$ 0.88	$ 0.70	$ 0.40

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 181,872	$ 166,239	$ 146,151
Other comprehensive income (loss) before tax:
Unrealized gain (loss) on securities available-for-sale	30,390	(117,575)	(6,951)
Realized loss (gain) on sale of securities available-for-sale	1,149	247	(19)
Unrealized (loss) gain on cash flow hedges	(406)	1,210	908
Other comprehensive income (loss) before taxes	31,133	(116,118)	(6,062)
Income tax effect	(4,737)	17,549	200
Other comprehensive income (loss) after taxes	26,396	(98,569)	(5,862)
Comprehensive income	$ 208,268	$ 67,670	$ 140,289

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands		Total	Common stock	Additional paid-in capital	Legal surplus	Retained earnings	Treasury stock	Accumulated other comprehensive (loss) income, net of tax	Preferred stock
Balance at beginning of year at Dec. 31, 2020				$ 622,652	$ 103,269	$ 300,096	$ (102,949)	$ 11,022	$ 92,000
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						(14,408)
Stocks repurchased		(49,872)					(49,872)
Lapsed restricted stock units and options				(1,966)			2,249
Other comprehensive loss, net of tax		(5,862)						(5,862)
Balance at end of year at Dec. 31, 2021		1,069,160	$ 59,885	637,061	117,677	399,949	(150,572)	5,160	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemption of preferred stock									0
Stock-based compensation expense				4,185
Lapsed restricted stock units				(4,453)			3,547
Redemption of preferred stock, issuance costs				0		0
Transfer from retained earnings					16,224
Net income		166,239				166,239
Cash dividends declared on common stock	[1]					(33,593)
Cash dividends declared on preferred stock						0
Transfer to legal surplus						(16,224)
Stocks repurchased		(64,110)					(64,110)
Lapsed restricted stock units and options				(4,453)			3,547
Other comprehensive loss, net of tax		(98,569)						(98,569)
Balance at end of year at Dec. 31, 2022		1,042,406	59,885	636,793	133,901	516,371	(211,135)	(93,409)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemption of preferred stock									0
Stock-based compensation expense				5,001
Lapsed restricted stock units				(3,127)			1,438
Redemption of preferred stock, issuance costs				0		0
Transfer from retained earnings					17,066
Net income		181,872				181,872
Cash dividends declared on common stock	[1]					(41,853)
Cash dividends declared on preferred stock						0
Transfer to legal surplus		17,100				(17,066)
Stocks repurchased		(18,653)					(18,653)
Lapsed restricted stock units and options				(3,127)			1,438
Other comprehensive loss, net of tax		26,396						26,396
Balance at end of year at Dec. 31, 2023		$ 1,193,480	$ 59,885	$ 638,667	$ 150,967	$ 639,324	$ (228,350)	$ (67,013)	$ 0
[1]Dividends declared per common share during 2023 - $0.88 (2022 - $0.70; 2021 - $0.40).

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (Parenthetical) - $ / shares	3 Months Ended			12 Months Ended
	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends declared per common share (in dollars per share)	$ 0.22	$ 0.22	$ 0.20	$ 0.88	$ 0.70	$ 0.40

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income	$ 181,872	$ 166,239	$ 146,151
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred loan origination fees and fair value premiums on loans	1,339	683	(10,193)
Amortization of investment securities (discounts), net of accretion of premiums	(4,451)	(3,628)	3,111
Amortization of other intangible assets	6,899	8,500	9,803
Net change in operating leases	297	360	469
Depreciation and amortization of premises and equipment	20,387	15,812	14,128
Deferred income tax expense, net	67,349	61,126	63,616
Provision for credit losses	60,638	24,119	221
Stock-based compensation	5,001	4,185	6,245
(Gain) loss on:
Sale of securities	1,149	247	(19)
Sale of loans	(7,331)	(1,202)	(7,292)
Early extinguishment of debt	0	(42)	1,481
Foreclosed real estate and other repossessed assets	(6,251)	(12,186)	(10,435)
Sale of other assets	106	(4,962)	(571)
Originations and purchases of loans held-for-sale	(67,941)	(185,884)	(353,685)
Proceeds from sale of loans held-for-sale	35,881	97,608	220,684
Net decrease (increase) in:
Accrued interest receivable	(8,938)	(5,825)	9,537
Servicing assets	1,401	(1,948)	(1,678)
Other assets	4,971	35,371	(9,051)
Net increase (decrease) in:
Accrued interest on deposits and borrowings	3,000	34	(861)
Accrued expenses and other liabilities	279	(34,151)	18,383
Net cash provided by operating activities	295,657	164,456	100,044
Purchases of:
Investment securities available-for-sale	(1,035,453)	(1,266,569)	(29,095)
Investment securities held-to-maturity	(35,000)	(196,742)	(380,322)
FHLB stock	(44,781)	(122)	0
Equity securities	(5,943)	(4,550)	(7,650)
Maturities and redemptions of:
Investment securities available-for-sale	273,643	132,756	102,034
Investment securities held-to-maturity	22,265	29,438	12,445
FHLB stock	36,298	83	2,312
Proceeds from sales of:
Investment securities available-for-sale	202,133	242,126	2,174
Foreclosed real estate and other repossessed assets, including write-offs	60,085	48,805	44,966
Loans held for investment	0	0	4,846
Premises and equipment	38	4,784	570
Other assets	0	1,060	0
Origination and purchase of loans, excluding loans held-for-sale	(3,586,017)	(2,885,018)	(2,036,516)
Principal repayment of loans	2,725,844	2,412,011	2,124,355
Additions to premises and equipment	(17,857)	(30,999)	(23,053)
Net cash used in investing activities	(1,404,745)	(1,512,937)	(182,934)
Net increase (decrease) in:
Deposits	1,195,080	6,906	152,699
Subordinated capital notes	0	(34,958)	0
FHLB advances and other borrowings	173,070	(1,547)	(39,174)
Exercise of stock options and restricted units lapsed, net	(1,689)	(906)	283
Purchase of treasury stock	(18,653)	(64,110)	(49,872)
Redemption of preferred stock	0	0	(92,000)
Dividends paid on preferred stock	0	0	(1,255)
Dividends paid on common stock	(41,011)	(30,090)	(19,718)
Net cash provided by (used in ) financing activities	1,306,797	(124,705)	(49,037)
Net change in cash, cash equivalents and restricted cash	197,709	(1,473,186)	(131,927)
Cash, cash equivalents and restricted cash at beginning of year	550,464	2,023,650	2,155,577
Cash, cash equivalents and restricted cash at end of year	748,173	550,464	2,023,650
Reconciliation of the Consolidated Statements of Cash Flows to the Consolidated Statements of Financial Condition:
Cash and due from banks	743,550	546,146	2,014,523
Money market investments	4,623	4,161	8,952
Restricted cash	0	157	175
Total cash, cash equivalents, restricted cash and restricted cash equivalents at end of year	748,173	550,464	2,023,650
Supplemental Cash Flow Disclosure and Schedule of Non-cash Activities:
Interest paid	79,726	26,959	35,338
Income taxes paid	15,007	5,126	2,794
Operating lease liabilities paid	10,117	10,107	10,948
Mortgage loans held-for-sale securitized into mortgage-backed securities	93,565	126,082	149,080
Transfer from loans to foreclosed real estate and other repossessed assets	53,400	37,233	39,547
Reclassification of loans held-for-investment portfolio to held-for-sale portfolio	53,021	17,476	54,983
Reclassification of loans held-for-sale portfolio to held-for-investment portfolio	8,763	22,723	7,053
Financed sales of foreclosed real estate	585	1,767	1,444
Delinquent loans booked under the GNMA buy-back option	19,401	32,590	14,511
Conversion of debt security to equity security	$ 376	$ 1,500	$ 0

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2023
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 U.S. Generally Accepted Accounting Principles (“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”), 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, auto and mortgage lending, financial planning, insurance sales, investment advisory 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 a retirement plan administrator, Oriental Pension Consultants, Inc. (“OPC”), which thereafter ceased its operations. The results for the years 2022 and 2021 included OPC operations. OFG conducts its business through its main office in San Juan, Puerto Rico, forty-two 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; one subsidiary in the United States, 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 has a wholly-owned 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 its mortgage loan portfolio and the GNMA, FNMA and FHLMC pools that it issues. Through December 31, 2022, the Bank had a subservicing arrangement with a third party for a portion of its acquired loan portfolio. This subservicing arrangement expired on May 1, 2023, and since then, OFG no longer has any subservicing arrangement. 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. 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 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 dividends are retroactively recognized in all periods presented in the consolidated financial statements. Securities Sold Under Agreements to Repurchase From time to time, Oriental sells securities under agreements to repurchase the same or similar securities. Oriental retains effective control over the securities sold under these agreements. Accordingly, such agreements are treated as financing arrangements, and the obligations to repurchase the securities sold are reflected as liabilities. The securities underlying the financing agreements remain included in the asset accounts. The counterparty to repurchase agreements generally has the right to repledge the securities received as collateral 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 securities into one of three categories: Held-to-maturity - Securities that management has the intent and ability to hold to maturity. These securities are carried at amortized cost. An ACL 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 securities 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. Credit losses relating to available-for-sale debt securities are recorded through an 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 US Treasury securities 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 non-interest income in the consolidated statements of operations. Management determines the appropriate classification of securities at the time of purchase. 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 consolidated 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. 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 from financial and non-financial information received from the individual investment funds and companies. As of December 31, 2023 and 2022 and for the years then ended, there were no impairments, downward or upward adjustments, annual or on a cumulative basis for these investments. 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. Financial Instruments Certain financial instruments, including trading securities, investment securities available-for-sale, and derivatives 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 were derived from pricing models that considered 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, from time to time, 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. At December 31, 2023, OFG does not have derivative instruments. Other Loans Held-For-Sale and Transfers of Other Loans from Held-for-Investment to Held-for-Sale Other loans reported as held-for-sale are non-mortgage loans which 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. Other loans held-for-sale include commercial loans that were designated as held-for-investment at origination or purchase, but that OFG subsequently decided to sell to other institutions. These loans are reclassified to held-for-sale on the date that OFG decides to sell them. At this time, any previously recorded ACL is reversed in earnings and the loan is recorded at its amortized cost basis. Prior to the transfer, OFG applies its write-off policy to the amortized cost basis. The amortized cost at the date of transfer is reduced by any write-offs recognized just prior to the transfer. If the amortized cost basis exceeds the loan’s fair value at the date of transfer, OFG establishes a valuation allowance equal to the difference between amortized cost basis and fair value. The previously recorded ACL associated with the transferred loans after applying the write-off policy is released and an offsetting entry is recorded to the provision. 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. Mortgage loans held-for-sale include all conforming mortgage loans originated and purchased, which from time to time OFG 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 records a contingent liability for these customary representations and warranties related to loans sold by OFG and is presented within other liabilities in the consolidated statements of financial condition. For more information refer to Note 24 – Commitments and Contingencies. 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. For more information refer to Note 24 – Commitments and Contingencies. 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 assets in the statements of operations in the period in which the changes occur, and includes these changes, if any, with mortgage banking activities in the consolidated statements 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 ACL 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. 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 financial difficulties modification or previously identified as troubled debt restructuring. As such, our PCD loans are recorded at the purchase price plus the ACL expected at the time of acquisition or implementation of the standard. An ACL 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 ACL was determined for each pool and added to the pool’s carrying amount to establish a new amortized cost basis. The differen

RESTRICTED CASH

RESTRICTED CASH	12 Months Ended
	Dec. 31, 2023
Restricted Cash and Investments [Abstract]
RESTRICTED CASH	RESTRICTED CASH OFG had a contract with the Federal National Mortgage Association (the “FNMA”) which required collateral to guarantee the repurchase, if necessary, of loans sold with recourse. At December 31, 2022, OFG had delivered as collateral cash amounting to approximately $157 thousand. On May 1, 2023, OFG and a third-party servicer terminated a subservicing agreement by mutual agreement. Pursuant to such termination, the third-party servicer became the direct servicer of the FNMA loans sold with recourse, thereby relieving OFG of its obligation to deliver collateral with respect to such loans. Therefore, no collateral was delivered at December 31, 2023. The Bank is required by Puerto Rico law to maintain average weekly reserve balances to cover demand deposits, excluding government deposits that are secured with pledged collateral. The amount of those minimum average reserve balances for the week that covered December 31, 2023 was $464.5 million (December 31, 2022 - $482.9 million). At December 31, 2023 and 2022, 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, 2023
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, 2023 and 2022, money market instruments included as part of cash and cash equivalents amounted to $4.6 million and $4.2 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, 2023 and 2022 were as follows: December 31, 2023 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 $ 6,972 $ — $ 311 $ 6,661 1.76 % Due from 5 to 10 years 45,835 — 2,767 43,068 2.00 % Due after 10 years 1,411,327 8,989 54,100 1,366,216 4.11 % Total FNMA and FHLMC certificates 1,464,134 8,989 57,178 1,415,945 4.03 % GNMA certificates Due less than 1 year 5 — — 5 1.31 % Due from 1 to 5 years $ 8,851 $ — $ 351 $ 8,500 1.71 % Due from 5 to 10 years 17,113 16 955 16,174 2.19 % Due after 10 years 380,306 4,419 33,110 351,615 3.38 % Total GNMA certificates 406,275 4,435 34,416 376,294 3.30 % CMOs issued by US government-sponsored agencies Due from 1 to 5 years 9,071 — 364 8,707 1.78 % Due from 5 to 10 years 54 — — 54 2.14 % Due after 10 years 861 — 12 849 5.07 % Total CMOs issued by US government-sponsored agencies 9,986 — 376 9,610 2.06 % Total mortgage-backed securities 1,880,395 13,424 91,970 1,801,849 3.86 % Investment securities US Treasury securities Due less than 1 year 296,747 52 — 296,799 5.40 % Other debt securities Due less than 1 year 500 — — 500 3.25 % Due from 1 to 5 years 119 — 3 116 2.97 % Total investment securities 297,366 52 3 297,415 5.39 % Total securities available for sale $ 2,177,761 $ 13,476 $ 91,973 $ 2,099,264 4.07 % December 31, 2023 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 $ 314,710 $ — $ 56,767 $ 257,943 1.72 % Investment securities US Treasury securities Due less than 1 year 199,314 — 1,548 197,766 3.33 % Other debt securities Due from 1 to 5 years 35,000 55 — 35,055 6.36 % Total securities held to maturity $ 549,024 $ 55 $ 58,315 $ 490,764 2.60 % 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 certificates 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 % 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, 2023 and 2022, most securities held by OFG are issued by U.S. government entities and government-sponsored agencies that have a zero-credit loss assumption and, therefore, have no allowance for credit losses. Investment securities at December 31, 2023 include $1.624 billion pledged to secure government deposits and regulatory collateral, of which $1.575 billion serve as collateral for public funds. For regulatory collateral, the secured parties are not permitted to sell or repledge them. Investment securities as of 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. At both December 31, 2023 and 2022, the Bank’s international banking entities held short-term US Treasury securities in the amount of $325 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 OCFI. During 2023, OFG acquired a two-year $35.0 million private placement hospital revenue bond issued by AFICA, a public corporation and governmental instrumentality of the Commonwealth of Puerto Rico, to provide financing for a private entity. This bond is not marketable and therefore has no rating. It is included in “Other debt securities held to maturity” in the tables above. During 2023, 2022 and 2021, OFG retained securitized GNMA pools totaling $76.4 million, $112.4 million and $149.1 million amortized cost, respectively, at a yield of 5.33%, 3.90% and 2.45%, respectively, from its own originations. During 2023 and 2022, OFG retained FNMA pools totaling $17.2 million and $13.7 million amortized cost, respectively, at a yield of 5.37% and 4.97%, respectively, from its own originations. OFG did not retain FNMA pools during 2021. During 2023, OFG purchased $300.0 million of short-term available for sale US Treasury securities. During 2022, OFG purchased $550.0 million of available for sale US Treasury securities and $200.0 million of held to maturity US Treasury securities. During 2021, OFG did not purchase US Treasury securities. US Treasury securities are exempt of income taxes. During the 2023, OFG sold $203.3 million of available for sale US Treasury securities and recognized a $1.1 million loss in the sale. 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, OFG sold $2.2 million of available-for-sale mortgage-backed securities and recognized a $19 thousand gain in the sale. These losses and gains are included in “net (loss) gain on sale of securities” in the consolidated statements of operations. Year Ended December 31, 2023 Description Sale Price Book Value at Sale Gross Gains Gross Losses (In thousands) Sale of investment securities available-for-sale US Treasury securities $ 202,133 $ 203,282 $ — $ 1,149 Year Ended December 31, 2022 Description Sale Price Book Value at Sale Gross Gains Gross Losses (In thousands) Sale of investment securities available-for-sale 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 $ — The following table shows OFG’s gross unrealized losses and fair value of investment securities available-for-sale at December 31, 2023 and 2022, aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position: December 31, 2023 12 months or more Amortized Unrealized Fair (In thousands) Securities available-for-sale FNMA and FHLMC certificates $ 731,334 $ 56,847 $ 674,487 GNMA certificates 275,669 34,364 241,305 CMOs issued by US Government-sponsored agencies 9,986 376 9,610 Other debt securities 119 3 116 $ 1,017,108 $ 91,590 $ 925,518 December 31, 2023 Less than 12 months Amortized Unrealized Fair (In thousands) Securities available-for-sale FNMA and FHLMC certificates $ 106,235 $ 331 $ 105,904 GNMA certificates 7,864 52 7,812 $ 114,099 $ 383 $ 113,716 December 31, 2023 Total Amortized Unrealized Fair (In thousands) Securities available-for-sale FNMA and FHLMC certificates $ 837,569 $ 57,178 $ 780,391 GNMA certificates 283,533 34,416 249,117 CMOs issued by US Government-sponsored agencies 9,986 376 9,610 Other debt securities 119 3 116 $ 1,131,207 $ 91,973 $ 1,039,234 The unrealized losses on OFG’s investment in federal agency mortgage-backed securities were caused by market volatility related to interest rate increases. OFG purchased those investments at a discount relative to their face amount, and the contractual cash flows of those investments are guaranteed by an agency of the U.S. government or by a government sponsored enterprise. Accordingly, it is expected that the securities would not be settled at a price less than the amortized cost bases of OFG’s investments. OFG does not intend to sell the investments, and it is not more likely than not that OFG will be required to sell the investments before recovery of their amortized cost bases. 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 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 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

PLEDGED ASSETS

PLEDGED ASSETS	12 Months Ended
	Dec. 31, 2023
Pledged Assets [Abstract]
PLEDGED ASSETS	PLEDGED ASSETS The following table shows a summary of pledged and not pledged assets at December 31, 2023 and 2022. Investment securities available for sale are presented at fair value, and investment securities held to maturity, residential mortgage loans, commercial loans, and auto loans are presented at amortized cost: December 31, 2023 2022 (In thousands) Pledged investment securities to secure: Bank Term Funding Program 48,070 — Derivatives — 443 IBE Regulation 645 — Bond for the Bank's trust operations 104 104 Puerto Rico public fund deposits 1,575,042 293,650 Total pledged investment securities 1,623,861 294,197 Pledged residential mortgage loans to secure: Advances from the Federal Home Loan Bank 769,813 473,600 Pledged commercial loans to secure: Advances from the Federal Home Loan Bank 236,665 477,516 Federal Reserve Bank Credit Facility 70,075 49,117 Puerto Rico public fund deposits 69,731 73,617 376,471 600,250 Pledged Auto loans to secure: Federal Reserve Bank Credit Facility 1,169,711 1,160,678 Total pledged assets $ 3,939,856 $ 2,528,725 Financial assets not pledged: Investment securities $ 1,024,427 $ 1,653,649 Residential mortgage loans 792,796 1,250,120 Commercial loans 2,728,777 2,050,767 Consumer loans 620,446 537,257 Auto loans 1,104,710 803,237 Total assets not pledged $ 6,271,156 $ 6,295,030

LOANS

LOANS	12 Months Ended
	Dec. 31, 2023
Receivables [Abstract]
LOANS	LOANS OFG’s loan portfolio is composed of four segments: commercial, mortgage, consumer, and auto loans. 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, 2023 and 2022 was as follows: December 31, 2023 December 31, 2022 Non-PCD PCD Total Non-PCD PCD Total (In thousands) Commercial loans: Commercial secured by real estate $ 1,095,207 $ 120,988 $ 1,216,195 $ 974,202 $ 138,678 $ 1,112,880 Other commercial and industrial 1,091,021 14,459 1,105,480 854,442 20,474 874,916 US commercial loans 755,228 — 755,228 642,133 — 642,133 2,941,456 135,447 3,076,903 2,470,777 159,152 2,629,929 Mortgage loans 629,247 933,362 1,562,609 675,793 1,028,428 1,704,221 Consumer loans: Personal loans 568,358 264 568,622 480,620 338 480,958 Credit lines 10,926 288 11,214 12,826 300 13,126 Credit cards 40,314 — 40,314 42,872 — 42,872 Overdraft 296 — 296 301 — 301 619,894 552 620,446 536,619 638 537,257 Auto loans 2,272,530 1,891 2,274,421 1,958,257 5,658 1,963,915 6,463,127 1,071,252 7,534,379 5,641,446 1,193,876 6,835,322 Allowance for credit losses (152,610) (8,496) (161,106) (141,841) (10,832) (152,673) Total loans held for investment, net 6,310,517 1,062,756 7,373,273 5,499,605 1,183,044 6,682,649 Mortgage loans held for sale — — — 19,499 — 19,499 Other loans held for sale 28,345 — 28,345 21,088 — 21,088 Total loans held for sale 28,345 — 28,345 40,587 — 40,587 Total loans, net $ 6,338,862 $ 1,062,756 $ 7,401,618 $ 5,540,192 $ 1,183,044 $ 6,723,236 During 2023, OFG sold non-performing Puerto Rico small business commercial loans held-for-sale amounting to $4.3 million, with an unpaid principal balance of $25.3 million and recognized a $6.3 million gain on the sale. This gain is included in the other non-interest income line of the consolidated statements of operations. At December 31, 2023 and 2022, OFG had carrying balances of $68.6 million and $73.7 million, respectively, in loans held for investment granted to the Puerto Rico government or its instrumentalities as part of the commercial loan segment. The Bank’s loans to the Puerto Rico government are 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. The tables below present the aging of the amortized cost of loans held for investment at December 31, 2023 and 2022, by class of loans. Mortgage loans past due include $19.4 million and $32.6 million of delinquent loans in the GNMA buy-back option program at December 31, 2023 and 2022, 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, 2023 30-59 Days 60-89 Days 90+ Days Total Past Current Total Loans Loans 90+ (In thousands) Commercial loans: Commercial secured by real estate $ 1,585 $ 411 $ 5,671 $ 7,667 $ 1,087,540 $ 1,095,207 $ — Other commercial and industrial 1,366 291 4,974 6,631 1,084,390 1,091,021 — US commercial loans — — — — 755,228 755,228 — 2,951 702 10,645 14,298 2,927,158 2,941,456 — Mortgage loans 6,107 9,596 31,557 47,260 581,987 629,247 2,478 Consumer loans: Personal loans 6,115 4,041 2,755 12,911 555,447 568,358 — Credit lines 137 35 35 207 10,719 10,926 — Credit cards 657 280 586 1,523 38,791 40,314 — Overdraft 87 14 — 101 195 296 — 6,996 4,370 3,376 14,742 605,152 619,894 — Auto loans 101,610 46,071 19,056 166,737 2,105,793 2,272,530 — Total loans $ 117,664 $ 60,739 $ 64,634 $ 243,037 $ 6,220,090 $ 6,463,127 $ 2,478 As of December 31, 2023, total past due loans exclude $6.4 million of past due commercial loans held for sale. December 31, 2022 30-59 Day 60-89 Days 90+ Days Total Past Current Total Loans Loans 90+ (In thousands) Commercial loans: 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 loans 9,267 5,848 56,714 71,829 603,964 675,793 3,856 Consumer loans: 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 75,237 36,954 19,613 131,804 1,826,453 1,958,257 — Total loans $ 91,954 $ 46,997 $ 88,912 $ 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. 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 preceding two tables. Non-accrual Loans The following table presents the amortized cost basis of loans held for investment on nonaccrual status as of December 31, 2023 and 2022: December 31, 2023 December 31, 2022 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 loans: Commercial secured by real estate $ 3,553 $ 7,929 $ 11,482 $ 4,091 $ 17,098 $ 21,189 Other commercial and industrial 4,560 830 5,390 2,769 885 3,654 US commercial loans 19,224 — 19,224 9,589 — 9,589 27,337 8,759 36,096 16,449 17,983 34,432 Mortgage loans 10,339 3,858 14,197 11,719 11,522 23,241 Consumer loans: Personal loans 2,741 14 2,755 1,950 379 2,329 Personal lines of credit 35 — 35 116 — 116 Credit cards 586 — 586 683 — 683 3,362 14 3,376 2,749 379 3,128 Auto loans 19,051 5 19,056 19,612 1 19,613 Total $ 60,089 $ 12,636 $ 72,725 $ 50,529 $ 29,885 $ 80,414 PCD: Commercial loans: Commercial secured by real estate $ 3,060 $ 2,417 $ 5,477 $ 2,807 $ 6,084 $ 8,891 Other commercial and industrial — 947 947 — 36 36 3,060 3,364 6,424 2,807 6,120 8,927 Mortgage loans 250 — 250 259 — 259 Total $ 3,310 $ 3,364 $ 6,674 $ 3,066 $ 6,120 $ 9,186 Total non-accrual loans $ 63,399 $ 16,000 $ 79,399 $ 53,595 $ 36,005 $ 89,600 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, 2023 and 2022, total commercial non-accrual loans exclude $6.4 million and $16.4 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, 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 as they were performing under their modified terms. Modifications to Debtors Experiencing Financial Difficulty OFG’s loss mitigation program was designed to ensure that borrowers experiencing financial difficulties have the opportunity to continue paying their obligations. The loss mitigation alternatives are divided depending on the borrower’s hardship and their ability to continue with regular payment or with a new modified payment plan. The loss mitigation program provides alternatives for home retention or disposition options avoiding foreclosure proceedings and collateral retention. OFG offers various types of loan modifications to borrowers experiencing financial difficulty in the form of an interest rate reduction, an other-than-insignificant payment delay, a term extension, interest or principal forbearance or forgiveness, or any combination of these types of concessions. On January 1, 2023, OFG adopted ASU 2022-02, which eliminated the recognition and measurement of TDRs and enhanced disclosures for loan restructurings for borrowers experiencing financial difficulty, using the prospective transition method. At December 31, 2023, the amortized cost of modified loans excludes $188 thousand of accrued interest receivable. Accrued interest receivable on loans is included in the “accrued interest receivable” line in OFG’s consolidated statements of financial condition. The following tables present the amortized cost basis as of December 31, 2023 of loans held for investment that were modified during 2023, disaggregated by class of financing receivable and type of concession granted. Interest Rate Reduction Year Ended December 31, 2023 Amortized Cost Basis % of Total Class of Financing Receivable Commercial loans: US commercial loans 6,649 0.88 % Consumer loans: Personal loans 37 0.01 % Auto loans 48 — % Total $ 6,734 Term Extension Year Ended December 31, 2023 Amortized Cost Basis % of Total Class of Financing Receivable Commercial loans: Commercial secured by real estate $ 6,332 0.52 % Other commercial and industrial 689 0.06 % 7,021 0.23 % Mortgage loans 5,777 0.37 % Auto loans 13 — % Total $ 12,811 Principal Forbearance/Forgiveness Year Ended December 31, 2023 Amortized Cost Basis % of Total Class of Financing Receivable Mortgage loans $ 97 0.01 % Combination - Term Extension and Interest Rate Reduction Year Ended December 31, 2023 Amortized Cost Basis (In thousands) % of Total Class of Financing Receivable Mortgage loans $ 710 0.05 % Consumer loans: Personal loans 80 0.01 % Auto loans 53 — % Total $ 843 Combination - Term Extension and Principal Forgiveness/Forbearance Year Ended December 31, 2023 Amortized Cost Basis % of Total Class of Financing Receivable Commercial loans: US commercial loans $ 4,183 0.55 % Mortgage loans 440 0.03 % Total $ 4,623 Our credit loss estimation methodology incorporates a lifetime approach, utilizing modeled loan performance based on the historical experience of loans with similar risk characteristics, adjusted for current conditions, and reasonable and supportable forecasts. The model considers extensive historical loss experience, including the impact of loss mitigation programs offered to borrowers facing financial difficulty and projected loss severity from loan defaults, and is applied consistently across all portfolio segments. Additionally, our ACL is recorded on each asset upon origination or acquisition and is based on historical loss information, including modifications made to borrowers facing financial difficulty, and expected behavior. Changes to the ACL are generally not recorded upon modification, as the effects of most modifications are already considered in the estimation methodology. Refer to Note 6 – Allowance for Credit Losses for additional information. Year Ended December 31, 2023 Weighted-Average Interest Rate Reduction Weighted-Average Term Extension (In months) Weighted-Average Forgiveness/Forbearance of Principal Amount (In thousands) Commercial loans: Commercial loans secured by real estate — % 23 $ — US Commercial loans 1.95 % 31 2,973 — % 54 $ 2,973 Mortgage loans 1.94 % 213 $ 24 Consumer loans: Personal loans 2.98 % 81 $ — Auto loans 3.00 % 0 $ — The following table presents the amortized cost basis as of December 31, 2023 of loans held for investment that had a payment default subsequent to being granted a modification to borrowers experiencing financial difficulty in the prior twelve-months. Year Ended December 31, 2023 Amortized Cost Basis of Modified Financing Receivables that Subsequently Defaulted Interest Rate Reduction Term Extension Principal Forgiveness/Forbearance Combination - Term Extension and Interest Rate Reduction Total (In thousands) Mortgage loans $ — $ 704 $ — $ — $ 704 A payment default for a financial difficulty modification loan is defined as reaching 90 days past due with respect to principal and/or interest payments or when the borrower missed three consecutive monthly payments since modification. Payment defaults is one of the factors considered when projecting future cash flows in the calculation of the allowance for credit losses of loans. OFG closely monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table presents an aging of the loans held for investment that have been modified during 2023. December 31, 2023 30-59 Day 60-89 Days 90+ Days Total Past Current Total (In thousands) Commercial loans: Commercial loans secured by real estate $ — $ — $ — $ — $ 6,332 $ 6,332 Other commercial and industrial — — — — 689 689 US commercial loans — — — — 10,832 10,832 — — — — 17,853 17,853 Mortgage loans 471 297 583 1,351 5,673 7,024 Consumer loans: Personal loans — — — — 117 117 — — — — 117 117 Auto loans 30 — — 30 84 114 Total $ 501 $ 297 $ 583 $ 1,381 $ 23,727 $ 25,108 At December 31, 2023, the total amortized cost of modified loans to borrowers experiencing financial difficulty includes $4.6 million of government-guaranteed loans ( e.g., FHA/VA). There were no outstanding commitments to lend additional funds to debtors experiencing financial difficulties at December 31, 2023. Legacy TDR Disclosures Prior to the Adoption of ASU 2022-02 Prior to the adoption of ASU 2022-02, OFG offered various types of concessions when modifying a loan. Refer to “Note 1 – Summary of Significant Accounting Policies” in this report for more information on TDR accounting and disclosure requirements, and our adoption of ASU 2022-02. The amount of outstanding commitments to lend additional funds to commercial borrowers whose terms were modified in TDRs amounted to $3.2 million at December 31, 2022. The following table presents the troubled-debt restructurings in all loan portfolios as of December 31, 2022: December 31, 2022 Accruing Non-accruing Total Related Allowance (In thousands) Commercial loans: Commercial secured by real estate $ 31,437 $ 13,187 $ 44,624 $ 181 Other commercial and industrial 2,272 354 2,626 42 US commercial loans 7,132 — 7,132 89 40,841 13,541 54,382 312 Mortgage loans 102,387 6,773 109,160 2,495 Consumer loans: Personal loans 1,850 15 1,865 73 Auto loans 77 — 77 3 Total loans $ 145,155 $ 20,329 $ 165,484 $ 2,883 The following tables present the troubled-debt restructurings by loan portfolios and modification type as of December 31, 2022 : 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 loans 31,709 8,020 35,194 34,237 109,160 Consumer: loans Personal loans 825 176 793 71 1,865 Auto loans 39 — 20 18 77 Total loans $ 48,236 $ 39,017 $ 43,905 $ 34,326 $ 165,484 At December 31, 2022, TDR mortgage loans included $43.5 million 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 were not included in the TDR tables. Loan modifications that were considered TDR loans completed during 2022 and 2021: 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 9 148 8.70 % 72 148 9.35 % 49 The following table presents troubled-debt restructurings for which there was a payment default during 2022 and 2021: 2022 2021 Number of Contracts Recorded Investment Number of Contracts Recorded Investment Mortgage 13 $ 1,701 19 $ 2,488 Commercial 1 $ 633 — $ — Consumer 1 $ 40 6 $ 76 Auto — $ — 1 $ 10 As of December 31, 2023 and 2022, the recorded investment on residential mortgage loans collateralized by residential real estate property that were in the process of foreclosure amounted to $24.1 million and $14.9 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 property title issues. Collateral-dependent Loans The table below presents the amortized cost of commercial collateral-dependent loans held for investment at December 31, 2023 and 2022, by class of loans. December 31, 2023 2022 (In thousands) Commercial loans secured by real estate $ 8,027 $ 8,805 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. On January 1, 2023, OFG adopted ASU 2022-02 which requires public companies to include current year-to-date period gross charge-offs by year of origination as described in the tables below. As of December 31, 2023, 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 2023 2022 2021 2020 2019 Prior (In thousands) Commercial loans: Commercial secured by real estate: Loan grade: Pass $ 224,598 $ 216,205 $ 195,884 $ 120,489 $ 80,671 $ 131,016 $ 65,873 $ 1,034,736 Special Mention — 1,772 6,554 5,057 15,676 12,500 153 41,712 Substandard — 459 1,386 1,109 2,615 11,939 1,236 18,744 Doubtful — — — — — 15 — 15 Loss — — — — — — — — Total commercial secured by real estate 224,598 218,436 203,824 126,655 98,962 155,470 67,262 1,095,207 Commercial secured by real estate: 2023 gross charge-offs — — 265 — 94 820 — 1,179 Other commercial and industrial: Loan grade: Pass 284,615 99,522 113,760 37,665 7,438 14,836 527,008 1,084,844 Special Mention 8 2,953 — — 51 100 — 3,112 Substandard 3 473 826 259 935 186 383 3,065 Doubtful — — — — — — — — Loss — — — — — — — — Total other commercial and industrial: 284,626 102,948 114,586 37,924 8,424 15,122 527,391 1,091,021 Other commercial and industrial: 2023 gross charge-offs — 124 1,095 89 9 1,180 — 2,497 US commercial loans: Loan grade: Pass 142,222 63,885 69,233 31,206 28,202 8,085 358,757 701,590 Special Mention — 7,803 — — — — 20,913 28,716 Substandard 10,832 — — — — 5,699 8,391 24,922 Doubtful — — — — — — — — Loss — — — — — — — — Total US commercial loans: 153,054 71,688 69,233 31,206 28,202 13,784 388,061 755,228 US commercial loans: 2023 gross charge-offs 33 1,156 642 47 — 8,637 — 10,515 Total commercial loans $ 662,278 $ 393,072 $ 387,643 $ 195,785 $ 135,588 $ 184,376 $ 982,714 $ 2,941,456 Total 2023 gross charge-offs $ 33 $ 1,280 $ 2,002 $ 136 $ 103 $ 10,637 $ — $ 14,191 As of December 31, 2022, 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 loans: 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 At December 31, 2023 and 2022, the balance of revolving commercial loans converted to term loans was $144.1 million and $78.0 million, respectively. OFG considers the performance of the loan portfolio and its impact on the ACL. 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 table presents the amortized cost in mortgage and consumer loans held for investment based on payment activity as of December 31, 2023: Term Loans Revolving Total 2023 2022 2021 2020 2019 Prior (In thousands) Mortgage loans: Payment performance: Performing $ 24,623 $ 19,722 $ 23,303 $ 15,821 $ 14,589 $ 511,182 $ — $ 609,240 Nonperforming — — 181 108 479 19,239 — 20,007 Total mortgage loans: 24,623 19,722 23,484 15,929 15,068 530,421 — 629,247 Mortgage loans: 2023 gross charge-offs — 4 — — — 755 — 759 Consumer loans: Personal loans: Payment performance: Performing 270,883 186,612 68,133 19,185 14,460 6,330 — 565,603 Nonperforming 503 1,588 304 193 66 101 — 2,755 Total personal loans 271,386 188,200 68,437 19,378 14,526 6,431 — 568,358 Personal loans: 2023 gross charge-offs 1,748 10,512 4,661 830 1,384 731 — 19,866 Credit lines: Payment performance: Performing — — — — — — 10,891 10,891 Nonperforming — — — — — — 35 35 Total credit lines — — — — — — 10,926 10,926 Credit lines: 2023 gross charge-offs — — — — — — 419 419 Credit cards: Payment performance: Performing — — — — — — 39,728 39,728 Nonperforming — — — — — — 586 586 Total credit cards — — — — — — 40,314 40,314 Credit cards: 2023 gross charge-offs — — — — — — 2,825 2,825 Overdrafts: Payment performance: Performing — — — — — — 296 296 Nonperforming — — — — — — — — Total overdrafts — — — — — — 296 296 Overdrafts: 2023 gross charge-offs — — — — — — 545 545 Total consumer loans 271,386 188,200 68,437 19,378 14,526 6,431 51,536 619,894 Total consumer loans 2023 gross charge-offs 1,748 10,512 4,661 830 1,384 731 3,789 23,655 Total mortgage and consumer loans $ 296,009 $ 207,922 $ 91,921 $ 35,307 $ 29,594 $ 536,852 $ 51,536 $ 1,249,141 Total mortgage and consumer loans 2023 gross charge-offs $ 1,748 $ 10,516 $ 4,661 $ 830 $ 1,384 $ 1,486 $ 3,789 $ 24,414 The following table presents the amortized cost in mortgage and consumer loans held for investment based on payment activity as of December 31, 2022 : Term Loans Revolving Total 2022 2021 2020 2019 2018 Prior (In thousands) Mortgage loans: 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 loans: 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 At December 31, 2023 and 2022, there were no mortgage and consumer revolving loans that converted to term loans. OFG evaluates credit quality for auto loans based on FICO score. The following table presents the amortized cost in auto loans held for investment based on their most recent FICO score as of December 31, 2023: Term Loans Total 2023 2022 2021 2020 2019 Prior (In thousands) Auto loans: FICO score: 1-660 170,639 190,743 118,821 57,087 41,124 38,570 616,984 661-699 169,430 110,260 58,166 25,886 18,253 16,137 398,132 700+ 474,005 323,514 183,286 103,886 88,929 58,779 1,232,399 No FICO 6,203 6,537 4,592 2,200 3,886 1,597 25,015 Total auto loans $ 820,277 $ 631,054 $ 364,865 $ 189,059 $ 152,192 $ 115,083 $ 2,272,530 Auto loans: 2023 gross charge-offs $ 4,090 $ 18,142 $ 10,894 $ 4,008 $ 3,380 $ 3,250 $ 43,764 The following table presents the amortized cost in auto loans held for investment based on their most recent FICO score as of December 31, 2022 : Term Loans Total 2022 2021 2020 2019 2018 Prior (In thousands) Auto loans: 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 $ 733,760 $ 479,581 $ 263,060 $ 230,492 $ 157,044 $ 94,320 $ 1,958,257 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 preceding two tables. As of December 31, 2023 and 2022, accrued interest receivable on loans totaled $63.5 million and $58.1 million, respectively, and is included in the accrued interest receivable line in OFG’s consolidated statements of financial condition. Refer to “Note 12 – Accrued Interest Receivable and Other Assets” for more information on accrued interest receivable on loans.

ALLOWANCE FOR CREDIT LOSSES

ALLOWANCE FOR CREDIT LOSSES	12 Months Ended
	Dec. 31, 2023
Credit Loss [Abstract]
ALLOWANCE FOR CREDIT LOSSES	ALLOWANCE FOR CREDIT LOSSES OFG measures its ACL 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 weight 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 ACL, see “Note 1 – Summary of Significant Accounting Policies”. At December 31, 2023, 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 uses a higher probability level in the moderate recessionary scenario. In addition, the ACL at December 31, 2023 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 auto loan portfolio credit trends and the evolution of risk ratings applied to the commercial loans and collateral changes in real estate 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. As of December 31, 2023, the allowance for credit losses increased by $8.4 million when compared to December 31, 2022. The provision for credit losses for 2023 reflected a provision of $42.6 million related to the growth in loan balances, a provision of $13.1 million related to commercial-specific loan reserves, mainly in the US commercial loan portfolio, and $4.8 million associated with qualitative adjustments mostly to the auto loan and US commercial loan portfolios. The net charge-offs for 2023, amounted to $51.8 million, an increase of $24.2 million when compared to 2022. The increase is mainly due to increases of $8.0 million in consumer loans, $7.0 million in auto loans, $6.0 million in commercial loans and $3.2 million in mortgage loans. During 2023, OFG charged-off $10.5 million of US commercial loans and $906 thousand for a small portfolio of non-performing small business commercial loans that were transferred to the held for sale category and sold subsequently; partially offset by a recovery of $3.7 million from the sale of older, previously fully charged-off auto and consumer loans. The following tables present the activity in OFG’s allowance for credit losses by segment for 2023, 2022 and 2021: Year Ended December 31, 2023 Commercial Mortgage Consumer Auto Total (In thousands) Non-PCD: Balance at beginning of year $ 39,158 $ 9,571 $ 23,264 $ 69,848 $ 141,841 Provision for (recapture of) credit losses 18,200 (2,031) 23,302 22,294 61,765 Charge-offs (14,191) (759) (23,655) (43,764) (82,369) Recoveries 874 1,217 4,175 25,107 31,373 Balance at end of year $ 44,041 $ 7,998 $ 27,086 $ 73,485 $ 152,610 PCD: Balance at beginning of year $ 1,388 $ 9,359 $ 14 $ 71 $ 10,832 Provision for (recapture of) credit losses 901 (2,389) 518 (518) (1,488) Charge-offs (2,794) (317) (621) (170) (3,902) Recoveries 1,618 698 96 642 3,054 Balance at end of year $ 1,113 $ 7,351 $ 7 $ 25 $ 8,496 Total allowance for credit losses at end of year $ 45,154 $ 15,349 $ 27,093 $ 73,510 $ 161,106 Year Ended December 31, 2022 Commercial Mortgage Consumer Auto 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 of) provision for 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 $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 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

FORECLOSED REAL ESTATE

FORECLOSED REAL ESTATE	12 Months Ended
	Dec. 31, 2023
Other Real Estate [Abstract]
FORECLOSED REAL ESTATE	FORECLOSED REAL ESTATE The following table presents the activity related to foreclosed real estate for 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 (In thousands) Balance at beginning of year $ 11,214 $ 15,039 $ 11,596 Additions 10,216 7,872 18,221 Sales (13,880) (16,855) (14,758) Decline in value (1,152) (1,256) (1,450) Other adjustments 4,382 6,414 1,430 Balance at end of year $ 10,780 $ 11,214 $ 15,039

PREMISES AND EQUIPMENT

PREMISES AND EQUIPMENT	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
PREMISES AND EQUIPMENT	PREMISES AND EQUIPMENT Premises and equipment at December 31, 2023 and 2022 are stated at cost less accumulated depreciation and amortization as follows: Useful Life December 31, 2023 2022 (In thousands) Land — $ 4,031 $ 4,031 Buildings and improvements 20 — 40 76,542 74,349 Leasehold improvements 1 — 10 19,145 17,901 Furniture and fixtures 3 — 10 21,377 23,460 Information technology and other 3 — 7 58,898 59,130 179,993 178,871 Less: accumulated depreciation and amortization (75,891) (72,051) $ 104,102 $ 106,820 Depreciation and amortization of premises and equipment totaled $20.4 million, $15.8 million and $14.1 million for 2023, 2022 and 2021, 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, 2023
Transfers and Servicing [Abstract]
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. At December 31, 2023, the fair value of mortgage servicing rights was $49.5 million ($50.9 million — December 31, 2022). The following table presents the changes in servicing rights measured using the fair value method for 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 (In thousands) Fair value at beginning of year $ 50,921 $ 48,973 $ 47,295 Servicing from mortgage securitization or asset transfers 2,560 3,998 6,089 Changes due to payments on loans (4,163) (5,312) (6,738) Changes in fair value due to changes in valuation model inputs or assumptions 202 3,262 2,327 Fair value at end of year $ 49,520 $ 50,921 $ 48,973 The following table presents key economic assumption ranges used in measuring the mortgage-related servicing asset fair value as of December 31, 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 Constant prepayment rate 1.35% - 17.34% 3.43% - 21.20% 3.90% - 24.48% 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, 2023 2022 (In thousands) Mortgage-related servicing asset Carrying value of mortgage servicing asset $ 49,520 50,921 Weighted average life (in years) 7.3 7.8 Constant prepayment rate Decrease in fair value due to 10% adverse change $ (928) $ (956) Decrease in fair value due to 20% adverse change $ (1,821) $ (1,880) Discount rate Decrease in fair value due to 10% adverse change $ (1,999) $ (2,265) Decrease in fair value due to 20% adverse change $ (3,856) $ (4,356) 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 and included in the mortgage banking activities section in the consolidated statement of operations. Servicing fees on mortgage loans for 2023, 2022 and 2021 totaled $19.0 million, $20.3 million and $21.4 million , respectively.

DERIVATIVES

DERIVATIVES	12 Months Ended
	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES	DERIVATIVES OFG’s overall interest rate risk-management strategy incorporates, from time to time, the use of derivative instruments to minimize significant unplanned fluctuations in earnings that are caused by interest rate volatility. Derivative instruments that were used as part of OFG’s interest rate risk-management strategy included interest rate swaps and caps. As of December 31, 2022, the notional amount of derivative contracts outstanding was $26.6 million with a gross fair value of $406 thousand, which was included in other assets in the consolidated statement of financial condition. The gross fair value of derivatives liabilities was zero at December 31, 2022. The impact of master netting agreements was not material. As of December 31, 2023, there were no derivative contracts outstanding.

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2023
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. Goodwill by reportable business segment is included in the table below. Refer to “ Note 29 – OFG Bancorp (Holding Company Only) Financial Information” 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 December 31, 2023 $ 84,063 $ 178 $ — $ 84,241 There were no changes in the carrying amount of goodwill as of December 31, 2023 and 2022. There were no accumulated impairment losses during 2023, 2022 and 2021. 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 2023 using October 31, 2023 as the annual evaluation date and concluded that there was no impairment at December 31, 2023. The following table reflects the components of other intangible assets subject to amortization at December 31, 2023 and 2022: Gross Accumulated Net (In thousands) December 31, 2023 Core deposit intangibles $ 41,507 $ 25,659 $ 15,848 Customer relationship intangibles 12,693 7,847 4,846 Total other intangible assets $ 54,200 $ 33,506 $ 20,694 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 In connection with previous acquisitions, OFG recorded core deposit intangibles representing the value of checking and savings deposits acquired. In addition, OFG recorded customer relationship intangibles representing the value of customer relationships acquired with the acquisitions of insurance agencies. During 2023 and 2022, OFG performed an assessment of events or circumstances that could trigger reductions in the book value of other intangible assets. Based on this assessment, no impairments were identified at December 31, 2023 and 2022. Other intangible assets have a definite useful life. Amortization of other intangible assets for the years ended December 31, 2023, 2022 and 2021, was $6.9 million, $8.5 million and $9.8 million, respectively. The following table presents the estimated amortization of other intangible assets for each of the following periods. Year Ending December 31, (In thousands) 2024 5,913 2025 4,927 2026 3,942 2027 2,956 2028 1,971 Thereafter 985

ACCRUED INTEREST RECEIVABLE AND

ACCRUED INTEREST RECEIVABLE AND OTHER ASSETS	12 Months Ended
	Dec. 31, 2023
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, 2023 and 2022 consists of the following: December 31, 2023 2022 (In thousands) Loans $ 63,526 $ 58,144 Investments 7,874 4,258 $ 71,400 $ 62,402 Accrued interest receivable on loans that participated in the Hurricane Fiona and Covid-19 deferral programs amounted to $20.2 million at December 31, 2023, of which $18.2 million corresponded to loans in current status. 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 corresponded to loans in current status. OFG estim ates 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, 2023 and 2022, the ACL for accrued interest receivable for loans that participated in moratorium programs amounted to $85 thousand and $144 thousand, respectively, and is included in accrued interest receivable in the statement of financial condition. Other assets at December 31, 2023 and 2022 consist of the following: December 31, 2023 2022 (In thousands) Prepaid expenses $ 63,040 $ 54,875 Other repossessed assets 4,032 4,617 Accounts receivable and other assets 47,859 61,420 $ 114,931 $ 120,912 Prepaid expenses amounting to $63.0 million at December 31, 2023, include prepaid municipal, property and income taxes aggregating to $54.7 million . At December 31, 2022 prepaid expenses amounted to $54.9 million, including prepaid municipal, property and income taxes aggregating to $47.2 million. Other repossessed assets totaled $4.0 million and $4.6 million at December 31, 2023 and 2022, 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, 2023
Deposits and Related Interest [Abstract]
DEPOSITS AND RELATED INTEREST	DEPOSITS AND RELATED INTEREST Total deposits, including related accrued interest payable, as of December 31, 2023 and 2022 consist of the following: December 31, 2023 2022 (In thousands) Non-interest-bearing demand deposits $ 2,537,431 $ 2,630,458 Interest-bearing savings and demand deposits 5,601,099 4,774,265 Retail certificates of deposit 1,083,316 979,545 Institutional certificates of deposit 378,143 172,725 Total core deposits 9,599,989 8,556,993 Brokered deposits 162,180 11,371 Total deposits $ 9,762,169 $ 8,568,364 At December 31, 2023 and 2022, the aggregate amount of uninsured deposits was $4.885 billion (50% of total deposits), and $3.498 billion (41% of total deposits), respectively. The weighted average interest rate of OFG’s deposits was 0.88% and 0.41%, respectively, at December 31, 2023 and 2022. Interest expense for 2023, 2022 and 2021 was as follows: Year Ended December 31, 2023 2022 2021 (In thousands) Demand and savings deposits $ 48,722 $ 24,261 $ 23,713 Certificates of deposit 27,243 7,978 15,301 $ 75,965 $ 32,239 $ 39,014 At December 31, 2023 and 2022, time deposits in denominations of $250 thousand or higher, excluding accrued interest and unamortized discounts, amounted to $747.2 million and $384.4 million, respectively. In December 2023, OFG received a $1.2 billion deposit in an interest-bearing checking account from an existing long-standing Puerto Rico government client who had an inflow of liquidity. At December 31, 2023 and 2022, total public fund deposits from various Puerto Rico government municipalities, agencies and corporations amounted to $1.616 billion and $284.2 million, respectively. These public funds were collateralized with securities and commercial loans amounting to $1.645 billion and $367.3 million at December 31, 2023 and 2022, respectively. Excluding accrued interest of approximately $3.0 million and $682 thousand, the scheduled maturities of certificates of deposit at December 31, 2023 and 2022 are as follows: December 31, 2023 Year-end amount Uninsured amount (In thousands) Within one year: Three months or less $ 457,533 $ 115,392 Over 3 months through 6 months 195,902 61,245 Over 6 months through 1 year 329,758 113,524 983,193 290,161 Over 1 through 2 years 467,348 201,478 Over 2 through 3 years 94,450 13,971 Over 3 through 4 years 29,514 1,379 Over 4 through 5 years 45,575 4,665 Over 5 years 608 — $ 1,620,688 $ 511,654 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 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 $564 thousand and $495 thousand as of December 31, 2023 and 2022, respectively.

BORROWINGS AND RELATED INTEREST

BORROWINGS AND RELATED INTEREST	12 Months Ended
	Dec. 31, 2023
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, 2023 and 2022, these advances were secured by mortgage and commercial loans amounting to $1.0 billion and $951.1 million, respectively. Also, at December 31, 2023 and 2022, OFG had an additional borrowing capacity with the FHLB of $446.0 million and $628.1 million, respectively. At December 31, 2023 and 2022, the weighted average remaining maturity of FHLB advances was 1.2 years and 3 days, respectively. The original terms of the outstanding long-term advances at December 31, 2023 is 2 years. The following table shows a summary of the advances and their terms, excluding accrued interest in the amount of $768 thousand and $103 thousand at December 31, 2023 and 2022, respectively: December 31, 2023 2022 (In thousands) Short-term fixed-rate advances from FHLB, with a weighted average interest rate of 4.46% $ — $ 26,613 Long-term fixed-rate advance from FHLB, with a weighted average interest rate of 4.52% 200,000 — $ 200,000 $ 26,613 Advances from FHLB mature as follows: December 31, 2023 2022 (In thousands) Under 90 days $ — $ 26,613 Over one to three years 200,000 — $ 200,000 $ 26,613

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	12 Months Ended
	Dec. 31, 2023
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS OFG offers three profit-sharing plans, participation is according to the employment region; Puerto Rico, the United States mainland (the “US”) and the USVI (collectively, the “Plans”). The Puerto Rico employee plan contains 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”). Under this plan, participants were permitted to contribute up to $20,000 in 2023. The US and USVI profit-sharing plans provide a cash or deferred arrangement qualified under Sections 401(a) and 401(k) of the United States Internal Revenue Code of 1986, as amended (the “US Code”). Under these plans, participants were permitted to contribute up to $22,500 in 2023. The Plans are subject to the provisions of Title I of the Employee Retirement Income Security Act of 1976, as amended (“ERISA”) and cover all full-time employees of OFG who are 21 or older, and at least have three months of employment. OFG’s matching contribution is 50 cents for each dollar contributed by an employee, up to 8% of such employee’s base salary. Each Plan is invested in accordance with the employee’s decision among the available investment alternatives provided by the Plans. The Plans are entitled to acquire and hold qualifying employer securities as part of their investment of the trust assets pursuant to ERISA Section 407. OFG’s contribution becomes 100% vested once the employee completes three years of service. During 2023, 2022 and 2021, OFG contributed $2.7 million, $2.4 million and $2.3 million, respectively, in cash to the Plans. 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 are generally 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, 2023
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 2023, 2022, and 2021 was as follows: Year Ended December 31, 2023 2022 2021 (In thousands) Balance at the beginning of year $ 32,792 $ 25,915 $ 21,112 New loans and disbursements 507 9,706 8,233 Repayments (5,816) (2,829) (3,430) Balance at the end of year $ 27,483 $ 32,792 $ 25,915 OFG also hired professional services amounting to $3.3 million, $4.3 million and $5.0 million for 2023, 2022, and 2021, 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, 2023 and 2022, OFG’s investment in the partnership amounted to $2.5 million and $2.4 million, respectively.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2023
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 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 ceased 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 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 2023, 2022, and 2021 were as follows: Year Ended December 31, 2023 2022 2021 (In thousands) Current income tax expense $ 16,027 $ 16,740 $ 4,836 Deferred income tax expense 67,349 61,126 63,616 Total income tax expense $ 83,376 $ 77,866 $ 68,452 In relation to the exempt income level, the Bank’s investment securities portfolio and loans portfolio generated net tax-exempt interest income of $28.6 million, $26.3 million and $14.4 million during 2023, 2022, and 2021, respectively. OIB generated exempt income of $3.9 million, $4.4 million and $9.5 million for 2023, 2022, and 2021, respectively. OFG maintained an effective tax rate lower than statutory rate for 2023, mainly related to exempt investments, doing business through OFG's subsidiaries that are fully exempt or have a lower statutory tax rate, and changes in the valuation allowance of OFG. 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, 2023 2022 2021 Amount Rate Amount Rate Amount Rate (Dollars in thousands) Income tax expense at statutory rates $ 99,468 37.50 % $ 91,539 37.50 % $ 80,476 37.50 % Tax of exempt income, net (12,201) -4.60 % (11,523) -4.72 % (9,489) -4.42 % Disallowed net operating loss carryover (350) -0.13 % (267) (0.11) % (179) (0.08) % Change in valuation allowance (1,554) -0.59 % (502) (0.21) % 803 0.37 % Unrecognized tax benefits, net 69 0.03 % 69 0.03 % 70 0.03 % Capital gain at preferential rate 472 0.18 % (787) -0.32 % (3) — % Tax rate difference (ordinary vs capital) (817) -0.31 % (247) -0.10 % (480) -0.22 % Return to provision adjustments (721) -0.27 % (407) -0.17 % (933) -0.43 % Difference in tax rates due to multiple jurisdictions (963) -0.36 % — — % 187 0.09 % Other items, net (27) -0.02 % (9) — % (2,000) -0.94 % Income tax expense $ 83,376 31.43 % $ 77,866 31.90 % $ 68,452 31.90 % OFG classifies unrecognized tax benefits in other liabilities. These gross unrecognized tax benefits would affect the effective tax rate if realized. At December 31, 2023, the amount of unrecognized tax benefits was $936 thousand (December 31, 2022 - $867 thousand). OFG had accrued $69 thousand at December 31, 2023 (December 31, 2022 - $69 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, 2023 2022 2021 (In thousands) Balance at beginning of year $ 867 $ 798 $ 728 Additions for tax positions of prior years 69 69 70 Balance at end of year $ 936 $ 867 $ 798 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 2023, 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 2019 to 2022, 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 2020 to 2022. 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, 2023, and 2022 were as follows: December 31, 2023 2022 (In thousands) Deferred tax assets: Allowance for credit losses and other reserves $ 58,612 $ 57,273 Scotiabank PR discount 463 1,453 Loans and other real estate valuation adjustment 1,905 2,313 Deferred loan charge-offs 16,147 72,376 Net operating loss carry forwards 6,548 9,022 Alternative minimum tax 13,553 14,467 Unrealized net loss on available-for-sale securities 11,525 16,422 Goodwill 3,542 10,252 Acquired portfolio 37,374 45,761 Other assets allowances 1,692 1,538 Other deferred tax assets 16,344 16,570 Total gross deferred tax asset 167,705 247,447 Less: valuation allowance (7,589) (9,143) Net gross deferred tax assets 160,116 238,304 Deferred tax liabilities: Acquired loans tax basis (137,143) (137,195) FDIC-assisted Eurobank acquisition, net (5,481) (5,760) Customer deposit and customer relationship intangibles (4,943) (7,314) Building valuation adjustment (6,104) (6,540) Unrealized net gain included in other comprehensive income — (152) Servicing asset (15,516) (16,041) Other deferred tax liabilities (8,450) (9,817) Total gross deferred tax liabilities (177,637) (182,819) Net deferred tax (liability) asset $ (17,521) $ 55,485 The net deferred tax liability shown in the table above at December 31, 2023 is reflected in the consolidated balance sheet as $4.9 million in deferred tax assets, net of a valuation allowance of $7.0 million, and $22.4 million in the deferred tax liabilities, net with a valuation allowance of $569 thousand, reflecting the aggregate deferred tax assets or liabilities of individual tax-paying subsidiaries of OFG. As of December 31, 2022, OFG’s net deferred tax asset, net of a valuation allowance of $9.1 million, amounted to $55.5 million. The decrease in valuation allowance of $1.6 million was mainly related to additional taxable income in OFG’s operations. OFG has $6.5 million in deferred tax asset related to net operating loss carry forwards (“NOL”), which has a valuation allowance of $6.4 million. The NOL has expiration dates between 2024 and 2032. There is a small portion of NOL of approximately $130 thousand that does not have an expiration date. 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, 2023. 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, 2023
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. OFG and the Bank have elected to exclude accumulated comprehensive income related to both available for sale securities and derivative valuations from Common Equity Tier 1 Capital. 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. 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 ACL (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 is being phased out of CET1 capital over a three-year period. As of December 31, 2023 and 2022, OFG and the Bank met all capital adequacy requirements to which they are subject. As of December 31, 2023 and 2022, OFG and the Bank are “well capitalized” under the regulatory framework for prompt corrective action. To be categorized as “well capitalized,” an institution must maintain minimum CET1 risk-based, Tier 1 risk-based, total risk-based, and Tier 1 leverage ratios as set forth in the tables presented below. OFG’s and the Bank’s actual capital amounts and ratios as of December 31, 2023 and 2022 were 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, 2023 Total capital to risk-weighted assets $ 1,278,537 15.37 % $ 873,369 10.50 % $ 831,780 10.00 % Tier 1 capital to risk-weighted assets $ 1,174,205 14.12 % $ 707,013 8.50 % $ 665,424 8.00 % Common equity tier 1 capital to risk-weighted assets $ 1,174,205 14.12 % $ 582,246 7.00 % $ 540,657 6.50 % Tier 1 capital to average total assets $ 1,174,205 11.03 % $ 425,911 4.00 % $ 532,389 5.00 % 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 % Actual Minimum Capital Minimum to be Well Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) Bank Ratios As of December 31, 2023 Total capital to risk-weighted assets $ 1,179,164 14.27 % $ 867,797 10.50 % $ 826,474 10.00 % Tier 1 capital to risk-weighted assets $ 1,075,487 13.01 % $ 702,503 8.50 % $ 661,179 8.00 % Common equity tier 1 capital to risk-weighted assets $ 1,075,487 13.01 % $ 578,532 7.00 % $ 537,208 6.50 % Tier 1 capital to average total assets $ 1,075,487 10.20 % $ 421,660 4.00 % $ 527,075 5.00 % 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 %

EQUITY-BASED COMPENSATION PLAN

EQUITY-BASED COMPENSATION PLAN	12 Months Ended
	Dec. 31, 2023
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 2023, 2022, and 2021 is set forth below: Year Ended December 31, 2023 2022 2021 Number Weighted Number Weighted Number Weighted Beginning of year 234,950 $ 16.38 338,494 $ 15.76 481,444 $ 15.10 Options exercised (218,350) 16.34 (103,544) 14.34 (140,850) 13.51 Options forfeited — — — — (2,100) 16.55 End of year 16,600 $ 16.92 234,950 $ 16.38 338,494 $ 15.76 The following table summarizes the range of exercise prices and the weighted average remaining contractual life of the options outstanding at December 31, 2023: Outstanding Exercisable Range of Exercise Prices Number of Weighted Weighted Number of Weighted 14.09 to 16.90 6,400 16.10 0.2 6,400 16.10 16.91 to 19.71 10,200 17.44 1.2 10,200 17.44 16,600 $ 16.92 0.8 16,600 $ 16.92 Aggregate Intrinsic Value $ 341,240 $ 341,240 There were no options granted during 2023, 2022 and 2021. 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 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 Restricted Weighted Restricted Weighted Restricted Weighted Beginning of year 408,832 $ 22.27 511,740 $ 19.35 529,770 $ 15.58 Restricted units granted 204,048 27.84 178,281 27.89 205,440 18.76 Restricted units lapsed (181,692) 20.85 (277,866) 17.08 (218,188) 13.85 Restricted units forfeited (20,191) 25.18 (3,323) 22.89 (5,282) 19.38 End of year 410,997 $ 25.43 408,832 $ 22.27 511,740 $ 19.35 The total unrecognized compensation cost related to non-vested restricted units to members of management at December 31, 2023 was $5.8 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, 2023
Stockholders' Equity Note [Abstract]
STOCKHOLDERS’ EQUITY	STOCKHOLDERS’ EQUITY Common Stock At both December 31, 2023 and 2022, 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, 2023 and 2022, 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, 2023 and 2022, the Bank’s legal surplus amounted to $151.0 million and $133.9 million, respectively. During 2023, OFG transferred $17.1 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 for the purchase of up to $100 million of its outstanding shares of common stock. The shares of common stock repurchased are held by OFG as treasury shares. During 2023, OFG repurchased 743,699 shares for a total of $18.7 million at an average price of $25.08 per share. 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 $24.49 per share. At December 31, 2023, the number of shares that may yet be purchased under the $100 million program is estimated at 459,898 and was calculated by dividing the remaining balance of $17.2 million by $37.48 (closing price of OFG’s common stock at December 31, 2023). OFG did not repurchase any shares of its common stock during the 2023, 2022 and 2021, other than through its publicly announced stock repurchase program. The activity in connection with common shares held in treasury by OFG for 2023, 2022 and 2021 is set forth below: Year Ended December 31, 2023 2022 2021 Shares Dollar Shares Dollar Shares Dollar (In thousands, except shares data) Beginning of year 12,303,859 $ 211,135 10,248,882 $ 150,572 8,498,163 $ 102,949 Common shares used upon lapse of restricted stock units and options (227,480) (1,438) (296,891) (3,547) (301,710) (2,249) Common shares repurchased as part of the stock repurchase programs 743,699 18,653 2,351,868 64,110 2,052,429 49,872 End of year 12,820,078 $ 228,350 12,303,859 $ 211,135 10,248,882 $ 150,572

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS	ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated other comprehensive loss, net of income taxes, as of December 31, 2023 and 2022 consisted of: December 31, 2023 2022 (In thousands) Unrealized loss on securities available-for-sale $ (78,497) $ (110,036) Income tax effect of unrealized loss on securities available-for-sale 11,484 16,373 Net unrealized loss on securities available-for-sale (67,013) (93,663) Unrealized gain on cash flow hedges — 406 Income tax effect of unrealized gain on cash flow hedges — (152) Net unrealized gain on cash flow hedges — 254 Accumulated other comprehensive loss, net of income taxes $ (67,013) $ (93,409) The following table presents changes in accumulated other comprehensive loss by component, net of taxes, 2023, 2022 and 2021: Year Ended December 31, 2023 Net unrealized Net unrealized Accumulated (In thousands) Beginning balance $ (93,663) $ 254 $ (93,409) Other comprehensive income (loss) before reclassifications 27,792 (5,647) 22,145 Amounts reclassified out of accumulated other comprehensive loss (1,142) 5,393 4,251 Other comprehensive income (loss) 26,650 (254) 26,396 Ending balance $ (67,013) $ — $ (67,013) 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 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 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 The following table presents reclassifications out of accumulated other comprehensive loss for 2023, 2022 and 2021: Amount reclassified out of accumulated other comprehensive loss Year Ended December 31, Affected Line Item in 2023 2022 2021 (In thousands) Cash flow hedges: Interest-rate contracts $ 5,393 $ 733 $ 1,641 Net interest expense Available-for-sale securities: (Loss) gain on sale of investments (1,149) (247) 19 Net (loss) gain on sale of securities Tax effect from changes in tax rates 7 8 6 Income tax expense $ 4,251 $ 494 $ 1,666

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
EARNINGS PER COMMON SHARE	EARNINGS PER COMMON SHARE The calculation of earnings per common share for 2023, 2022 and 2021 is as follows: Year Ended December 31, 2023 2022 2021 (In thousands, except per share data) Net income $ 181,872 $ 166,239 $ 146,151 Less: Dividends on preferred stock Non-convertible preferred stock (Series A, B, and D) — — (1,255) Income available to common shareholders $ 181,872 $ 166,239 $ 144,896 Average common shares outstanding 47,258 48,033 50,956 Effect of dilutive securities: Average potential common shares-options 294 403 414 Total weighted average common shares outstanding and equivalents 47,552 48,436 51,370 Earnings per common share - basic $ 3.85 $ 3.46 $ 2.85 Earnings per common share - diluted $ 3.83 $ 3.44 $ 2.81 For 2023, 2022 and 2021 weighted-average restricted stock units with an anti-dilutive effect on earnings per share not included in the calculation amounted to 8,695, 1,279 and 3,175, respectively. During 2023 , OFG increased its quarterly common stock cash dividend to $0.22 per share from $0.20 per share at December 31, 2022 .

GUARANTEES

GUARANTEES	12 Months Ended
	Dec. 31, 2023
Guarantees [Abstract]
GUARANTEES	GUARANTEES At December 31, 2023 and 2022, the notional amount of the obligations undertaken in issuing the guarantees under standby letters of credit represented a liability of $24.0 million and $24.7 million, respectively. OFG has a liability for residential mortgage loans sold subject to credit recourse pursuant to FHLMC's, GNMA's, and FNMA's residential mortgage loan sales and securitization programs. At December 31, 2023 and 2022, the unpaid principal balance of residential mortgage loans sold subject to credit recourse under the residential mortgage loan sales programs was $98.7 million and $110.9 million, respectively. 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. At December 31, 2023, OFG's liability for estimated credit losses related to loans sold with credit recourse amounted to $102 thousand (December 31, 2022– $147 thousand). On May 1, 2023, OFG and a third-party servicer terminated a subservicing agreement by mutual agreement. Pursuant to such termination, the third-party servicer assumed the direct servicing of the subserviced loans pursuant to FNMA's residential mortgage loans sales program, thereby relieving OFG of its corresponding recourse obligation under that program. 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 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 (In thousands) Balance at beginning of year $ 147 $ 294 $ 218 Net recoveries (charge-offs/terminations) (45) (147) 76 Balance at end of year $ 102 $ 147 $ 294 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 2023, 2022 and 2021, OFG repurchased $1.2 million, $1.5 million and $3.1 million, 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. 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 2023, OFG repurchased $9.6 million (December 31, 2022 –$24.2 million) of unpaid principal balance in mortgage loans, excluding mortgage loans subject to such credit recourse provision. At December 31, 2023 and 2022, OFG had a $405 thousand and a $1.4 million liability, respectively, for the estimated credit losses related to these loans. During 2023, 2022 and 2021, OFG recognized $220 thousand and $148 thousand in gains and $157 thousand in losses, respectively, from the repurchase of residential mortgage loans sold subject to credit recourse, and $678 thousand in gains, $281 thousand and $4.3 million in losses, respectively, from the repurchase of residential mortgage loans as a result of breaches of customary representations and warranties. At December 31, 2023, OFG serviced $5.6 billion (December 31, 2022 - $5.8 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 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 guarantee 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, 2023, the outstanding balance of funds advanced by OFG under such mortgage loan servicing agreements was approximately $4.2 million (December 31, 2022 - $7.8 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, 2023
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, 2023 and 2022 were as follows: December 31, 2023 2022 (In thousands) Commitments to extend credit $ 1,255,695 $ 1,403,118 Commercial letters of credit 119 1,082 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, 2023 and 2022, 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, 2023 and 2022, is as follows: December 31, 2023 2022 (In thousands) Standby letters of credit and financial guarantees $ 23,970 $ 24,749 Loans sold with recourse 98,685 110,891 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, 2023 and 2022, the ACL for off-balance sheet credit exposures corresponding to commitments to extend credit and standby letters of credit amounted to $1.2 million and $734 thousand, respectively, and is included in other liabilities in the statement of financial condition. At December 31, 2023 and 2022, OFG maintained other non-credit commitments amounting to $18.9 million and $21.5 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 require 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, 2023 and 2022, OFG had commitments for capital expenditures in technology amounting to $7.8 million and $8.6 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, 2023 and 2022, this accrued liability amounted to $817 thousand and $2.4 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. Subject to the accounting and disclosure framework under the provisions of ASC 450, it is the opinion of OFG’s management, based on current knowledge and after taking into account its current legal accruals, that the eventual outcome of all matters would not be likely to have a material adverse effect on the consolidated statements of financial condition of OFG. Nonetheless, given the substantial or indeterminate amounts sought in certain of these matters, and the inherent unpredictability of such matters, an adverse outcome in certain of these matters could, from time to time, have a material adverse effect on OFG’s consolidated results of operations or cash flows in particular quarterly or annual periods. OFG has evaluated all arbitration, litigation and regulatory matters where the likelihood of a potential loss is deemed reasonably possible. OFG has determined that the estimate of the reasonably possible loss is not significant.

OPERATING LEASES

OPERATING LEASES	12 Months Ended
	Dec. 31, 2023
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, 2023 2022 2021 Statement of Operations (In thousands) Lease costs $ 10,414 $ 10,467 $ 11,417 Occupancy and equipment Variable lease costs 1,452 1,529 1,881 Occupancy and equipment Short-term lease costs 529 565 859 Occupancy and equipment Lease income (123) (226) (442) Occupancy and equipment Total lease costs $ 12,272 $ 12,335 $ 13,715 Operating Lease Assets and Liabilities December 31, 2023 2022 Statement of Financial Condition Classification (In thousands) Right-of-use assets $ 21,725 $ 25,363 Operating lease right-of-use assets Lease Liabilities $ 24,029 $ 27,370 Operating leases liabilities December 31, 2023 2022 (In thousands) Weighted-average remaining lease term 5.1 years 5.1 years Weighted-average discount rate 7.0 % 6.8 % Future minimum payments for operating leases with initial or remaining terms of one year or more as of December 31, 2023 were as follows: Minimum Rent As of December 31, 2023 (In thousands) 2024 $ 8,298 2025 6,122 2026 4,019 2027 3,180 2028 2,383 Thereafter 5,150 Total lease payments $ 29,152 Less imputed interest 5,123 Present value of lease liabilities $ 24,029 OFG, as lessor, leases and subleases real property to tenants under operating leases. As of December 31, 2023, no material lease concessions have been granted to tenants. As of December 31, 2023, OFG, as lessee, has not requested any lease concessions.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	FAIR VALUE OF FINANCIAL INSTRUMENTS OFG follows the fair value measurement framework under 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”). 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. At December 31, 2022, OFG held one security categorized as other debt that was classified as Level 3. The estimated fair value of this security was determined by using an adjusted third-party model to calculate the present value of projected future cash flows. The assumptions were highly uncertain and included primarily market discount rates and current spread. The assumptions used were drawn from similar securities that were actively traded in the market and have similar risk characteristics. The valuation was performed on a quarterly basis. At December 31, 2023 there was one security held-to-maturity, carried at amortized cost with no ACL established, classified as Level 3. Derivative instruments The fair value of the interest rate swaps was largely a function of the financial market’s expectations regarding the future direction of interest rates. Accordingly, current market values were not necessarily indicative of the future impact of derivative instruments on earnings. This depended, 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 was based on observable market parameters, which included 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 accounted for the industry sector and the credit rating of the counterparty and/or OFG. Certain other derivative instruments with limited market activity were valued using externally developed models that considered unobservable market parameters. Based on their valuation methodology, derivative instruments were classified as Level 2. At December 31, 2023 there were no derivative instruments outstanding. 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 are 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, 2023 Fair Value Measurements Level 1 Level 2 Level 3 Total (In thousands) Recurring fair value measurements: Investment securities available-for-sale $ 296,799 $ 1,802,465 $ — $ 2,099,264 Trading securities — 13 — 13 Money market investments 4,623 — — 4,623 Servicing assets — — 49,520 49,520 $ 301,422 $ 1,802,478 $ 49,520 $ 2,153,420 Non-recurring fair value measurements: Collateral dependent loans $ — $ — $ 8,027 $ 8,027 Foreclosed real estate — — 10,780 10,780 Other repossessed assets — — 4,032 4,032 Other loans held for sale $ — $ — 28,345 28,345 $ — $ — $ 51,184 $ 51,184 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 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 2023 and 2022, 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 2023, 2022 and 2021: Level 3 Instruments Only Year Ended December 31, 2023 2022 2021 Other debt securities available for sale Servicing Assets Total Other debt securities available for sale Servicing Assets Total Other debt securities available for sale Servicing Assets Total (In thousands) Balance at beginning year $ 406 $ 50,921 $ 51,327 $ 1,530 $ 48,973 $ 50,503 — $ 47,295 $ 47,295 New instruments acquired — 2,560 2,560 376 3,998 4,374 — 6,089 6,089 Transfer from Level 2 — — — — — — 1,500 — 1,500 Principal repayments and amortization — (4,163) (4,163) — (5,312) (5,312) — (6,738) (6,738) Instrument converted to equity security (406) — (406) (1,581) — (1,581) — — — Gains included in earnings — 202 202 — 3,262 3,262 — 2,327 2,327 Gains included in other comprehensive income — — — 81 — 81 30 — $ 30 Balance at end of year $ — $ 49,520 $ 49,520 $ 406 $ 50,921 $ 51,327 $ 1,530 $ 48,973 $ 50,503 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. Servicing assets gains included in earnings during 2023, 2022 and 2021 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 9 – Servicing Assets. During 2023, 2022 and 2021, 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, 2023 and 2022: December 31, 2023 Fair Value Valuation Technique Unobservable Input Range Weighted Average (In thousands) Servicing assets $ 49,520 Cash flow valuation Constant prepayment rate 1.35% - 17.34% 6.12 % Discount rate 10.00% - 15.50% 11.45 % Collateral dependent loans $ 8,027 Fair value of property Appraised value less disposition costs 10.20% - 33.20% 17.00 % Foreclosed real estate $ 10,780 Fair value of property Appraised value less disposition costs 10.20% - 33.20% 12.67 % Other repossessed assets $ 4,032 Fair value of property Estimated net realizable value less disposition costs 31.00% - 77.00% 57.72 % Other loans held for sale $ 28,345 Bids or sales contract prices Estimated market value 52.00% - 103.20% 84.80 % 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% 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 at December 31, 2022 was a DFC methodology. DFC is a valuation method that uses the concept of the time value of money. The methodology used the future cash flows discounted through a yield to obtain a net present value. Assumptions applied in the model were 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 include 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, 2023 and 2022 was as follows: December 31, 2023 2022 Fair Carrying Fair Carrying (In thousands) Financial Assets: Level 1 Cash and cash equivalents $ 748,173 $ 748,173 $ 550,307 $ 550,307 Restricted cash $ — $ — $ 157 $ 157 Investment securities available-for-sale $ 296,799 $ 296,799 $ 309,133 $ 309,133 Level 2 Financial Assets: Trading securities $ 13 $ 13 $ 9 $ 9 Investment securities available-for-sale $ 1,802,465 $ 1,802,465 $ 1,103,237 $ 1,103,237 Investment securities held-to-maturity $ 455,709 $ 514,024 $ 469,186 $ 535,070 Federal Home Loan Bank (FHLB) stock $ 14,488 $ 14,488 $ 6,005 $ 6,005 Equity securities $ 23,981 $ 23,981 $ 17,662 $ 17,662 Derivative assets $ — $ — $ 406 $ 406 Level 3 Financial Assets: Investment securities available for sale $ — $ — $ 406 $ 406 Investment securities held-to-maturity $ 35,055 $ 35,000 $ — $ — Total loans (including loans held-for-sale) $ 7,282,214 $ 7,401,618 $ 6,467,878 $ 6,723,236 Accrued interest receivable $ 71,400 $ 71,400 $ 62,402 $ 62,402 Servicing assets $ 49,520 $ 49,520 $ 50,921 $ 50,921 Accounts receivable and other assets $ 47,859 $ 47,859 $ 61,014 $ 61,014 Financial Liabilities: Deposits $ 9,767,068 $ 9,762,169 $ 8,556,300 $ 8,568,364 Advances from FHLB $ 199,184 $ 200,768 $ 26,716 $ 26,716 Other borrowings $ 2 $ 2 $ 318 $ 318 Accrued expenses and other liabilities $ 115,985 $ 115,985 $ 124,999 $ 124,999 The following methods and assumptions were used to estimate the fair values of significant financial instruments at December 31, 2023 and 2022: • 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. The estimated fair value of the AFICA bond in other debt securities held-to-maturity is determined by using a detailed discounted cash flow valuation model to calculate the present value of projected future cash flows. The credit losses are recorded using the ACL methodology. This involves comparing the amortized cost of the securities with the fair value of the expected future cash flows. Several assumptions requiring a high degree of judgment include the selection of market discount rates, the determination of current credit spread, and the estimation of both the probability of default and loss given default rates. The estimated fair value of the convertible note in other debt securities available-for-sale outstanding at December 31, 2022 was determined by using an adjusted third-party cash flow valuation model to calculate the present value of projected future cash flows. The assumptions used the performance of the collateral underlying each deal. The valuation, which was obtained at least on a quarterly basis, was analyzed and its assumptions were evaluated and incorporated in either an internal-based valuation model, when deemed necessary, or compared to counterparties’ prices and agreed by management. Equity securities do not have readily available fair values and are measured at cost, less any impairment. • 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 outstanding at December 31, 2022, which included interest rate swaps and forward-settlement swaps, were 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 were 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 loan type, such as mortgage, commercial, consumer, auto and leasing. The fair value is calculated by discounting contractual cash flows; this discount rate used considers a capital adjustment as well as other premiums for systemic risk, servicing costs, modeling & uncertainty risk, and impairment uncertainty. • 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 securities sold under agreements to repurchase and advances from FHLB 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, 2023
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 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, securities brokerage services, investment advisory services, insurance, corporate and individual trust and retirement services, as well as retirement plan administration services up to December 31, 2022, when 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 2023, 2022 and 2021: Year Ended December 31, 2023 Banking Wealth Treasury Total Eliminations Consolidated (In thousands) Interest income $ 567,809 $ 28 $ 95,477 $ 663,314 $ (14,434) $ 648,880 Interest expense (73,480) — (28,964) (102,444) 14,434 (88,010) Net interest income 494,329 28 66,513 560,870 — 560,870 Provision for credit losses 60,255 — 383 60,638 — 60,638 Non-interest income, net 97,099 32,433 (1,151) 128,381 — 128,381 Non-interest expenses (344,488) (15,427) (3,450) (363,365) — (363,365) Intersegment revenue 1,641 — — 1,641 (1,641) — Intersegment expenses — (1,011) (630) (1,641) 1,641 — Income before income taxes $ 188,326 $ 16,023 $ 60,899 $ 265,248 $ — $ 265,248 Income tax expense 83,242 34 100 83,376 — 83,376 Net income $ 105,084 $ 15,989 $ 60,799 $ 181,872 $ — $ 181,872 Total assets $ 9,154,201 $ 38,261 $ 3,304,204 $ 12,496,666 $ (1,152,213) $ 11,344,453 Eliminations include interest income and expense for a time deposit opened by the Bank in Oriental Overseas, an international banking entity organized pursuant to the Puerto Rico International Banking Center Regulatory Act, as amended, which operates as a unit within the Bank. The time deposit with a balance of $300.3 million and $470.2 million at December 31, 2023 and 2022, respectively, is included in the Treasury Segment with its corresponding interest expense, to fund Oriental Overseas operations, which is included in the Banking Segment with its corresponding interest income, and are eliminated in the consolidation. Interest income is accrued on the unpaid principal balance. The increase in interest income and interest expense from the prior year was mainly as a result of the FRB federal funds rate increases and higher average balance. 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, net $ 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 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, net $ 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

BANKING AND FINANCIAL SERVICE R

BANKING AND FINANCIAL SERVICE REVENUES	12 Months Ended
	Dec. 31, 2023
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 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 (In thousands) Banking service revenues: Electronic banking fees $ 54,109 $ 54,639 $ 55,968 Checking accounts fees 8,924 8,933 8,593 Savings accounts fees 1,334 1,265 1,141 Credit life commissions 318 724 469 Branch service commissions 1,538 1,456 1,467 Servicing and other loan fees 3,120 3,222 3,256 International fees 720 902 794 Miscellaneous income 15 20 18 Total banking service revenues 70,078 71,161 71,706 Wealth management revenue: Insurance income 17,178 15,084 14,647 Broker fees 7,375 6,793 8,213 Trust fees 8,402 10,013 11,303 Retirement plan and administration fees 35 745 881 Total wealth management revenue 32,990 32,635 35,044 Mortgage banking activities: Net servicing fees 15,077 18,258 16,818 Net gains on sale of mortgage loans and valuation 2,993 3,786 10,119 Net gain (loss) on repurchased loans and other 717 (115) (4,429) Total mortgage banking activities 18,787 21,929 22,508 Total banking and financial service revenues $ 121,855 $ 125,725 $ 129,258 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 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. Service charges on checking and saving accounts is recognized as consumer periodic maintenance revenue once the service is rendered, while overdraft and late charges revenues are recorded after 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 generated in the sale of insurance policies issued by unaffiliated insurance companies and sale of annuities are recorded once the sale has been completed. Reinsurance revenue is recorded based on earned premium confirmed by the fronting insurance company. Contingent insurance commissions are recorded once the paying insurance companies confirm the amounts earned. Broker 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. These generally include payment for trustee services, distribution services, custodial services of plan assets, due diligence services, and investment advisory services. 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 generally collected on an annual or quarterly basis once the administrative service has been completed. Fees do 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. Effective December 31, 2022, OFG sold its retirement plan administration business which was operated under OPC, which thereafter ceased its operations. Mortgage Banking Activities Mortgage banking activities such as servicing fees, gain on sale of mortgage loans and valuation, and loss on repurchased loans 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, 2023
Condensed Financial Information Disclosure [Abstract]
OFG BANCORP (HOLDING COMPANY ONLY) FINANCIAL INFORMATION	OFG BANCORP (HOLDING COMPANY ONLY) FINANCIAL INFORMATION As 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 2023, 2022, and 2021, the Bank paid $45.0 million, $140.0 million and $197.0 million, respectively, in dividends to OFG Bancorp. During 2023, OFG Reinsurance paid $4.0 million in dividends to OFG Bancorp. During 2022, and 2021, Oriental Insurance paid $9.5 million and $11.0 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, 2023 and 2022, and the results of its operations and its cash flows for 2023, 2022 and 2021: December 31, 2023 2022 (In thousands) ASSETS Cash and cash equivalents $ 73,121 $ 82,045 Investment in bank subsidiary, equity method 1,094,581 938,306 Investment in nonbank subsidiaries, equity method 40,145 32,525 Advance to investment dealers — 6 Deferred tax asset, net 293 924 Due from bank subsidiary, net 56 44 Other assets 371 356 Total assets $ 1,208,567 $ 1,054,206 LIABILITIES AND STOCKHOLDERS’ EQUITY Dividends payable 10,355 9,513 Accrued expenses and other liabilities 4,729 2,287 Due to non-bank subsidiary, net 3 — Total liabilities 15,087 11,800 Stockholders’ equity 1,193,480 1,042,406 Total liabilities and stockholders’ equity $ 1,208,567 $ 1,054,206 OFG BANCORP CONDENSED STATEMENTS OF OPERATIONS INFORMATION (Holding Company Only) Year Ended December 31, 2023 2022 2021 (In thousands) Income: Interest income $ 3,712 $ 977 $ 55 Investment trading activities, net and other 7,040 6,022 6,765 Total income 10,752 6,999 6,820 Expenses: Interest expense — 521 1,174 Operating expenses 8,230 7,992 8,397 Total expenses 8,230 8,513 9,571 Income (loss) before income taxes 2,522 (1,514) (2,751) Income tax expense 3,846 2,782 1,813 Loss before earnings of subsidiaries (1,324) (4,296) (4,564) Equity in earnings from: Bank subsidiary 170,658 162,236 144,089 Nonbank subsidiaries 12,538 8,299 6,626 Net income $ 181,872 $ 166,239 $ 146,151 OFG BANCORP CONDENSED STATEMENTS OF COMPREHENSIVE INCOME INFORMATION (Holding Company Only) Year Ended December 31, 2023 2022 2021 (In thousands) Net income $ 181,872 $ 166,239 $ 146,151 Other comprehensive income (loss) before tax: Other comprehensive income (loss) from bank subsidiary 26,396 (98,569) (5,862) Other comprehensive income (loss) before taxes 26,396 (98,569) (5,862) Income tax effect — — — Other comprehensive income (loss) after taxes 26,396 (98,569) (5,862) Comprehensive income $ 208,268 $ 67,670 $ 140,289 OFG BANCORP CONDENSED STATEMENTS OF CASH FLOWS INFORMATION (Holding Company Only) Year Ended December 31, 2023 2022 2021 (In thousands) Cash flows from operating activities: Net income $ 181,872 $ 166,239 $ 146,151 Adjustments to reconcile net income to net cash provided by operating activities: Equity in earnings from banking subsidiary (170,658) (162,236) (144,089) Equity in earnings from nonbanking subsidiaries (12,538) (8,299) (6,626) Net decrease in due to non-bank subsidiary, net 3 — — Gain on early extinguishment of debt — (42) — Stock-based compensation 731 652 940 Deferred income tax, net 630 1,703 10 Net decrease (increase) in other assets 1,270 18,829 (13,471) Net increase (decrease) in accrued expenses and other liabilities 2,149 (488) 950 Dividends from banking subsidiary 45,000 140,000 197,000 Dividends from non-banking subsidiary 4,000 9,500 11,000 Net cash provided by operating activities 52,459 165,858 191,865 Cash flows from investing activities: Proceeds from sales of premises and equipment — — 240 Capital contribution to non-banking subsidiary — — (9,300) Additions to premises and equipment (30) (233) (288) Net cash used in investing activities (30) (233) (9,348) Cash flows from financing activities: Subordinated capital notes — (34,958) — Exercise of stock options and restricted units lapsed, net (1,689) (906) 283 Purchase of treasury stock (18,653) (64,110) (49,872) Redemption of preferred stock — — (92,000) Dividends paid (41,011) (30,090) (20,973) Net cash used in financing activities (61,353) (130,064) (162,562) Net change in cash and cash equivalents (8,924) 35,561 19,955 Cash and cash equivalents at beginning of year 82,045 46,484 26,529 Cash and cash equivalents at end of year $ 73,121 $ 82,045 $ 46,484

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTSOn January 31, 2024, as part of OFG's capital actions for 2024, the Board of Directors approved the increase of its regular quarterly cash dividend by 13.6%, to $0.25 per common share from $0.22 per share, beginning the quarter ending March 31, 2024. The Board of Directors also approved a new $50.0 million stock repurchase program. The new stock repurchase program, which is open-ended, replaces the prior stock repurchase program, which had been approved by the Board of Directors in January 2022 and had $17.2 million remaining of its $100.0 million repurchase parameters.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net income	$ 181,872	$ 166,239	$ 146,151

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Nature of Operations and Basis of Presentation	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”), 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, auto and mortgage lending, financial planning, insurance sales, investment advisory 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 a retirement plan administrator, Oriental Pension Consultants, Inc. (“OPC”), which thereafter ceased its operations. The results for the years 2022 and 2021 included OPC operations. OFG conducts its business through its main office in San Juan, Puerto Rico, forty-two 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; one subsidiary in the United States, 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 has a wholly-owned 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 its mortgage loan portfolio and the GNMA, FNMA and FHLMC pools that it issues. Through December 31, 2022, the Bank had a subservicing arrangement with a third party for a portion of its acquired loan portfolio. This subservicing arrangement expired on May 1, 2023, and since then, OFG no longer has any subservicing arrangement.
Principles of Consolidation	Principles of Consolidation
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 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 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 securities into one of three categories: Held-to-maturity - Securities that management has the intent and ability to hold to maturity. These securities are carried at amortized cost. An ACL 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 securities 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. Credit losses relating to available-for-sale debt securities are recorded through an 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 US Treasury securities 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 non-interest income in the consolidated statements of operations. Management determines the appropriate classification of securities at the time of purchase. 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 consolidated 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. 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 from financial and non-financial information received from the individual investment funds and companies. As of December 31, 2023 and 2022 and for the years then ended, there were no impairments, downward or upward adjustments, annual or on a cumulative basis for these investments. 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.
Financial Instruments	Financial Instruments Certain financial instruments, including trading securities, investment securities available-for-sale, and derivatives 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 were derived from pricing models that considered 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, from time to time, 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. At December 31, 2023, OFG does not have derivative instruments.
Other Loans Held-for-Sale and Transfers Of Other Loans From Held-For-Investment to Held-for-Sale	Other Loans Held-For-Sale and Transfers of Other Loans from Held-for-Investment to Held-for-Sale Other loans reported as held-for-sale are non-mortgage loans which 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. Other loans held-for-sale include commercial loans that were designated as held-for-investment at origination or purchase, but that OFG subsequently decided to sell to other institutions. These loans are reclassified to held-for-sale on the date that OFG decides to sell them. At this time, any previously recorded ACL is reversed in earnings and the loan is recorded at its amortized cost basis. Prior to the transfer, OFG applies its write-off policy to the amortized cost basis. The amortized cost at the date of transfer is reduced by any write-offs
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. Mortgage loans held-for-sale include all conforming mortgage loans originated and purchased, which from time to time OFG 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 records a contingent liability for these customary representations and warranties related to loans sold by OFG and is presented within other liabilities in the consolidated statements of financial condition. For more information refer to Note 24 – Commitments and Contingencies. 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. For more information refer to Note 24 – Commitments and Contingencies.
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 assets in the statements of operations in the period in which the changes occur, and includes these changes, if any, with mortgage banking activities in the consolidated statements 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 ACL 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. 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 financial difficulties modification or previously identified as troubled debt restructuring. As such, our PCD loans are recorded at the purchase price plus the ACL expected at the time of acquisition or implementation of the standard. An ACL 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 ACL 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 ACL are recorded through the provision expense. 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 ACL is adjusted each period for changes in expected credit losses. The ACL 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 ACL 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 financial difficulties modifications or previously identified 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. 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, OFG uses a prepayment model that 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 $63.5 million and $58.1 million on December 31, 2023 and 2022, 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 $20.2 million at December 31, 2023 (December 31, 2022 - $21.8 million), of which $18.2 million (December 31, 2022 - $20.7 million) corresponds to loans in current status. ACL for accrued interest receivable on loans that participated in the deferral programs amounted to $85 thousand and $144 thousand at December 31, 2023 and 2022, 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 measures the ACL 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 modified loans classified as FDM or as previous Troubled Debt Restructurings (“TDRs”), 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 ACL. 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 OFG USA and OIB. 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. Mortgage Loans – This segment includes traditional mortgages, non-traditional mortgages, mortgages in the loss mitigation program, residential performing FDMs and previous TDRs, and residential non-performing FDMs and previous 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 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 - This portfolio consists of auto loans. 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 GNP and employment rate are key factors that impact the frequency and severity of loss estimates. Auto loans 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 6 – Allowance for Credit Losses.
Legacy Troubled Debt Restructuring and Financial Difficulties Modifications	Legacy Troubled Debt Restructuring and Financial Difficulties Modifications A modification of a loan, prior to ASU 2022-02, constituted a TDR when OFG, as creditor, granted a concession for legal or economic reasons due to the debtor’s financial difficulties. A concession was granted when, as a result of the restructuring, OFG did not expect to collect all amounts due, according to original contractual terms of the loan agreement. These concessions included 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 was having financial difficulties, OFG evaluated whether it was probable that the debtor was going to default on any of its debt in the foreseeable future. Receivables that were restructured in a TDR were presumed to be impaired and were subject to a specific impairment-measurement method. If the repayment of the loan was expected to be provided solely by the underlying collateral and there were no other available sources of repayment, OFG considered the current value of that collateral in determining whether the principal was going to be paid. For non-collateral dependent loans, the specific reserve was calculated based on the present value of expected cash flows discounted at the loan’s effective interest rate. TDR loans were classified as either accrual or nonaccrual. An accruing loan that was modified in a TDR remained in accrual status if, based on a current, well-documented credit analysis, collection of principal and interest in accordance with the modified terms was reasonably assured, and the borrower had demonstrated sustained historical repayment performance for a reasonable period before the modification. To restore a non-accruing loan that had been modified in a TDR to accrual status, the credit officer must have performed 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 have remained in nonaccrual status. The analysis must have considered the borrower's sustained historical repayment performance for a reasonable period prior to the return-to-accrual date but may have taken into account payments made for a reasonable period prior to the restructuring if the payments were consistent with the modified terms. A sustained period of repayment performance generally would have been a minimum of six consecutive payments and would have involved payments in the form of cash or cash equivalents. OFG implemented various consumer and commercial loan modification programs to provide its borrowers relief from the economic impacts of Covid-19. The majority of OFG’s Covid-19 related loan modifications were not considered TDRs as they represented short-term delay of payments or other insignificant modifications, whether under OFG’s regular loan modification assessments or the Interagency Statement guidance; or OFG elected to apply the option to suspend the application of accounting guidance for TDRs as provided under Section 4013 of the CARES Act. To the extent that certain modifications did not meet any of the above criteria, OFG accounted for them as TDRs. For loan modifications that included a payment deferral and were not TDRs, the borrower’s past due and nonaccrual status was not impacted during the deferral period. These loans were not considered past due until after the deferral period was over and scheduled payments resumed. Accrued interest on these Covid-19 modified loans was due when the deferral period ended. The credit quality of these loans has been re-evaluated after the deferral period ended. Loans are generally placed on a nonaccrual basis when they become 90 days past due or when there are otherwise serious doubts about the collectability of principal or interest within the existing terms of the loan. OFG’s policy is to write-off all accrued interest on loans when they are placed on nonaccrual status. On January 1, 2023, OFG adopted ASU 2022-02, which eliminated the recognition and measurement of TDRs and enhanced disclosures for loan restructurings for borrowers experiencing financial difficulty (FDM), using the prospective transition method. Loans that were restructured in a TDR prior to the adoption of ASU 2022-02 will continue to be accounted for under the historical TDR accounting until the relevant loans are paid off, liquidated or subsequently modified. Since adoption, all restructurings, including restructurings for borrowers experiencing financial difficulty, are evaluated to determine whether they result in a new loan or a continuation of an existing loan. Loan restructurings for borrowers experiencing financial difficulty are generally accounted for as a continuation of the existing loan as the terms of the restructured loans are typically not at market rates. When a loan is restructured, OFG measures impairment on the loan using a discounted cash flow approach that utilizes the loan’s restructured terms, including the post-restructuring interest rate. A modification is subject to disclosure under the new ASU when OFG separately concludes that both of the following conditions exist: 1) the debtor is experiencing financial difficulties, and 2) the modification constitutes a reduction in the interest rate on the loan, a payment extension, a forgiveness of principal, or a more-than-insignificant payment delay, or a combination of any of these. Determination that a borrower is experiencing financial difficulties involves a degree of judgment. The identification of loan modifications to debtors with financial difficulties or FDM is critical in the determination of the adequacy of the ACL. A FDM is typically in non-accrual status at the time of the modification. These loans continue in non-accrual status until the borrower has demonstrated a willingness and ability to make the restructured loan payments for at least six months of sustained performance after the modification and management has concluded that it is probable that the borrower would not be in payment default in the foreseeable future.
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 ACL. 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, 2023 and 2022, 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 24 – 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	ACL 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. An asset versus liability classification exercise is completed for each applicable tax paying entity in each tax jurisdiction and deferred tax assets and liabilities are offset within each jurisdiction. Accordingly, in a single balance sheet, a net deferred tax asset and a net deferred liability may appear. 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. OFS is 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. 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 2022, 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 2022. 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, 2013 and 2023. 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 2023, 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 Income Taxes—Improvements to Income Tax Disclosures. In December 2023, the FASB issued ASU 2023-09 to enhance income tax disclosures and address investor requests for more information about the tax risks and opportunities present in an entity’s worldwide operations. The ASU’s two primary enhancements will require further disaggregation for existing disclosures for the effective tax rate reconciliation and income taxes paid. More specifically, the amendments will require entities to disclose: a tabular effective tax rate reconciliation, broken out into specific categories with certain reconciling items above a 5% threshold further broken out by nature and jurisdiction; and income taxes paid (net of refunds received), broken out between federal, state and foreign, and net amounts paid to an individual jurisdiction that exceed 5% of the total. The amendments in this update are effective for annual periods beginning after December 15, 2024. Entities are permitted to early adopt these amendments. The amendments should be applied prospectively, but retrospective application is permitted. We will adopt this guidance when it becomes effective, in the annual period of 2025 on a prospective basis, and the impact on our financial statements and disclosures is not expected to be material. Segment Reporting—Improvements to Reportable Segment Disclosures. In November 2023, the FASB issued ASU 2023-07 to enhance segment reporting by expanding the breadth and frequency of segment disclosures required for public entities. The amendments in this ASU will allow registrants to disclose multiple measures of segment profit or loss and it also clarifies that single reportable segment entities must apply Topic 280 in its entirety. 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. A public entity, as OFG, should apply these amendments retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. We will adopt this guidance when it becomes effective, in the first quarter of 2024 on a retrospective basis, and the impact on our financial statements and disclosures is not expected to be material.
Securities Sold Under Agreements to Repurchase	Securities Sold Under Agreements to Repurchase From time to time, Oriental sells securities under agreements to repurchase the same or similar securities. Oriental retains effective control over the securities sold under these agreements. Accordingly, such agreements are treated as financing arrangements, and the obligations to repurchase the securities sold are reflected as liabilities. The securities underlying the financing agreements remain included in the asset accounts. The counterparty to repurchase agreements generally has the right to repledge the securities received as collateral
Advertising Cost	Advertising Costs Advertising costs are expensed as incurred.

INVESTMENT SECURITIES (Tables)

INVESTMENT SECURITIES (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 and 2022 were as follows: December 31, 2023 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 $ 6,972 $ — $ 311 $ 6,661 1.76 % Due from 5 to 10 years 45,835 — 2,767 43,068 2.00 % Due after 10 years 1,411,327 8,989 54,100 1,366,216 4.11 % Total FNMA and FHLMC certificates 1,464,134 8,989 57,178 1,415,945 4.03 % GNMA certificates Due less than 1 year 5 — — 5 1.31 % Due from 1 to 5 years $ 8,851 $ — $ 351 $ 8,500 1.71 % Due from 5 to 10 years 17,113 16 955 16,174 2.19 % Due after 10 years 380,306 4,419 33,110 351,615 3.38 % Total GNMA certificates 406,275 4,435 34,416 376,294 3.30 % CMOs issued by US government-sponsored agencies Due from 1 to 5 years 9,071 — 364 8,707 1.78 % Due from 5 to 10 years 54 — — 54 2.14 % Due after 10 years 861 — 12 849 5.07 % Total CMOs issued by US government-sponsored agencies 9,986 — 376 9,610 2.06 % Total mortgage-backed securities 1,880,395 13,424 91,970 1,801,849 3.86 % Investment securities US Treasury securities Due less than 1 year 296,747 52 — 296,799 5.40 % Other debt securities Due less than 1 year 500 — — 500 3.25 % Due from 1 to 5 years 119 — 3 116 2.97 % Total investment securities 297,366 52 3 297,415 5.39 % Total securities available for sale $ 2,177,761 $ 13,476 $ 91,973 $ 2,099,264 4.07 % December 31, 2023 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 $ 314,710 $ — $ 56,767 $ 257,943 1.72 % Investment securities US Treasury securities Due less than 1 year 199,314 — 1,548 197,766 3.33 % Other debt securities Due from 1 to 5 years 35,000 55 — 35,055 6.36 % Total securities held to maturity $ 549,024 $ 55 $ 58,315 $ 490,764 2.60 % 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 certificates 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 %
Schedule of Gross Realized Gains and Losses by Category	Year Ended December 31, 2023 Description Sale Price Book Value at Sale Gross Gains Gross Losses (In thousands) Sale of investment securities available-for-sale US Treasury securities $ 202,133 $ 203,282 $ — $ 1,149 Year Ended December 31, 2022 Description Sale Price Book Value at Sale Gross Gains Gross Losses (In thousands) Sale of investment securities available-for-sale 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 $ —
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 at December 31, 2023 and 2022, aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position: December 31, 2023 12 months or more Amortized Unrealized Fair (In thousands) Securities available-for-sale FNMA and FHLMC certificates $ 731,334 $ 56,847 $ 674,487 GNMA certificates 275,669 34,364 241,305 CMOs issued by US Government-sponsored agencies 9,986 376 9,610 Other debt securities 119 3 116 $ 1,017,108 $ 91,590 $ 925,518 December 31, 2023 Less than 12 months Amortized Unrealized Fair (In thousands) Securities available-for-sale FNMA and FHLMC certificates $ 106,235 $ 331 $ 105,904 GNMA certificates 7,864 52 7,812 $ 114,099 $ 383 $ 113,716 December 31, 2023 Total Amortized Unrealized Fair (In thousands) Securities available-for-sale FNMA and FHLMC certificates $ 837,569 $ 57,178 $ 780,391 GNMA certificates 283,533 34,416 249,117 CMOs issued by US Government-sponsored agencies 9,986 376 9,610 Other debt securities 119 3 116 $ 1,131,207 $ 91,973 $ 1,039,234 The unrealized losses on OFG’s investment in federal agency mortgage-backed securities were caused by market volatility related to interest rate increases. OFG purchased those investments at a discount relative to their face amount, and the contractual cash flows of those investments are guaranteed by an agency of the U.S. government or by a government sponsored enterprise. Accordingly, it is expected that the securities would not be settled at a price less than the amortized cost bases of OFG’s investments. OFG does not intend to sell the investments, and it is not more likely than not that OFG will be required to sell the investments before recovery of their amortized cost bases. 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 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 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

PLEDGED ASSETS (Tables)

PLEDGED ASSETS (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 and 2022. Investment securities available for sale are presented at fair value, and investment securities held to maturity, residential mortgage loans, commercial loans, and auto loans are presented at amortized cost: December 31, 2023 2022 (In thousands) Pledged investment securities to secure: Bank Term Funding Program 48,070 — Derivatives — 443 IBE Regulation 645 — Bond for the Bank's trust operations 104 104 Puerto Rico public fund deposits 1,575,042 293,650 Total pledged investment securities 1,623,861 294,197 Pledged residential mortgage loans to secure: Advances from the Federal Home Loan Bank 769,813 473,600 Pledged commercial loans to secure: Advances from the Federal Home Loan Bank 236,665 477,516 Federal Reserve Bank Credit Facility 70,075 49,117 Puerto Rico public fund deposits 69,731 73,617 376,471 600,250 Pledged Auto loans to secure: Federal Reserve Bank Credit Facility 1,169,711 1,160,678 Total pledged assets $ 3,939,856 $ 2,528,725 Financial assets not pledged: Investment securities $ 1,024,427 $ 1,653,649 Residential mortgage loans 792,796 1,250,120 Commercial loans 2,728,777 2,050,767 Consumer loans 620,446 537,257 Auto loans 1,104,710 803,237 Total assets not pledged $ 6,271,156 $ 6,295,030

LOANS (Tables)

LOANS (Tables)	12 Months Ended
	Dec. 31, 2023
Receivables [Abstract]
Schedule of Loan Portfolio	The composition of the amortized cost basis of OFG’s loan portfolio at December 31, 2023 and 2022 was as follows: December 31, 2023 December 31, 2022 Non-PCD PCD Total Non-PCD PCD Total (In thousands) Commercial loans: Commercial secured by real estate $ 1,095,207 $ 120,988 $ 1,216,195 $ 974,202 $ 138,678 $ 1,112,880 Other commercial and industrial 1,091,021 14,459 1,105,480 854,442 20,474 874,916 US commercial loans 755,228 — 755,228 642,133 — 642,133 2,941,456 135,447 3,076,903 2,470,777 159,152 2,629,929 Mortgage loans 629,247 933,362 1,562,609 675,793 1,028,428 1,704,221 Consumer loans: Personal loans 568,358 264 568,622 480,620 338 480,958 Credit lines 10,926 288 11,214 12,826 300 13,126 Credit cards 40,314 — 40,314 42,872 — 42,872 Overdraft 296 — 296 301 — 301 619,894 552 620,446 536,619 638 537,257 Auto loans 2,272,530 1,891 2,274,421 1,958,257 5,658 1,963,915 6,463,127 1,071,252 7,534,379 5,641,446 1,193,876 6,835,322 Allowance for credit losses (152,610) (8,496) (161,106) (141,841) (10,832) (152,673) Total loans held for investment, net 6,310,517 1,062,756 7,373,273 5,499,605 1,183,044 6,682,649 Mortgage loans held for sale — — — 19,499 — 19,499 Other loans held for sale 28,345 — 28,345 21,088 — 21,088 Total loans held for sale 28,345 — 28,345 40,587 — 40,587 Total loans, net $ 6,338,862 $ 1,062,756 $ 7,401,618 $ 5,540,192 $ 1,183,044 $ 6,723,236
Schedule of Aging of Recorded Investment in Gross Loans	December 31, 2023 30-59 Days 60-89 Days 90+ Days Total Past Current Total Loans Loans 90+ (In thousands) Commercial loans: Commercial secured by real estate $ 1,585 $ 411 $ 5,671 $ 7,667 $ 1,087,540 $ 1,095,207 $ — Other commercial and industrial 1,366 291 4,974 6,631 1,084,390 1,091,021 — US commercial loans — — — — 755,228 755,228 — 2,951 702 10,645 14,298 2,927,158 2,941,456 — Mortgage loans 6,107 9,596 31,557 47,260 581,987 629,247 2,478 Consumer loans: Personal loans 6,115 4,041 2,755 12,911 555,447 568,358 — Credit lines 137 35 35 207 10,719 10,926 — Credit cards 657 280 586 1,523 38,791 40,314 — Overdraft 87 14 — 101 195 296 — 6,996 4,370 3,376 14,742 605,152 619,894 — Auto loans 101,610 46,071 19,056 166,737 2,105,793 2,272,530 — Total loans $ 117,664 $ 60,739 $ 64,634 $ 243,037 $ 6,220,090 $ 6,463,127 $ 2,478 December 31, 2022 30-59 Day 60-89 Days 90+ Days Total Past Current Total Loans Loans 90+ (In thousands) Commercial loans: 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 loans 9,267 5,848 56,714 71,829 603,964 675,793 3,856 Consumer loans: 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 75,237 36,954 19,613 131,804 1,826,453 1,958,257 — Total loans $ 91,954 $ 46,997 $ 88,912 $ 227,763 $ 5,413,683 $ 5,641,446 $ 3,856
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, 2023 and 2022: December 31, 2023 December 31, 2022 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 loans: Commercial secured by real estate $ 3,553 $ 7,929 $ 11,482 $ 4,091 $ 17,098 $ 21,189 Other commercial and industrial 4,560 830 5,390 2,769 885 3,654 US commercial loans 19,224 — 19,224 9,589 — 9,589 27,337 8,759 36,096 16,449 17,983 34,432 Mortgage loans 10,339 3,858 14,197 11,719 11,522 23,241 Consumer loans: Personal loans 2,741 14 2,755 1,950 379 2,329 Personal lines of credit 35 — 35 116 — 116 Credit cards 586 — 586 683 — 683 3,362 14 3,376 2,749 379 3,128 Auto loans 19,051 5 19,056 19,612 1 19,613 Total $ 60,089 $ 12,636 $ 72,725 $ 50,529 $ 29,885 $ 80,414 PCD: Commercial loans: Commercial secured by real estate $ 3,060 $ 2,417 $ 5,477 $ 2,807 $ 6,084 $ 8,891 Other commercial and industrial — 947 947 — 36 36 3,060 3,364 6,424 2,807 6,120 8,927 Mortgage loans 250 — 250 259 — 259 Total $ 3,310 $ 3,364 $ 6,674 $ 3,066 $ 6,120 $ 9,186 Total non-accrual loans $ 63,399 $ 16,000 $ 79,399 $ 53,595 $ 36,005 $ 89,600
Schedule of Troubled Debt Restructurings	The following tables present the amortized cost basis as of December 31, 2023 of loans held for investment that were modified during 2023, disaggregated by class of financing receivable and type of concession granted. Interest Rate Reduction Year Ended December 31, 2023 Amortized Cost Basis % of Total Class of Financing Receivable Commercial loans: US commercial loans 6,649 0.88 % Consumer loans: Personal loans 37 0.01 % Auto loans 48 — % Total $ 6,734 Term Extension Year Ended December 31, 2023 Amortized Cost Basis % of Total Class of Financing Receivable Commercial loans: Commercial secured by real estate $ 6,332 0.52 % Other commercial and industrial 689 0.06 % 7,021 0.23 % Mortgage loans 5,777 0.37 % Auto loans 13 — % Total $ 12,811 Principal Forbearance/Forgiveness Year Ended December 31, 2023 Amortized Cost Basis % of Total Class of Financing Receivable Mortgage loans $ 97 0.01 % Combination - Term Extension and Interest Rate Reduction Year Ended December 31, 2023 Amortized Cost Basis (In thousands) % of Total Class of Financing Receivable Mortgage loans $ 710 0.05 % Consumer loans: Personal loans 80 0.01 % Auto loans 53 — % Total $ 843 Combination - Term Extension and Principal Forgiveness/Forbearance Year Ended December 31, 2023 Amortized Cost Basis % of Total Class of Financing Receivable Commercial loans: US commercial loans $ 4,183 0.55 % Mortgage loans 440 0.03 % Total $ 4,623 Year Ended December 31, 2023 Weighted-Average Interest Rate Reduction Weighted-Average Term Extension (In months) Weighted-Average Forgiveness/Forbearance of Principal Amount (In thousands) Commercial loans: Commercial loans secured by real estate — % 23 $ — US Commercial loans 1.95 % 31 2,973 — % 54 $ 2,973 Mortgage loans 1.94 % 213 $ 24 Consumer loans: Personal loans 2.98 % 81 $ — Auto loans 3.00 % 0 $ — The following table presents the troubled-debt restructurings in all loan portfolios as of December 31, 2022: December 31, 2022 Accruing Non-accruing Total Related Allowance (In thousands) Commercial loans: Commercial secured by real estate $ 31,437 $ 13,187 $ 44,624 $ 181 Other commercial and industrial 2,272 354 2,626 42 US commercial loans 7,132 — 7,132 89 40,841 13,541 54,382 312 Mortgage loans 102,387 6,773 109,160 2,495 Consumer loans: Personal loans 1,850 15 1,865 73 Auto loans 77 — 77 3 Total loans $ 145,155 $ 20,329 $ 165,484 $ 2,883 The following tables present the troubled-debt restructurings by loan portfolios and modification type as of December 31, 2022 : 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 loans 31,709 8,020 35,194 34,237 109,160 Consumer: loans Personal loans 825 176 793 71 1,865 Auto loans 39 — 20 18 77 Total loans $ 48,236 $ 39,017 $ 43,905 $ 34,326 $ 165,484 Loan modifications that were considered TDR loans completed during 2022 and 2021: 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 9 148 8.70 % 72 148 9.35 % 49 The following table presents troubled-debt restructurings for which there was a payment default during 2022 and 2021: 2022 2021 Number of Contracts Recorded Investment Number of Contracts Recorded Investment Mortgage 13 $ 1,701 19 $ 2,488 Commercial 1 $ 633 — $ — Consumer 1 $ 40 6 $ 76 Auto — $ — 1 $ 10
Financing Receivable, Modified, Past Due	The following table presents an aging of the loans held for investment that have been modified during 2023. December 31, 2023 30-59 Day 60-89 Days 90+ Days Total Past Current Total (In thousands) Commercial loans: Commercial loans secured by real estate $ — $ — $ — $ — $ 6,332 $ 6,332 Other commercial and industrial — — — — 689 689 US commercial loans — — — — 10,832 10,832 — — — — 17,853 17,853 Mortgage loans 471 297 583 1,351 5,673 7,024 Consumer loans: Personal loans — — — — 117 117 — — — — 117 117 Auto loans 30 — — 30 84 114 Total $ 501 $ 297 $ 583 $ 1,381 $ 23,727 $ 25,108
Schedule of the Amortized Cost of Collateral-Dependent Loans Held for Investment	The table below presents the amortized cost of commercial collateral-dependent loans held for investment at December 31, 2023 and 2022, by class of loans. December 31, 2023 2022 (In thousands) Commercial loans secured by real estate $ 8,027 $ 8,805
Schedule of Credit Quality Indicators of Loans	As of December 31, 2023, 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 2023 2022 2021 2020 2019 Prior (In thousands) Commercial loans: Commercial secured by real estate: Loan grade: Pass $ 224,598 $ 216,205 $ 195,884 $ 120,489 $ 80,671 $ 131,016 $ 65,873 $ 1,034,736 Special Mention — 1,772 6,554 5,057 15,676 12,500 153 41,712 Substandard — 459 1,386 1,109 2,615 11,939 1,236 18,744 Doubtful — — — — — 15 — 15 Loss — — — — — — — — Total commercial secured by real estate 224,598 218,436 203,824 126,655 98,962 155,470 67,262 1,095,207 Commercial secured by real estate: 2023 gross charge-offs — — 265 — 94 820 — 1,179 Other commercial and industrial: Loan grade: Pass 284,615 99,522 113,760 37,665 7,438 14,836 527,008 1,084,844 Special Mention 8 2,953 — — 51 100 — 3,112 Substandard 3 473 826 259 935 186 383 3,065 Doubtful — — — — — — — — Loss — — — — — — — — Total other commercial and industrial: 284,626 102,948 114,586 37,924 8,424 15,122 527,391 1,091,021 Other commercial and industrial: 2023 gross charge-offs — 124 1,095 89 9 1,180 — 2,497 US commercial loans: Loan grade: Pass 142,222 63,885 69,233 31,206 28,202 8,085 358,757 701,590 Special Mention — 7,803 — — — — 20,913 28,716 Substandard 10,832 — — — — 5,699 8,391 24,922 Doubtful — — — — — — — — Loss — — — — — — — — Total US commercial loans: 153,054 71,688 69,233 31,206 28,202 13,784 388,061 755,228 US commercial loans: 2023 gross charge-offs 33 1,156 642 47 — 8,637 — 10,515 Total commercial loans $ 662,278 $ 393,072 $ 387,643 $ 195,785 $ 135,588 $ 184,376 $ 982,714 $ 2,941,456 Total 2023 gross charge-offs $ 33 $ 1,280 $ 2,002 $ 136 $ 103 $ 10,637 $ — $ 14,191 As of December 31, 2022, 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 loans: 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 2023 2022 2021 2020 2019 Prior (In thousands) Mortgage loans: Payment performance: Performing $ 24,623 $ 19,722 $ 23,303 $ 15,821 $ 14,589 $ 511,182 $ — $ 609,240 Nonperforming — — 181 108 479 19,239 — 20,007 Total mortgage loans: 24,623 19,722 23,484 15,929 15,068 530,421 — 629,247 Mortgage loans: 2023 gross charge-offs — 4 — — — 755 — 759 Consumer loans: Personal loans: Payment performance: Performing 270,883 186,612 68,133 19,185 14,460 6,330 — 565,603 Nonperforming 503 1,588 304 193 66 101 — 2,755 Total personal loans 271,386 188,200 68,437 19,378 14,526 6,431 — 568,358 Personal loans: 2023 gross charge-offs 1,748 10,512 4,661 830 1,384 731 — 19,866 Credit lines: Payment performance: Performing — — — — — — 10,891 10,891 Nonperforming — — — — — — 35 35 Total credit lines — — — — — — 10,926 10,926 Credit lines: 2023 gross charge-offs — — — — — — 419 419 Credit cards: Payment performance: Performing — — — — — — 39,728 39,728 Nonperforming — — — — — — 586 586 Total credit cards — — — — — — 40,314 40,314 Credit cards: 2023 gross charge-offs — — — — — — 2,825 2,825 Overdrafts: Payment performance: Performing — — — — — — 296 296 Nonperforming — — — — — — — — Total overdrafts — — — — — — 296 296 Overdrafts: 2023 gross charge-offs — — — — — — 545 545 Total consumer loans 271,386 188,200 68,437 19,378 14,526 6,431 51,536 619,894 Total consumer loans 2023 gross charge-offs 1,748 10,512 4,661 830 1,384 731 3,789 23,655 Total mortgage and consumer loans $ 296,009 $ 207,922 $ 91,921 $ 35,307 $ 29,594 $ 536,852 $ 51,536 $ 1,249,141 Total mortgage and consumer loans 2023 gross charge-offs $ 1,748 $ 10,516 $ 4,661 $ 830 $ 1,384 $ 1,486 $ 3,789 $ 24,414 The following table presents the amortized cost in mortgage and consumer loans held for investment based on payment activity as of December 31, 2022 : Term Loans Revolving Total 2022 2021 2020 2019 2018 Prior (In thousands) Mortgage loans: 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 loans: 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 Total 2023 2022 2021 2020 2019 Prior (In thousands) Auto loans: FICO score: 1-660 170,639 190,743 118,821 57,087 41,124 38,570 616,984 661-699 169,430 110,260 58,166 25,886 18,253 16,137 398,132 700+ 474,005 323,514 183,286 103,886 88,929 58,779 1,232,399 No FICO 6,203 6,537 4,592 2,200 3,886 1,597 25,015 Total auto loans $ 820,277 $ 631,054 $ 364,865 $ 189,059 $ 152,192 $ 115,083 $ 2,272,530 Auto loans: 2023 gross charge-offs $ 4,090 $ 18,142 $ 10,894 $ 4,008 $ 3,380 $ 3,250 $ 43,764 The following table presents the amortized cost in auto loans held for investment based on their most recent FICO score as of December 31, 2022 : Term Loans Total 2022 2021 2020 2019 2018 Prior (In thousands) Auto loans: 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 $ 733,760 $ 479,581 $ 263,060 $ 230,492 $ 157,044 $ 94,320 $ 1,958,257
Amortized Cost Basis of Modified Financing Receivables that Subsequently Defaulted	The following table presents the amortized cost basis as of December 31, 2023 of loans held for investment that had a payment default subsequent to being granted a modification to borrowers experiencing financial difficulty in the prior twelve-months. Year Ended December 31, 2023 Amortized Cost Basis of Modified Financing Receivables that Subsequently Defaulted Interest Rate Reduction Term Extension Principal Forgiveness/Forbearance Combination - Term Extension and Interest Rate Reduction Total (In thousands) Mortgage loans $ — $ 704 $ — $ — $ 704

ALLOWANCE FOR CREDIT LOSSES (Ta

ALLOWANCE FOR CREDIT LOSSES (Tables)	12 Months Ended
	Dec. 31, 2023
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 2023, 2022 and 2021: Year Ended December 31, 2023 Commercial Mortgage Consumer Auto Total (In thousands) Non-PCD: Balance at beginning of year $ 39,158 $ 9,571 $ 23,264 $ 69,848 $ 141,841 Provision for (recapture of) credit losses 18,200 (2,031) 23,302 22,294 61,765 Charge-offs (14,191) (759) (23,655) (43,764) (82,369) Recoveries 874 1,217 4,175 25,107 31,373 Balance at end of year $ 44,041 $ 7,998 $ 27,086 $ 73,485 $ 152,610 PCD: Balance at beginning of year $ 1,388 $ 9,359 $ 14 $ 71 $ 10,832 Provision for (recapture of) credit losses 901 (2,389) 518 (518) (1,488) Charge-offs (2,794) (317) (621) (170) (3,902) Recoveries 1,618 698 96 642 3,054 Balance at end of year $ 1,113 $ 7,351 $ 7 $ 25 $ 8,496 Total allowance for credit losses at end of year $ 45,154 $ 15,349 $ 27,093 $ 73,510 $ 161,106 Year Ended December 31, 2022 Commercial Mortgage Consumer Auto 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 of) provision for 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 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

FORECLOSED REAL ESTATE (Tables)

FORECLOSED REAL ESTATE (Tables)	12 Months Ended
	Dec. 31, 2023
Other Real Estate [Abstract]
Schedule of Foreclosed Real Estate Rollforward	The following table presents the activity related to foreclosed real estate for 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 (In thousands) Balance at beginning of year $ 11,214 $ 15,039 $ 11,596 Additions 10,216 7,872 18,221 Sales (13,880) (16,855) (14,758) Decline in value (1,152) (1,256) (1,450) Other adjustments 4,382 6,414 1,430 Balance at end of year $ 10,780 $ 11,214 $ 15,039

PREMISES AND EQUIPMENT (Tables)

PREMISES AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	Premises and equipment at December 31, 2023 and 2022 are stated at cost less accumulated depreciation and amortization as follows: Useful Life December 31, 2023 2022 (In thousands) Land — $ 4,031 $ 4,031 Buildings and improvements 20 — 40 76,542 74,349 Leasehold improvements 1 — 10 19,145 17,901 Furniture and fixtures 3 — 10 21,377 23,460 Information technology and other 3 — 7 58,898 59,130 179,993 178,871 Less: accumulated depreciation and amortization (75,891) (72,051) $ 104,102 $ 106,820

SERVICING ASSETS (Tables)

SERVICING ASSETS (Tables)	12 Months Ended
	Dec. 31, 2023
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 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 (In thousands) Fair value at beginning of year $ 50,921 $ 48,973 $ 47,295 Servicing from mortgage securitization or asset transfers 2,560 3,998 6,089 Changes due to payments on loans (4,163) (5,312) (6,738) Changes in fair value due to changes in valuation model inputs or assumptions 202 3,262 2,327 Fair value at end of year $ 49,520 $ 50,921 $ 48,973
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, 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 Constant prepayment rate 1.35% - 17.34% 3.43% - 21.20% 3.90% - 24.48% 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, 2023 2022 (In thousands) Mortgage-related servicing asset Carrying value of mortgage servicing asset $ 49,520 50,921 Weighted average life (in years) 7.3 7.8 Constant prepayment rate Decrease in fair value due to 10% adverse change $ (928) $ (956) Decrease in fair value due to 20% adverse change $ (1,821) $ (1,880) Discount rate Decrease in fair value due to 10% adverse change $ (1,999) $ (2,265) Decrease in fair value due to 20% adverse change $ (3,856) $ (4,356)

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	Goodwill by reportable business segment is included in the table below. Refer to “ Note 29 – OFG Bancorp (Holding Company Only) Financial Information” 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 December 31, 2023 $ 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, 2023 and 2022: Gross Accumulated Net (In thousands) December 31, 2023 Core deposit intangibles $ 41,507 $ 25,659 $ 15,848 Customer relationship intangibles 12,693 7,847 4,846 Total other intangible assets $ 54,200 $ 33,506 $ 20,694 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
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) 2024 5,913 2025 4,927 2026 3,942 2027 2,956 2028 1,971 Thereafter 985

ACCRUED INTEREST RECEIVABLE A_2

ACCRUED INTEREST RECEIVABLE AND OTHER ASSETS (Tables)	12 Months Ended
	Dec. 31, 2023
Accrued Interest Receivable and Other Assets [Abstract]
Schedule of Accrued Interest Receivable	Accrued interest receivable at December 31, 2023 and 2022 consists of the following: December 31, 2023 2022 (In thousands) Loans $ 63,526 $ 58,144 Investments 7,874 4,258 $ 71,400 $ 62,402
Schedule of Other Assets	Other assets at December 31, 2023 and 2022 consist of the following: December 31, 2023 2022 (In thousands) Prepaid expenses $ 63,040 $ 54,875 Other repossessed assets 4,032 4,617 Accounts receivable and other assets 47,859 61,420 $ 114,931 $ 120,912

DEPOSITS AND RELATED INTEREST (

DEPOSITS AND RELATED INTEREST (Tables)	12 Months Ended
	Dec. 31, 2023
Deposits and Related Interest [Abstract]
Schedule of Deposits by Component	Total deposits, including related accrued interest payable, as of December 31, 2023 and 2022 consist of the following: December 31, 2023 2022 (In thousands) Non-interest-bearing demand deposits $ 2,537,431 $ 2,630,458 Interest-bearing savings and demand deposits 5,601,099 4,774,265 Retail certificates of deposit 1,083,316 979,545 Institutional certificates of deposit 378,143 172,725 Total core deposits 9,599,989 8,556,993 Brokered deposits 162,180 11,371 Total deposits $ 9,762,169 $ 8,568,364
Schedule of Interest Expense	Interest expense for 2023, 2022 and 2021 was as follows: Year Ended December 31, 2023 2022 2021 (In thousands) Demand and savings deposits $ 48,722 $ 24,261 $ 23,713 Certificates of deposit 27,243 7,978 15,301 $ 75,965 $ 32,239 $ 39,014
Time Deposit Maturities	Excluding accrued interest of approximately $3.0 million and $682 thousand, the scheduled maturities of certificates of deposit at December 31, 2023 and 2022 are as follows: December 31, 2023 Year-end amount Uninsured amount (In thousands) Within one year: Three months or less $ 457,533 $ 115,392 Over 3 months through 6 months 195,902 61,245 Over 6 months through 1 year 329,758 113,524 983,193 290,161 Over 1 through 2 years 467,348 201,478 Over 2 through 3 years 94,450 13,971 Over 3 through 4 years 29,514 1,379 Over 4 through 5 years 45,575 4,665 Over 5 years 608 — $ 1,620,688 $ 511,654 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

BORROWINGS AND RELATED INTERE_2

BORROWINGS AND RELATED INTEREST (Tables)	12 Months Ended
	Dec. 31, 2023
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 $768 thousand and $103 thousand at December 31, 2023 and 2022, respectively: December 31, 2023 2022 (In thousands) Short-term fixed-rate advances from FHLB, with a weighted average interest rate of 4.46% $ — $ 26,613 Long-term fixed-rate advance from FHLB, with a weighted average interest rate of 4.52% 200,000 — $ 200,000 $ 26,613 Advances from FHLB mature as follows: December 31, 2023 2022 (In thousands) Under 90 days $ — $ 26,613 Over one to three years 200,000 — $ 200,000 $ 26,613

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Schedule of Activity for Related Party Transactions	The activity and balance of these loans for 2023, 2022, and 2021 was as follows: Year Ended December 31, 2023 2022 2021 (In thousands) Balance at the beginning of year $ 32,792 $ 25,915 $ 21,112 New loans and disbursements 507 9,706 8,233 Repayments (5,816) (2,829) (3,430) Balance at the end of year $ 27,483 $ 32,792 $ 25,915

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The components of income tax expense for 2023, 2022, and 2021 were as follows: Year Ended December 31, 2023 2022 2021 (In thousands) Current income tax expense $ 16,027 $ 16,740 $ 4,836 Deferred income tax expense 67,349 61,126 63,616 Total income tax expense $ 83,376 $ 77,866 $ 68,452
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, 2023 2022 2021 Amount Rate Amount Rate Amount Rate (Dollars in thousands) Income tax expense at statutory rates $ 99,468 37.50 % $ 91,539 37.50 % $ 80,476 37.50 % Tax of exempt income, net (12,201) -4.60 % (11,523) -4.72 % (9,489) -4.42 % Disallowed net operating loss carryover (350) -0.13 % (267) (0.11) % (179) (0.08) % Change in valuation allowance (1,554) -0.59 % (502) (0.21) % 803 0.37 % Unrecognized tax benefits, net 69 0.03 % 69 0.03 % 70 0.03 % Capital gain at preferential rate 472 0.18 % (787) -0.32 % (3) — % Tax rate difference (ordinary vs capital) (817) -0.31 % (247) -0.10 % (480) -0.22 % Return to provision adjustments (721) -0.27 % (407) -0.17 % (933) -0.43 % Difference in tax rates due to multiple jurisdictions (963) -0.36 % — — % 187 0.09 % Other items, net (27) -0.02 % (9) — % (2,000) -0.94 % Income tax expense $ 83,376 31.43 % $ 77,866 31.90 % $ 68,452 31.90 %
Schedule of Income Tax Contingencies	The following table presents a reconciliation of unrecognized tax benefits: Year Ended December 31, 2023 2022 2021 (In thousands) Balance at beginning of year $ 867 $ 798 $ 728 Additions for tax positions of prior years 69 69 70 Balance at end of year $ 936 $ 867 $ 798
Schedule of Deferred Tax Assets and Liabilities	Significant components of OFG’s deferred tax assets and liabilities as of December 31, 2023, and 2022 were as follows: December 31, 2023 2022 (In thousands) Deferred tax assets: Allowance for credit losses and other reserves $ 58,612 $ 57,273 Scotiabank PR discount 463 1,453 Loans and other real estate valuation adjustment 1,905 2,313 Deferred loan charge-offs 16,147 72,376 Net operating loss carry forwards 6,548 9,022 Alternative minimum tax 13,553 14,467 Unrealized net loss on available-for-sale securities 11,525 16,422 Goodwill 3,542 10,252 Acquired portfolio 37,374 45,761 Other assets allowances 1,692 1,538 Other deferred tax assets 16,344 16,570 Total gross deferred tax asset 167,705 247,447 Less: valuation allowance (7,589) (9,143) Net gross deferred tax assets 160,116 238,304 Deferred tax liabilities: Acquired loans tax basis (137,143) (137,195) FDIC-assisted Eurobank acquisition, net (5,481) (5,760) Customer deposit and customer relationship intangibles (4,943) (7,314) Building valuation adjustment (6,104) (6,540) Unrealized net gain included in other comprehensive income — (152) Servicing asset (15,516) (16,041) Other deferred tax liabilities (8,450) (9,817) Total gross deferred tax liabilities (177,637) (182,819) Net deferred tax (liability) asset $ (17,521) $ 55,485

REGULATORY CAPITAL REQUIREMEN_2

REGULATORY CAPITAL REQUIREMENTS (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 and 2022 were 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, 2023 Total capital to risk-weighted assets $ 1,278,537 15.37 % $ 873,369 10.50 % $ 831,780 10.00 % Tier 1 capital to risk-weighted assets $ 1,174,205 14.12 % $ 707,013 8.50 % $ 665,424 8.00 % Common equity tier 1 capital to risk-weighted assets $ 1,174,205 14.12 % $ 582,246 7.00 % $ 540,657 6.50 % Tier 1 capital to average total assets $ 1,174,205 11.03 % $ 425,911 4.00 % $ 532,389 5.00 % 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 % Actual Minimum Capital Minimum to be Well Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) Bank Ratios As of December 31, 2023 Total capital to risk-weighted assets $ 1,179,164 14.27 % $ 867,797 10.50 % $ 826,474 10.00 % Tier 1 capital to risk-weighted assets $ 1,075,487 13.01 % $ 702,503 8.50 % $ 661,179 8.00 % Common equity tier 1 capital to risk-weighted assets $ 1,075,487 13.01 % $ 578,532 7.00 % $ 537,208 6.50 % Tier 1 capital to average total assets $ 1,075,487 10.20 % $ 421,660 4.00 % $ 527,075 5.00 % 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 %

EQUITY-BASED COMPENSATION PLAN

EQUITY-BASED COMPENSATION PLAN (Tables)	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Range of Exercise Prices and Weighted Average Remaining Contractual Life	The activity in outstanding options for 2023, 2022, and 2021 is set forth below: Year Ended December 31, 2023 2022 2021 Number Weighted Number Weighted Number Weighted Beginning of year 234,950 $ 16.38 338,494 $ 15.76 481,444 $ 15.10 Options exercised (218,350) 16.34 (103,544) 14.34 (140,850) 13.51 Options forfeited — — — — (2,100) 16.55 End of year 16,600 $ 16.92 234,950 $ 16.38 338,494 $ 15.76 The following table summarizes the range of exercise prices and the weighted average remaining contractual life of the options outstanding at December 31, 2023: Outstanding Exercisable Range of Exercise Prices Number of Weighted Weighted Number of Weighted 14.09 to 16.90 6,400 16.10 0.2 6,400 16.10 16.91 to 19.71 10,200 17.44 1.2 10,200 17.44 16,600 $ 16.92 0.8 16,600 $ 16.92 Aggregate Intrinsic Value $ 341,240 $ 341,240
Schedule of Restricted Stock Unit Activity under the Omnibus Plan	The following table summarizes the activity in restricted units under the Omnibus Plan for 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 Restricted Weighted Restricted Weighted Restricted Weighted Beginning of year 408,832 $ 22.27 511,740 $ 19.35 529,770 $ 15.58 Restricted units granted 204,048 27.84 178,281 27.89 205,440 18.76 Restricted units lapsed (181,692) 20.85 (277,866) 17.08 (218,188) 13.85 Restricted units forfeited (20,191) 25.18 (3,323) 22.89 (5,282) 19.38 End of year 410,997 $ 25.43 408,832 $ 22.27 511,740 $ 19.35

STOCKHOLDERS_ EQUITY (Tables)

STOCKHOLDERS’ EQUITY (Tables)	12 Months Ended
	Dec. 31, 2023
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 2023, 2022 and 2021 is set forth below: Year Ended December 31, 2023 2022 2021 Shares Dollar Shares Dollar Shares Dollar (In thousands, except shares data) Beginning of year 12,303,859 $ 211,135 10,248,882 $ 150,572 8,498,163 $ 102,949 Common shares used upon lapse of restricted stock units and options (227,480) (1,438) (296,891) (3,547) (301,710) (2,249) Common shares repurchased as part of the stock repurchase programs 743,699 18,653 2,351,868 64,110 2,052,429 49,872 End of year 12,820,078 $ 228,350 12,303,859 $ 211,135 10,248,882 $ 150,572

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	Accumulated other comprehensive loss, net of income taxes, as of December 31, 2023 and 2022 consisted of: December 31, 2023 2022 (In thousands) Unrealized loss on securities available-for-sale $ (78,497) $ (110,036) Income tax effect of unrealized loss on securities available-for-sale 11,484 16,373 Net unrealized loss on securities available-for-sale (67,013) (93,663) Unrealized gain on cash flow hedges — 406 Income tax effect of unrealized gain on cash flow hedges — (152) Net unrealized gain on cash flow hedges — 254 Accumulated other comprehensive loss, net of income taxes $ (67,013) $ (93,409) The following table presents changes in accumulated other comprehensive loss by component, net of taxes, 2023, 2022 and 2021: Year Ended December 31, 2023 Net unrealized Net unrealized Accumulated (In thousands) Beginning balance $ (93,663) $ 254 $ (93,409) Other comprehensive income (loss) before reclassifications 27,792 (5,647) 22,145 Amounts reclassified out of accumulated other comprehensive loss (1,142) 5,393 4,251 Other comprehensive income (loss) 26,650 (254) 26,396 Ending balance $ (67,013) $ — $ (67,013) 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 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 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
Schedule of Reclassifications Out of Other Comprehensive Income	The following table presents reclassifications out of accumulated other comprehensive loss for 2023, 2022 and 2021: Amount reclassified out of accumulated other comprehensive loss Year Ended December 31, Affected Line Item in 2023 2022 2021 (In thousands) Cash flow hedges: Interest-rate contracts $ 5,393 $ 733 $ 1,641 Net interest expense Available-for-sale securities: (Loss) gain on sale of investments (1,149) (247) 19 Net (loss) gain on sale of securities Tax effect from changes in tax rates 7 8 6 Income tax expense $ 4,251 $ 494 $ 1,666

EARNINGS PER COMMON SHARE (Tabl

EARNINGS PER COMMON SHARE (Tables)	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Common Share	The calculation of earnings per common share for 2023, 2022 and 2021 is as follows: Year Ended December 31, 2023 2022 2021 (In thousands, except per share data) Net income $ 181,872 $ 166,239 $ 146,151 Less: Dividends on preferred stock Non-convertible preferred stock (Series A, B, and D) — — (1,255) Income available to common shareholders $ 181,872 $ 166,239 $ 144,896 Average common shares outstanding 47,258 48,033 50,956 Effect of dilutive securities: Average potential common shares-options 294 403 414 Total weighted average common shares outstanding and equivalents 47,552 48,436 51,370 Earnings per common share - basic $ 3.85 $ 3.46 $ 2.85 Earnings per common share - diluted $ 3.83 $ 3.44 $ 2.81

GUARANTEES (Tables)

GUARANTEES (Tables)	12 Months Ended
	Dec. 31, 2023
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 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 (In thousands) Balance at beginning of year $ 147 $ 294 $ 218 Net recoveries (charge-offs/terminations) (45) (147) 76 Balance at end of year $ 102 $ 147 $ 294

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Credit-Related Financial Instruments	Credit-related financial instruments at December 31, 2023 and 2022 were as follows: December 31, 2023 2022 (In thousands) Commitments to extend credit $ 1,255,695 $ 1,403,118 Commercial letters of credit 119 1,082 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, 2023 and 2022, is as follows: December 31, 2023 2022 (In thousands) Standby letters of credit and financial guarantees $ 23,970 $ 24,749 Loans sold with recourse 98,685 110,891

OPERATING LEASES (Tables)

OPERATING LEASES (Tables)	12 Months Ended
	Dec. 31, 2023
Lessee Disclosure [Abstract]
Schedule of Operating Lease Cost	Year Ended December 31, 2023 2022 2021 Statement of Operations (In thousands) Lease costs $ 10,414 $ 10,467 $ 11,417 Occupancy and equipment Variable lease costs 1,452 1,529 1,881 Occupancy and equipment Short-term lease costs 529 565 859 Occupancy and equipment Lease income (123) (226) (442) Occupancy and equipment Total lease costs $ 12,272 $ 12,335 $ 13,715
Schedule of Operating Lease Assets and Liabilities	December 31, 2023 2022 Statement of Financial Condition Classification (In thousands) Right-of-use assets $ 21,725 $ 25,363 Operating lease right-of-use assets Lease Liabilities $ 24,029 $ 27,370 Operating leases liabilities
Schedule of Operating Lease, Other Information	December 31, 2023 2022 (In thousands) Weighted-average remaining lease term 5.1 years 5.1 years Weighted-average discount rate 7.0 % 6.8 %
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, 2023 were as follows: Minimum Rent As of December 31, 2023 (In thousands) 2024 $ 8,298 2025 6,122 2026 4,019 2027 3,180 2028 2,383 Thereafter 5,150 Total lease payments $ 29,152 Less imputed interest 5,123 Present value of lease liabilities $ 24,029

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 Fair Value Measurements Level 1 Level 2 Level 3 Total (In thousands) Recurring fair value measurements: Investment securities available-for-sale $ 296,799 $ 1,802,465 $ — $ 2,099,264 Trading securities — 13 — 13 Money market investments 4,623 — — 4,623 Servicing assets — — 49,520 49,520 $ 301,422 $ 1,802,478 $ 49,520 $ 2,153,420 Non-recurring fair value measurements: Collateral dependent loans $ — $ — $ 8,027 $ 8,027 Foreclosed real estate — — 10,780 10,780 Other repossessed assets — — 4,032 4,032 Other loans held for sale $ — $ — 28,345 28,345 $ — $ — $ 51,184 $ 51,184 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
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 2023, 2022 and 2021: Level 3 Instruments Only Year Ended December 31, 2023 2022 2021 Other debt securities available for sale Servicing Assets Total Other debt securities available for sale Servicing Assets Total Other debt securities available for sale Servicing Assets Total (In thousands) Balance at beginning year $ 406 $ 50,921 $ 51,327 $ 1,530 $ 48,973 $ 50,503 — $ 47,295 $ 47,295 New instruments acquired — 2,560 2,560 376 3,998 4,374 — 6,089 6,089 Transfer from Level 2 — — — — — — 1,500 — 1,500 Principal repayments and amortization — (4,163) (4,163) — (5,312) (5,312) — (6,738) (6,738) Instrument converted to equity security (406) — (406) (1,581) — (1,581) — — — Gains included in earnings — 202 202 — 3,262 3,262 — 2,327 2,327 Gains included in other comprehensive income — — — 81 — 81 30 — $ 30 Balance at end of year $ — $ 49,520 $ 49,520 $ 406 $ 50,921 $ 51,327 $ 1,530 $ 48,973 $ 50,503
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, 2023 and 2022: December 31, 2023 Fair Value Valuation Technique Unobservable Input Range Weighted Average (In thousands) Servicing assets $ 49,520 Cash flow valuation Constant prepayment rate 1.35% - 17.34% 6.12 % Discount rate 10.00% - 15.50% 11.45 % Collateral dependent loans $ 8,027 Fair value of property Appraised value less disposition costs 10.20% - 33.20% 17.00 % Foreclosed real estate $ 10,780 Fair value of property Appraised value less disposition costs 10.20% - 33.20% 12.67 % Other repossessed assets $ 4,032 Fair value of property Estimated net realizable value less disposition costs 31.00% - 77.00% 57.72 % Other loans held for sale $ 28,345 Bids or sales contract prices Estimated market value 52.00% - 103.20% 84.80 % 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%
Schedule of Estimated Fair Value and Carrying Value	The estimated fair value and carrying value of OFG’s financial instruments at December 31, 2023 and 2022 was as follows: December 31, 2023 2022 Fair Carrying Fair Carrying (In thousands) Financial Assets: Level 1 Cash and cash equivalents $ 748,173 $ 748,173 $ 550,307 $ 550,307 Restricted cash $ — $ — $ 157 $ 157 Investment securities available-for-sale $ 296,799 $ 296,799 $ 309,133 $ 309,133 Level 2 Financial Assets: Trading securities $ 13 $ 13 $ 9 $ 9 Investment securities available-for-sale $ 1,802,465 $ 1,802,465 $ 1,103,237 $ 1,103,237 Investment securities held-to-maturity $ 455,709 $ 514,024 $ 469,186 $ 535,070 Federal Home Loan Bank (FHLB) stock $ 14,488 $ 14,488 $ 6,005 $ 6,005 Equity securities $ 23,981 $ 23,981 $ 17,662 $ 17,662 Derivative assets $ — $ — $ 406 $ 406 Level 3 Financial Assets: Investment securities available for sale $ — $ — $ 406 $ 406 Investment securities held-to-maturity $ 35,055 $ 35,000 $ — $ — Total loans (including loans held-for-sale) $ 7,282,214 $ 7,401,618 $ 6,467,878 $ 6,723,236 Accrued interest receivable $ 71,400 $ 71,400 $ 62,402 $ 62,402 Servicing assets $ 49,520 $ 49,520 $ 50,921 $ 50,921 Accounts receivable and other assets $ 47,859 $ 47,859 $ 61,014 $ 61,014 Financial Liabilities: Deposits $ 9,767,068 $ 9,762,169 $ 8,556,300 $ 8,568,364 Advances from FHLB $ 199,184 $ 200,768 $ 26,716 $ 26,716 Other borrowings $ 2 $ 2 $ 318 $ 318 Accrued expenses and other liabilities $ 115,985 $ 115,985 $ 124,999 $ 124,999

BUSINESS SEGMENTS (Tables)

BUSINESS SEGMENTS (Tables)	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	Following are the results of operations and the selected financial information by operating segment for 2023, 2022 and 2021: Year Ended December 31, 2023 Banking Wealth Treasury Total Eliminations Consolidated (In thousands) Interest income $ 567,809 $ 28 $ 95,477 $ 663,314 $ (14,434) $ 648,880 Interest expense (73,480) — (28,964) (102,444) 14,434 (88,010) Net interest income 494,329 28 66,513 560,870 — 560,870 Provision for credit losses 60,255 — 383 60,638 — 60,638 Non-interest income, net 97,099 32,433 (1,151) 128,381 — 128,381 Non-interest expenses (344,488) (15,427) (3,450) (363,365) — (363,365) Intersegment revenue 1,641 — — 1,641 (1,641) — Intersegment expenses — (1,011) (630) (1,641) 1,641 — Income before income taxes $ 188,326 $ 16,023 $ 60,899 $ 265,248 $ — $ 265,248 Income tax expense 83,242 34 100 83,376 — 83,376 Net income $ 105,084 $ 15,989 $ 60,799 $ 181,872 $ — $ 181,872 Total assets $ 9,154,201 $ 38,261 $ 3,304,204 $ 12,496,666 $ (1,152,213) $ 11,344,453 Eliminations include interest income and expense for a time deposit opened by the Bank in Oriental Overseas, an international banking entity organized pursuant to the Puerto Rico International Banking Center Regulatory Act, as amended, which operates as a unit within the Bank. The time deposit with a balance of $300.3 million and $470.2 million at December 31, 2023 and 2022, respectively, is included in the Treasury Segment with its corresponding interest expense, to fund Oriental Overseas operations, which is included in the Banking Segment with its corresponding interest income, and are eliminated in the consolidation. Interest income is accrued on the unpaid principal balance. The increase in interest income and interest expense from the prior year was mainly as a result of the FRB federal funds rate increases and higher average balance. 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, net $ 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 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, net $ 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

BANKING AND FINANCIAL SERVICE_2

BANKING AND FINANCIAL SERVICE REVENUES (Tables)	12 Months Ended
	Dec. 31, 2023
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 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 (In thousands) Banking service revenues: Electronic banking fees $ 54,109 $ 54,639 $ 55,968 Checking accounts fees 8,924 8,933 8,593 Savings accounts fees 1,334 1,265 1,141 Credit life commissions 318 724 469 Branch service commissions 1,538 1,456 1,467 Servicing and other loan fees 3,120 3,222 3,256 International fees 720 902 794 Miscellaneous income 15 20 18 Total banking service revenues 70,078 71,161 71,706 Wealth management revenue: Insurance income 17,178 15,084 14,647 Broker fees 7,375 6,793 8,213 Trust fees 8,402 10,013 11,303 Retirement plan and administration fees 35 745 881 Total wealth management revenue 32,990 32,635 35,044 Mortgage banking activities: Net servicing fees 15,077 18,258 16,818 Net gains on sale of mortgage loans and valuation 2,993 3,786 10,119 Net gain (loss) on repurchased loans and other 717 (115) (4,429) Total mortgage banking activities 18,787 21,929 22,508 Total banking and financial service revenues $ 121,855 $ 125,725 $ 129,258

OFG BANCORP (HOLDING COMPANY _2

OFG BANCORP (HOLDING COMPANY ONLY) FINANCIAL INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 and 2022, and the results of its operations and its cash flows for 2023, 2022 and 2021: December 31, 2023 2022 (In thousands) ASSETS Cash and cash equivalents $ 73,121 $ 82,045 Investment in bank subsidiary, equity method 1,094,581 938,306 Investment in nonbank subsidiaries, equity method 40,145 32,525 Advance to investment dealers — 6 Deferred tax asset, net 293 924 Due from bank subsidiary, net 56 44 Other assets 371 356 Total assets $ 1,208,567 $ 1,054,206 LIABILITIES AND STOCKHOLDERS’ EQUITY Dividends payable 10,355 9,513 Accrued expenses and other liabilities 4,729 2,287 Due to non-bank subsidiary, net 3 — Total liabilities 15,087 11,800 Stockholders’ equity 1,193,480 1,042,406 Total liabilities and stockholders’ equity $ 1,208,567 $ 1,054,206
Condensed Statement Of Operations Information	Year Ended December 31, 2023 2022 2021 (In thousands) Income: Interest income $ 3,712 $ 977 $ 55 Investment trading activities, net and other 7,040 6,022 6,765 Total income 10,752 6,999 6,820 Expenses: Interest expense — 521 1,174 Operating expenses 8,230 7,992 8,397 Total expenses 8,230 8,513 9,571 Income (loss) before income taxes 2,522 (1,514) (2,751) Income tax expense 3,846 2,782 1,813 Loss before earnings of subsidiaries (1,324) (4,296) (4,564) Equity in earnings from: Bank subsidiary 170,658 162,236 144,089 Nonbank subsidiaries 12,538 8,299 6,626 Net income $ 181,872 $ 166,239 $ 146,151
Condensed Statement Of Comprehensive Income Information	Year Ended December 31, 2023 2022 2021 (In thousands) Net income $ 181,872 $ 166,239 $ 146,151 Other comprehensive income (loss) before tax: Other comprehensive income (loss) from bank subsidiary 26,396 (98,569) (5,862) Other comprehensive income (loss) before taxes 26,396 (98,569) (5,862) Income tax effect — — — Other comprehensive income (loss) after taxes 26,396 (98,569) (5,862) Comprehensive income $ 208,268 $ 67,670 $ 140,289
Condensed Statement Of Cash Flows Information	Year Ended December 31, 2023 2022 2021 (In thousands) Cash flows from operating activities: Net income $ 181,872 $ 166,239 $ 146,151 Adjustments to reconcile net income to net cash provided by operating activities: Equity in earnings from banking subsidiary (170,658) (162,236) (144,089) Equity in earnings from nonbanking subsidiaries (12,538) (8,299) (6,626) Net decrease in due to non-bank subsidiary, net 3 — — Gain on early extinguishment of debt — (42) — Stock-based compensation 731 652 940 Deferred income tax, net 630 1,703 10 Net decrease (increase) in other assets 1,270 18,829 (13,471) Net increase (decrease) in accrued expenses and other liabilities 2,149 (488) 950 Dividends from banking subsidiary 45,000 140,000 197,000 Dividends from non-banking subsidiary 4,000 9,500 11,000 Net cash provided by operating activities 52,459 165,858 191,865 Cash flows from investing activities: Proceeds from sales of premises and equipment — — 240 Capital contribution to non-banking subsidiary — — (9,300) Additions to premises and equipment (30) (233) (288) Net cash used in investing activities (30) (233) (9,348) Cash flows from financing activities: Subordinated capital notes — (34,958) — Exercise of stock options and restricted units lapsed, net (1,689) (906) 283 Purchase of treasury stock (18,653) (64,110) (49,872) Redemption of preferred stock — — (92,000) Dividends paid (41,011) (30,090) (20,973) Net cash used in financing activities (61,353) (130,064) (162,562) Net change in cash and cash equivalents (8,924) 35,561 19,955 Cash and cash equivalents at beginning of year 82,045 46,484 26,529 Cash and cash equivalents at end of year $ 73,121 $ 82,045 $ 46,484

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) branch subsidiarie	Dec. 31, 2022 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Remaining principal balance (as a percent)	100%
Accrued interest receivable	$ 71,400	$ 62,402
Minimum | Other intangibles
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Finite lived intangible asset, useful life (in years)	3 years
Maximum | Other intangibles
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	$ 20,200	21,800
COVID-19 and Hurricane Fiona Deferral Program Loans | Current
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accrued interest receivable	18,200	20,700
Loans
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accrued interest receivable	63,526	58,144
Accrued Income Receivable | COVID-19 and Hurricane Fiona Deferral Program Loans
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses	$ 85	$ 144
Commercial loans
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accrued interest writeoff period	90 days
Past due write-off	90 days
Nonaccrual status	90 days
Mortgage loans
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accrued interest writeoff period	90 days
Past due write-off	90 days
Nonaccrual status	90 days
Mortgage loans | 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]
Accrued interest writeoff period	90 days
Nonaccrual status	90 days
Consumer | Personal loans
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Past due write-off	120 days
Consumer | Credit cards
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Past due write-off	180 days
Consumer | Credit lines
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Past due write-off	180 days
Auto
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accrued interest writeoff period	90 days
Past due write-off	180 days
Nonaccrual status	90 days
Partially written-off	120 days
Puerto Rico
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of branches | branch	42
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	1

RESTRICTED CASH (Details)

RESTRICTED CASH (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 0	$ 157	$ 175
Reserve required by local government	$ 464,500	482,900
Securities Sold under Agreements to Repurchase
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash		$ 157

INVESTMENT SECURITIES (Narrativ

INVESTMENT SECURITIES (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Money market investments	$ 4,623	$ 4,161	$ 8,952
Restricted cash	0	157	175
Intersegment revenue	35,000	196,742	380,322
Securitized GNMA pools retained, amortized cost	$ 76,400	$ 112,400	$ 149,100
Securitized GNMA pool retained, yield	5.33%	3.90%	2.45%
Retained FNMA pools	$ 17,200	$ 13,700	$ 0
FNMA pools retained, yield	5.37%	4.97%
OFG Bancorp
Debt Securities, Available-for-sale [Line Items]
Intersegment revenue	$ 35,000
OFG Bancorp | Private Placement Revenue Bond
Debt Securities, Available-for-sale [Line Items]
Acquisition period	2 years
Investment securities | US Treasury securities
Debt Securities, Available-for-sale [Line Items]
Available for sale, purchase price	$ 300,000	$ 550,000	$ 0
Proceeds from sale of available for sale securities	203,300	242,400
Loss on available for sale securities	1,100	247
Debt Securities, Held To Maturity, Purchase Price		200,000
OIB
Debt Securities, Available-for-sale [Line Items]
Restricted cash	325	325
Oriental Overseas
Debt Securities, Available-for-sale [Line Items]
Restricted cash	325	325
Asset Pledged as Collateral
Debt Securities, Available-for-sale [Line Items]
Pledged assets	1,624,000	294,200
Asset Pledged as Collateral | Public Funds
Debt Securities, Available-for-sale [Line Items]
Pledged assets	$ 1,575,000	$ 293,700

INVESTMENT SECURITIES (Investme

INVESTMENT SECURITIES (Investment Securities by Contractual Maturity - AFS) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule of Investments [Line Items]
Amortized Cost	$ 2,177,761	$ 1,522,812
Gross Unrealized Gains	13,476	995
Gross Unrealized Losses	91,973	111,031
Fair Value	$ 2,099,264	$ 1,412,776
Weighted Average Yield	4.07%	2.90%
Mortgage-backed securities
Schedule of Investments [Line Items]
Amortized Cost	$ 1,880,395	$ 1,210,834
Gross Unrealized Gains	13,424	965
Gross Unrealized Losses	91,970	109,298
Fair Value	$ 1,801,849	$ 1,102,501
Weighted Average Yield	3.86%	2.79%
Mortgage-backed securities | FNMA and FHLMC certificates
Schedule of Investments [Line Items]
Amortized Cost	$ 1,464,134	$ 837,703
Gross Unrealized Gains	8,989	59
Gross Unrealized Losses	57,178	69,646
Fair Value	$ 1,415,945	$ 768,116
Weighted Average Yield	4.03%	2.79%
Mortgage-backed securities | GNMA certificates
Schedule of Investments [Line Items]
Amortized Cost	$ 406,275	$ 357,497
Gross Unrealized Gains	4,435	906
Gross Unrealized Losses	34,416	38,869
Fair Value	$ 376,294	$ 319,534
Weighted Average Yield	3.30%	2.80%
Mortgage-backed securities | CMOs issued by US government-sponsored agencies
Schedule of Investments [Line Items]
Amortized Cost	$ 9,986	$ 15,634
Gross Unrealized Gains	0	0
Gross Unrealized Losses	376	783
Fair Value	$ 9,610	$ 14,851
Weighted Average Yield	2.06%	1.99%
Mortgage-backed securities | Due less than 1 year | GNMA certificates
Schedule of Investments [Line Items]
Amortized Cost	$ 5
Gross Unrealized Gains	0
Gross Unrealized Losses	0
Fair Value	$ 5
Weighted Average Yield	1.31%
Mortgage-backed securities | Due from 1 to 5 years | FNMA and FHLMC certificates
Schedule of Investments [Line Items]
Amortized Cost	$ 6,972	$ 10,155
Gross Unrealized Gains	0	0
Gross Unrealized Losses	311	550
Fair Value	$ 6,661	$ 9,605
Weighted Average Yield	1.76%	1.76%
Mortgage-backed securities | Due from 1 to 5 years | GNMA certificates
Schedule of Investments [Line Items]
Amortized Cost	$ 8,851	$ 12,505
Gross Unrealized Gains	0	0
Gross Unrealized Losses	351	632
Fair Value	$ 8,500	$ 11,873
Weighted Average Yield	1.71%	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	$ 9,071	$ 14,190
Gross Unrealized Gains	0	0
Gross Unrealized Losses	364	755
Fair Value	$ 8,707	$ 13,435
Weighted Average Yield	1.78%	1.78%
Mortgage-backed securities | Due from 5 to 10 years | FNMA and FHLMC certificates
Schedule of Investments [Line Items]
Amortized Cost	$ 45,835	$ 59,167
Gross Unrealized Gains	0	0
Gross Unrealized Losses	2,767	3,764
Fair Value	$ 43,068	$ 55,403
Weighted Average Yield	2%	2%
Mortgage-backed securities | Due from 5 to 10 years | GNMA certificates
Schedule of Investments [Line Items]
Amortized Cost	$ 17,113	$ 24,575
Gross Unrealized Gains	16	14
Gross Unrealized Losses	955	1,585
Fair Value	$ 16,174	$ 23,004
Weighted Average Yield	2.19%	2.13%
Mortgage-backed securities | Due from 5 to 10 years | CMOs issued by US government-sponsored agencies
Schedule of Investments [Line Items]
Amortized Cost	$ 54	$ 485
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	10
Fair Value	$ 54	$ 475
Weighted Average Yield	2.14%	2.14%
Mortgage-backed securities | Due after 10 years | FNMA and FHLMC certificates
Schedule of Investments [Line Items]
Amortized Cost	$ 1,411,327	$ 768,381
Gross Unrealized Gains	8,989	59
Gross Unrealized Losses	54,100	65,332
Fair Value	$ 1,366,216	$ 703,108
Weighted Average Yield	4.11%	2.87%
Mortgage-backed securities | Due after 10 years | GNMA certificates
Schedule of Investments [Line Items]
Amortized Cost	$ 380,306	$ 320,417
Gross Unrealized Gains	4,419	892
Gross Unrealized Losses	33,110	36,652
Fair Value	$ 351,615	$ 284,657
Weighted Average Yield	3.38%	2.90%
Mortgage-backed securities | Due after 10 years | CMOs issued by US government-sponsored agencies
Schedule of Investments [Line Items]
Amortized Cost	$ 861	$ 959
Gross Unrealized Gains	0	0
Gross Unrealized Losses	12	18
Fair Value	$ 849	$ 941
Weighted Average Yield	5.07%	5.06%
Investment securities
Schedule of Investments [Line Items]
Amortized Cost	$ 297,366	$ 311,978
Gross Unrealized Gains	52	30
Gross Unrealized Losses	3	1,733
Fair Value	$ 297,415	$ 310,275
Weighted Average Yield	5.39%	3.35%
Investment securities | Due less than 1 year | US Treasury securities
Schedule of Investments [Line Items]
Amortized Cost	$ 296,747	$ 310,862
Gross Unrealized Gains	52	0
Gross Unrealized Losses	0	1,729
Fair Value	$ 296,799	$ 309,133
Weighted Average Yield	5.40%	3.34%
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	3.25%
Investment securities | Due from 1 to 5 years | Other debt securities
Schedule of Investments [Line Items]
Amortized Cost	$ 119	$ 1,116
Gross Unrealized Gains	0	30
Gross Unrealized Losses	3	4
Fair Value	$ 116	$ 1,142
Weighted Average Yield	2.97%	4.45%

INVESTMENT SECURITIES (Invest_2

INVESTMENT SECURITIES (Investment Securities by Contractual Maturity - HTM) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 549,024	$ 535,070
Gross Unrealized Gains	55	0
Gross Unrealized Losses	58,315	65,884
Fair Value	$ 490,764	$ 469,186
Weighted Average Yield	2.60%	2.30%
Amortized Cost	$ 2,177,761	$ 1,522,812
Gross Unrealized Gains	13,476	995
Gross Unrealized Losses	91,973	111,031
Fair Value	$ 2,099,264	$ 1,412,776
Weighted Average Yield	4.07%	2.90%
Mortgage-backed securities
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 1,880,395	$ 1,210,834
Gross Unrealized Gains	13,424	965
Gross Unrealized Losses	91,970	109,298
Fair Value	$ 1,801,849	$ 1,102,501
Weighted Average Yield	3.86%	2.79%
Mortgage-backed securities | FNMA and FHLMC certificates
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 1,464,134	$ 837,703
Gross Unrealized Gains	8,989	59
Gross Unrealized Losses	57,178	69,646
Fair Value	$ 1,415,945	$ 768,116
Weighted Average Yield	4.03%	2.79%
Investment securities
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 297,366	$ 311,978
Gross Unrealized Gains	52	30
Gross Unrealized Losses	3	1,733
Fair Value	$ 297,415	$ 310,275
Weighted Average Yield	5.39%	3.35%
Due less than 1 year | Investment securities | US Treasury securities
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 199,314
Gross Unrealized Gains	0
Gross Unrealized Losses	1,548
Fair Value	$ 197,766
Weighted Average Yield	3.33%
Amortized Cost	$ 296,747	$ 310,862
Gross Unrealized Gains	52	0
Gross Unrealized Losses	0	1,729
Fair Value	$ 296,799	$ 309,133
Weighted Average Yield	5.40%	3.34%
Due less than 1 year | Investment securities | Other debt securities available for sale
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 500
Gross Unrealized Gains	0
Gross Unrealized Losses	0
Fair Value	$ 500
Weighted Average Yield	3.25%
Due from 1 to 5 years | Mortgage-backed securities | FNMA and FHLMC certificates
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 6,972	$ 10,155
Gross Unrealized Gains	0	0
Gross Unrealized Losses	311	550
Fair Value	$ 6,661	$ 9,605
Weighted Average Yield	1.76%	1.76%
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 from 1 to 5 years | Investment securities | Other debt securities available for sale
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 35,000
Gross Unrealized Gains	55
Gross Unrealized Losses	0
Fair Value	$ 35,055
Weighted Average Yield	6.36%
Amortized Cost	$ 119	$ 1,116
Gross Unrealized Gains	0	30
Gross Unrealized Losses	3	4
Fair Value	$ 116	$ 1,142
Weighted Average Yield	2.97%	4.45%
Due after 10 years | Mortgage-backed securities | FNMA and FHLMC certificates
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 314,710	$ 337,435
Gross Unrealized Gains	0	0
Gross Unrealized Losses	56,767	62,358
Fair Value	$ 257,943	$ 275,077
Weighted Average Yield	1.72%	1.71%
Amortized Cost	$ 1,411,327	$ 768,381
Gross Unrealized Gains	8,989	59
Gross Unrealized Losses	54,100	65,332
Fair Value	$ 1,366,216	$ 703,108
Weighted Average Yield	4.11%	2.87%

INVESTMENT SECURITIES (Sale of

INVESTMENT SECURITIES (Sale of securities available-for-sale) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Investments [Line Items]
Investment securities available-for-sale	$ 202,133	$ 242,126	$ 2,174
Investment securities | Residential Mortgage-Backed Securities
Schedule of Investments [Line Items]
Proceeds from sale of available for sale securities			2,200
Gross Gains			$ 19
US Treasury securities
Schedule of Investments [Line Items]
Investment securities available-for-sale	202,133	242,126
Proceeds from sale of available for sale securities	203,282	242,373
Gross Gains	0	0
Loss on available for sale securities	$ 1,149	$ 247

INVESTMENT SECURITIES (Unrealiz

INVESTMENT SECURITIES (Unrealized Gains and Losses by Category) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Securities Available-for-Sale, Amortized Cost
12 months or more	$ 1,017,108	$ 171,011
Less than 12 months	114,099	1,323,800
Amortized Cost	1,131,207	1,494,811
Securities Available-for-Sale, Unrealized Loss
12 months or more	91,590	33,027
Less than 12 months	383	78,004
Total	91,973	111,031
Securities Available-for-Sale, Fair Value
12 months or more	925,518	137,984
Less than 12 months	113,716	1,245,796
Total	1,039,234	1,383,780
FNMA and FHLMC certificates
Securities Available-for-Sale, Amortized Cost
12 months or more	731,334	88,600
Less than 12 months	106,235	745,566
Amortized Cost	837,569	834,166
Securities Available-for-Sale, Unrealized Loss
12 months or more	56,847	18,989
Less than 12 months	331	50,657
Total	57,178	69,646
Securities Available-for-Sale, Fair Value
12 months or more	674,487	69,611
Less than 12 months	105,904	694,909
Total	780,391	764,520
GNMA certificates
Securities Available-for-Sale, Amortized Cost
12 months or more	275,669	82,074
Less than 12 months	7,864	251,835
Amortized Cost	283,533	333,909
Securities Available-for-Sale, Unrealized Loss
12 months or more	34,364	14,031
Less than 12 months	52	24,838
Total	34,416	38,869
Securities Available-for-Sale, Fair Value
12 months or more	241,305	68,043
Less than 12 months	7,812	226,997
Total	249,117	295,040
CMOs issued by US Government-sponsored agencies
Securities Available-for-Sale, Amortized Cost
12 months or more	9,986	337
Less than 12 months		15,297
Amortized Cost	9,986	15,634
Securities Available-for-Sale, Unrealized Loss
12 months or more	376	7
Less than 12 months		776
Total	376	783
Securities Available-for-Sale, Fair Value
12 months or more	9,610	330
Less than 12 months		14,521
Total	9,610	14,851
Other debt securities
Securities Available-for-Sale, Amortized Cost
12 months or more	119
Less than 12 months		240
Amortized Cost	119	240
Securities Available-for-Sale, Unrealized Loss
12 months or more	3
Less than 12 months		4
Total	3	4
Securities Available-for-Sale, Fair Value
12 months or more	116
Less than 12 months		236
Total	$ 116	236
US Treasury securities
Securities Available-for-Sale, Amortized Cost
Less than 12 months		310,862
Amortized Cost		310,862
Securities Available-for-Sale, Unrealized Loss
Less than 12 months		1,729
Total		1,729
Securities Available-for-Sale, Fair Value
Less than 12 months		309,133
Total		$ 309,133

INVESTMENT SECURITIES (Gross Re

INVESTMENT SECURITIES (Gross Realized Gains and Losses by Category) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Sale Price	$ 202,133	$ 242,126	$ 2,174
Mortgage-backed securities | GNMA certificates
Debt Securities, Available-for-sale [Line Items]
Sale Price			2,175
Book Value at Sale			2,156
Gross Gains			19
Gross Losses			$ 0

PLEDGED ASSETS (Details)

PLEDGED ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Financial Instruments Owned and Pledged as Collateral [Line Items]
Financial assets not pledged:	$ 6,271,156	$ 6,295,030
Investment securities
Financial Instruments Owned and Pledged as Collateral [Line Items]
Financial assets not pledged:	1,024,427	1,653,649
Residential mortgage loans
Financial Instruments Owned and Pledged as Collateral [Line Items]
Financial assets not pledged:	792,796	1,250,120
Commercial
Financial Instruments Owned and Pledged as Collateral [Line Items]
Financial assets not pledged:	2,728,777	2,050,767
Consumer Loan
Financial Instruments Owned and Pledged as Collateral [Line Items]
Financial assets not pledged:	620,446	537,257
Auto loans
Financial Instruments Owned and Pledged as Collateral [Line Items]
Financial assets not pledged:	1,104,710	803,237
Total pledged investment securities
Financial Instruments Owned and Pledged as Collateral [Line Items]
Pledged investment securities to secure:	1,623,861	294,197
Total pledged investment securities | Puerto Rico | Government | Deposits
Financial Instruments Owned and Pledged as Collateral [Line Items]
Pledged investment securities to secure:	1,575,042	293,650
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	104
Total pledged investment securities | Bank Term Funding Program
Financial Instruments Owned and Pledged as Collateral [Line Items]
Pledged investment securities to secure:	48,070	0
Total pledged investment securities | Derivative
Financial Instruments Owned and Pledged as Collateral [Line Items]
Pledged investment securities to secure:	0	443
Total pledged investment securities | IBE Regulation
Financial Instruments Owned and Pledged as Collateral [Line Items]
Pledged investment securities to secure:	645	0
Mortgages | Advances from the Federal Home Loan Bank
Financial Instruments Owned and Pledged as Collateral [Line Items]
Pledged investment securities to secure:	769,813	473,600
Commercial
Financial Instruments Owned and Pledged as Collateral [Line Items]
Pledged investment securities to secure:	376,471	600,250
Commercial | Advances from the Federal Home Loan Bank
Financial Instruments Owned and Pledged as Collateral [Line Items]
Pledged investment securities to secure:	236,665	477,516
Commercial | Puerto Rico | Government | Deposits
Financial Instruments Owned and Pledged as Collateral [Line Items]
Pledged investment securities to secure:	69,731	73,617
Commercial | Federal Reserve Bank Credit Facility
Financial Instruments Owned and Pledged as Collateral [Line Items]
Pledged investment securities to secure:	70,075	49,117
Auto loans
Financial Instruments Owned and Pledged as Collateral [Line Items]
Pledged investment securities to secure:	3,939,856	2,528,725
Auto loans | Federal Reserve Bank Credit Facility
Financial Instruments Owned and Pledged as Collateral [Line Items]
Pledged investment securities to secure:	$ 1,169,711	$ 1,160,678

LOANS (Narrative) (Details)

LOANS (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) portfolioSegment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loan portfolio segments | portfolioSegment	4
Increase (decrease) in net charge-offs	$ 24,200
Total loans held for sale	28,345	$ 40,587
Total Loans	7,534,379	6,835,322
Total		165,484
Accrued interest receivable on modified loans	188
Net interest income	560,870	482,080	$ 407,370
Recorded investment of residential mortgage loans collateralized and in process of foreclosure	24,100	14,900
Balance of revolving loans converted to term loans, amount	144,100	78,000
Accrued interest receivable	71,400	62,402
Loans held for investment, net of allowance for credit losses of $161,106 (December 31, 2022 - $152,673)	7,373,273	6,682,649
Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued interest receivable	63,526	58,144
Non-accruing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total		20,329
Accruing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total		145,155
Non-PCD
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for sale	28,345	40,587
Charge-offs	(82,369)	(61,524)	(52,987)
Total Loans	6,463,127	5,641,446
Loans held for investment, net of allowance for credit losses of $161,106 (December 31, 2022 - $152,673)	6,310,517	5,499,605
Non-PCD | Total Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	243,037	227,763
Mortgage Loans - GNMA Buy-Back Option Program
Accounts, Notes, Loans and Financing Receivable [Line Items]
Delinquent loans	19,400	32,600
Mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase (decrease) in net charge-offs	3,200
Total loans held for sale	0	19,499
Charge-offs	(759)
Total Loans	$ 1,562,609	1,704,221
Nonaccrual status	90 days
Total		109,160
Mortgage loans | Government Guaranteed Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Period past due	90 days
Nonaccrual status	12 months
Total	$ 4,600	43,500
Mortgage loans | Non-accruing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total		6,773
Mortgage loans | Accruing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total		102,387
Mortgage loans | Non-PCD
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for sale	0	19,499
Charge-offs	(759)	(284)	(5,789)
Total Loans	629,247	675,793
Mortgage loans | Non-PCD | Total Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	47,260	71,829
Commercial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase (decrease) in net charge-offs	6,000
Total loans held for sale	28,345	21,088
Charge-offs	(14,191)
Total Loans	$ 3,076,903	2,629,929
Nonaccrual status	90 days
Total		54,382
Commitment to lend additional funds	$ 0	3,200
Commercial loans | Non-accruing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for sale	6,400	16,400
Total		13,541
Commercial loans | Accruing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total		40,841
Commercial loans | Total Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for sale	6,400	21,100
Commercial loans | Non-PCD
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for sale	28,345	21,088
Charge-offs	(14,191)	(13,380)	$ (8,788)
Total Loans	2,941,456	2,470,777
Commercial loans | Non-PCD | Total Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	14,298	12,122
Commercial loans | US commercial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Charge-offs	(10,500)
Total Loans	755,228	642,133
Total		7,132
Commercial loans | US commercial loans | Non-accruing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total		0
Commercial loans | US commercial loans | Accruing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total		7,132
Commercial loans | US commercial loans | Non-PCD
Accounts, Notes, Loans and Financing Receivable [Line Items]
Charge-offs	(10,515)
Total Loans	755,228	642,133
Commercial loans | US commercial loans | Non-PCD | Total Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	0	0
Commercial loans | Small business commercial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Recognized gain on sale	6,300
Charge-offs	(906)
Financing Receivable, Excluding Accrued Interest, Sale	4,300
Loans held for investment, net of allowance for credit losses of $161,106 (December 31, 2022 - $152,673)	25,300
Commercial loans | Puerto Rico | Government
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	68,600	73,700
Mortgage and consumer loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Charge-offs	(24,414)
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]
Total Loans	$ 1,249,141	$ 1,212,412

LOANS (Composition of Loan Port

LOANS (Composition of Loan Portfolio) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	$ 7,534,379	$ 6,835,322
Allowance for credit losses	(161,106)	(152,673)	$ (155,937)
Total loans held for investment, net	7,373,273	6,682,649
Total loans held for sale	28,345	40,587
Total loans	7,401,618	6,723,236
Commercial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	3,076,903	2,629,929
Allowance for credit losses	(45,154)	(40,546)	(36,770)
Total loans held for sale	28,345	21,088
Mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	1,562,609	1,704,221
Allowance for credit losses	(15,349)	(18,930)	(34,317)
Total loans held for sale	0	19,499
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	620,446	537,257
Allowance for credit losses	(27,093)	(23,278)	(19,175)
Auto loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	2,274,421	1,963,915
Allowance for credit losses	(73,510)	(69,919)	(65,675)
Non-PCD
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	6,463,127	5,641,446
Allowance for credit losses	(152,610)	(141,841)	(132,065)	$ (161,015)
Total loans held for investment, net	6,310,517	5,499,605
Total loans held for sale	28,345	40,587
Total loans	6,338,862	5,540,192
Non-PCD | Commercial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	2,941,456	2,470,777
Allowance for credit losses	(44,041)	(39,158)	(32,262)	(45,779)
Total loans held for sale	28,345	21,088
Non-PCD | Mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	629,247	675,793
Allowance for credit losses	(7,998)	(9,571)	(15,299)	(19,687)
Total loans held for sale	0	19,499
Non-PCD | Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	619,894	536,619
Allowance for credit losses	(27,086)	(23,264)	(19,141)	(25,253)
Non-PCD | Auto loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	2,272,530	1,958,257
Allowance for credit losses	(73,485)	(69,848)	(65,363)	(70,296)
PCD
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	1,071,252	1,193,876
Allowance for credit losses	(8,496)	(10,832)	(23,872)	(43,794)
Total loans held for investment, net	1,062,756	1,183,044
Total loans held for sale	0	0
Total loans	1,062,756	1,183,044
PCD | Commercial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	135,447	159,152
Allowance for credit losses	(1,113)	(1,388)	(4,508)	(16,405)
Total loans held for sale	0	0
PCD | Mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	933,362	1,028,428
Allowance for credit losses	(7,351)	(9,359)	(19,018)	(26,389)
Total loans held for sale	0	0
PCD | Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	552	638
Allowance for credit losses	(7)	(14)	(34)	(57)
PCD | Auto loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	1,891	5,658
Allowance for credit losses	(25)	(71)	$ (312)	$ (943)
Commercial secured by real estate | Commercial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	1,216,195	1,112,880
Commercial secured by real estate | Non-PCD | Commercial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	1,095,207	974,202
Commercial secured by real estate | PCD | Commercial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	120,988	138,678
Other commercial and industrial | Commercial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	1,105,480	874,916
Other commercial and industrial | Non-PCD | Commercial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	1,091,021	854,442
Other commercial and industrial | PCD | Commercial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	14,459	20,474
US commercial loans | Commercial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	755,228	642,133
US commercial loans | Non-PCD | Commercial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	755,228	642,133
US commercial loans | PCD | Commercial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	0	0
Personal loans | Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	568,622	480,958
Personal loans | Non-PCD | Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	568,358	480,620
Personal loans | PCD | Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	264	338
Credit lines | Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	11,214	13,126
Credit lines | Non-PCD | Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	10,926	12,826
Credit lines | PCD | Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	288	300
Credit cards | Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	40,314	42,872
Credit cards | Non-PCD | Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	40,314	42,872
Credit cards | PCD | Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	0	0
Overdraft | Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	296	301
Overdraft | Non-PCD | Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	296	301
Overdraft | PCD | Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Loans	$ 0	$ 0

LOANS (Aging of Recorded Invest

LOANS (Aging of Recorded Investment in Gross Loans) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Past Due [Line Items]
Total Loans	$ 7,534,379	$ 6,835,322
Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	6,463,127	5,641,446
Loans 90+ Days Past Due and Still Accruing	2,478	3,856
30-59 Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	117,664	91,954
60-89 Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	60,739	46,997
90+ Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	64,634	88,912
Total Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	243,037	227,763
Current | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	6,220,090	5,413,683
Commercial loans:
Financing Receivable, Past Due [Line Items]
Total Loans	3,076,903	2,629,929
Commercial loans: | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	2,941,456	2,470,777
Loans 90+ Days Past Due and Still Accruing	0	0
Commercial loans: | 30-59 Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	2,951	1,866
Commercial loans: | 60-89 Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	702	884
Commercial loans: | 90+ Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	10,645	9,372
Commercial loans: | Total Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	14,298	12,122
Commercial loans: | Current | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	2,927,158	2,458,655
Mortgage loans
Financing Receivable, Past Due [Line Items]
Total Loans	1,562,609	1,704,221
Mortgage loans | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	629,247	675,793
Loans 90+ Days Past Due and Still Accruing	2,478	3,856
Mortgage loans | 30-59 Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	6,107	9,267
Mortgage loans | 60-89 Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	9,596	5,848
Mortgage loans | 90+ Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	31,557	56,714
Mortgage loans | Total Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	47,260	71,829
Mortgage loans | Current | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	581,987	603,964
Consumer
Financing Receivable, Past Due [Line Items]
Total Loans	620,446	537,257
Consumer | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	619,894	536,619
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	6,996	5,584
Consumer | 60-89 Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	4,370	3,311
Consumer | 90+ Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	3,376	3,113
Consumer | Total Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	14,742	12,008
Consumer | Current | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	605,152	524,611
Auto loans
Financing Receivable, Past Due [Line Items]
Total Loans	2,274,421	1,963,915
Auto loans | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	2,272,530	1,958,257
Loans 90+ Days Past Due and Still Accruing	0	0
Auto loans | 30-59 Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	101,610	75,237
Auto loans | 60-89 Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	46,071	36,954
Auto loans | 90+ Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	19,056	19,613
Auto loans | Total Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	166,737	131,804
Auto loans | Current | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	2,105,793	1,826,453
Commercial secured by real estate: | Commercial loans:
Financing Receivable, Past Due [Line Items]
Total Loans	1,216,195	1,112,880
Commercial secured by real estate: | Commercial loans: | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	1,095,207	974,202
Loans 90+ Days Past Due and Still Accruing	0	0
Commercial secured by real estate: | Commercial loans: | 30-59 Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	1,585	923
Commercial secured by real estate: | Commercial loans: | 60-89 Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	411	164
Commercial secured by real estate: | Commercial loans: | 90+ Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	5,671	6,147
Commercial secured by real estate: | Commercial loans: | Total Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	7,667	7,234
Commercial secured by real estate: | Commercial loans: | Current | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	1,087,540	966,968
Other commercial and industrial | Commercial loans: | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	1,091,021	854,442
Loans 90+ Days Past Due and Still Accruing	0	0
Other commercial and industrial | Commercial loans: | 30-59 Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	1,366	943
Other commercial and industrial | Commercial loans: | 60-89 Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	291	720
Other commercial and industrial | Commercial loans: | 90+ Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	4,974	3,225
Other commercial and industrial | Commercial loans: | Total Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	6,631	4,888
Other commercial and industrial | Commercial loans: | Current | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	1,084,390	849,554
US commercial loans: | Commercial loans:
Financing Receivable, Past Due [Line Items]
Total Loans	755,228	642,133
US commercial loans: | Commercial loans: | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	755,228	642,133
Loans 90+ Days Past Due and Still Accruing	0	0
US commercial loans: | Commercial loans: | 30-59 Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	0	0
US commercial loans: | Commercial loans: | 60-89 Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	0	0
US commercial loans: | Commercial loans: | 90+ Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	0	0
US commercial loans: | Commercial loans: | Total Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	0	0
US commercial loans: | Commercial loans: | Current | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	755,228	642,133
Personal loans | Consumer
Financing Receivable, Past Due [Line Items]
Total Loans	568,622	480,958
Personal loans | Consumer | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	568,358	480,620
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	6,115	4,263
Personal loans | Consumer | 60-89 Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	4,041	2,669
Personal loans | Consumer | 90+ Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	2,755	2,314
Personal loans | Consumer | Total Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	12,911	9,246
Personal loans | Consumer | Current | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	555,447	471,374
Credit lines | Consumer
Financing Receivable, Past Due [Line Items]
Total Loans	11,214	13,126
Credit lines | Consumer | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	10,926	12,826
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	137	500
Credit lines | Consumer | 60-89 Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	35	154
Credit lines | Consumer | 90+ Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	35	117
Credit lines | Consumer | Total Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	207	771
Credit lines | Consumer | Current | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	10,719	12,055
Credit cards | Consumer
Financing Receivable, Past Due [Line Items]
Total Loans	40,314	42,872
Credit cards | Consumer | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	40,314	42,872
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	657	730
Credit cards | Consumer | 60-89 Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	280	486
Credit cards | Consumer | 90+ Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	586	682
Credit cards | Consumer | Total Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	1,523	1,898
Credit cards | Consumer | Current | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	38,791	40,974
Overdraft | Consumer
Financing Receivable, Past Due [Line Items]
Total Loans	296	301
Overdraft | Consumer | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	296	301
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	87	91
Overdraft | Consumer | 60-89 Days Past Due | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	14	2
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	101	93
Overdraft | Consumer | Current | Non-PCD
Financing Receivable, Past Due [Line Items]
Total Loans	$ 195	$ 208

LOANS (Investment in Loans on N

LOANS (Investment in Loans on Non-Accrual Status) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Nonaccrual [Line Items]
Non-accrual with Allowance for Credit Loss	$ 63,399	$ 53,595
Non-accrual with no Allowance for Credit Loss	16,000	36,005
Total	79,399	89,600
Non-PCD
Financing Receivable, Nonaccrual [Line Items]
Non-accrual with Allowance for Credit Loss	60,089	50,529
Non-accrual with no Allowance for Credit Loss	12,636	29,885
Total	72,725	80,414
PCD
Financing Receivable, Nonaccrual [Line Items]
Non-accrual with Allowance for Credit Loss	3,310	3,066
Non-accrual with no Allowance for Credit Loss	3,364	6,120
Total	6,674	9,186
Commercial loans: | Non-PCD
Financing Receivable, Nonaccrual [Line Items]
Non-accrual with Allowance for Credit Loss	27,337	16,449
Non-accrual with no Allowance for Credit Loss	8,759	17,983
Total	36,096	34,432
Commercial loans: | PCD
Financing Receivable, Nonaccrual [Line Items]
Non-accrual with Allowance for Credit Loss	3,060	2,807
Non-accrual with no Allowance for Credit Loss	3,364	6,120
Total	6,424	8,927
Mortgage loans | Non-PCD
Financing Receivable, Nonaccrual [Line Items]
Non-accrual with Allowance for Credit Loss	10,339	11,719
Non-accrual with no Allowance for Credit Loss	3,858	11,522
Total	14,197	23,241
Mortgage loans | PCD
Financing Receivable, Nonaccrual [Line Items]
Non-accrual with Allowance for Credit Loss	250	259
Non-accrual with no Allowance for Credit Loss	0	0
Total	250	259
Consumer | Non-PCD
Financing Receivable, Nonaccrual [Line Items]
Non-accrual with Allowance for Credit Loss	3,362	2,749
Non-accrual with no Allowance for Credit Loss	14	379
Total	3,376	3,128
Auto loans | Non-PCD
Financing Receivable, Nonaccrual [Line Items]
Non-accrual with Allowance for Credit Loss	19,051	19,612
Non-accrual with no Allowance for Credit Loss	5	1
Total	19,056	19,613
Commercial secured by real estate: | Commercial loans: | Non-PCD
Financing Receivable, Nonaccrual [Line Items]
Non-accrual with Allowance for Credit Loss	3,553	4,091
Non-accrual with no Allowance for Credit Loss	7,929	17,098
Total	11,482	21,189
Commercial secured by real estate: | Commercial loans: | PCD
Financing Receivable, Nonaccrual [Line Items]
Non-accrual with Allowance for Credit Loss	3,060	2,807
Non-accrual with no Allowance for Credit Loss	2,417	6,084
Total	5,477	8,891
Other commercial and industrial | Commercial loans: | Non-PCD
Financing Receivable, Nonaccrual [Line Items]
Non-accrual with Allowance for Credit Loss	4,560	2,769
Non-accrual with no Allowance for Credit Loss	830	885
Total	5,390	3,654
Other commercial and industrial | Commercial loans: | PCD
Financing Receivable, Nonaccrual [Line Items]
Non-accrual with Allowance for Credit Loss	0	0
Non-accrual with no Allowance for Credit Loss	947	36
Total	947	36
US commercial loans | Commercial loans: | Non-PCD
Financing Receivable, Nonaccrual [Line Items]
Non-accrual with Allowance for Credit Loss	19,224	9,589
Non-accrual with no Allowance for Credit Loss	0	0
Total	19,224	9,589
Personal loans | Consumer | Non-PCD
Financing Receivable, Nonaccrual [Line Items]
Non-accrual with Allowance for Credit Loss	2,741	1,950
Non-accrual with no Allowance for Credit Loss	14	379
Total	2,755	2,329
Credit lines | Consumer | Non-PCD
Financing Receivable, Nonaccrual [Line Items]
Non-accrual with Allowance for Credit Loss	35	116
Non-accrual with no Allowance for Credit Loss	0	0
Total	35	116
Credit cards | Consumer | Non-PCD
Financing Receivable, Nonaccrual [Line Items]
Non-accrual with Allowance for Credit Loss	586	683
Non-accrual with no Allowance for Credit Loss	0	0
Total	$ 586	$ 683

LOANS (Troubled-Amortized Cost

LOANS (Troubled-Amortized Cost Basis Debt Restructuring Loan Portfolio) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Extended Maturity
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortized Cost Basis	$ 12,811
Combination - Term Extension and Interest Rate Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortized Cost Basis	843
Extended Maturity and Principal Forgiveness
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortized Cost Basis	4,623
Interest Rate Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortized Cost Basis	6,734
Commercial loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortized Cost Basis		$ 38,729	$ 9,979
Commercial loans | Extended Maturity
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortized Cost Basis	$ 7,021
Percentage of Total Class of Financing Receivable	0.23%
Commercial loans | Commercial secured by real estate: | Extended Maturity
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortized Cost Basis	$ 6,332
Percentage of Total Class of Financing Receivable	0.52%
Commercial loans | Other commercial and industrial | Extended Maturity
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortized Cost Basis	$ 689
Percentage of Total Class of Financing Receivable	0.06%
Commercial loans | US commercial loans | Extended Maturity and Principal Forgiveness
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortized Cost Basis	$ 4,183
Percentage of Total Class of Financing Receivable	0.55%
Commercial loans | US commercial loans | Interest Rate Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortized Cost Basis	$ 6,649
Percentage of Total Class of Financing Receivable	0.88%
Mortgage loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortized Cost Basis		13,199	20,241
Mortgage loans | Extended Maturity
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortized Cost Basis	$ 5,777
Percentage of Total Class of Financing Receivable	0.37%
Mortgage loans | Forbearance
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortized Cost Basis	$ 97
Percentage of Total Class of Financing Receivable	0.01%
Mortgage loans | Combination - Term Extension and Interest Rate Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortized Cost Basis	$ 710
Percentage of Total Class of Financing Receivable	0.05%
Mortgage loans | Extended Maturity and Principal Forgiveness
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortized Cost Basis	$ 440
Percentage of Total Class of Financing Receivable	0.03%
Consumer
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortized Cost Basis		$ 77	$ 295
Consumer | Personal loans | Combination - Term Extension and Interest Rate Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortized Cost Basis	$ 80
Percentage of Total Class of Financing Receivable	0.01%
Consumer | Personal loans | Interest Rate Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortized Cost Basis	$ 37
Percentage of Total Class of Financing Receivable	0.01%
Auto loans | Extended Maturity
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortized Cost Basis	$ 13
Percentage of Total Class of Financing Receivable	0%
Auto loans | Combination - Term Extension and Interest Rate Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortized Cost Basis	$ 53
Percentage of Total Class of Financing Receivable	0%
Auto loans | Interest Rate Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Amortized Cost Basis	$ 48
Percentage of Total Class of Financing Receivable	0%

LOANS (Effect of Combined Modif

LOANS (Effect of Combined Modifications) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Commercial loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Weighted-Average Interest Rate Reduction	0%
Weighted-Average Term Extension (In months)	54 months
Weighted-Average Forgiveness/Forbearance of Principal Amount (In thousands)	$ 2,973
Commercial loans | Commercial secured by real estate:
Financing Receivable, Troubled Debt Restructuring [Line Items]
Weighted-Average Interest Rate Reduction	0%
Weighted-Average Term Extension (In months)	23 months
Weighted-Average Forgiveness/Forbearance of Principal Amount (In thousands)	$ 0
Commercial loans | US commercial loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Weighted-Average Interest Rate Reduction	1.95%
Weighted-Average Term Extension (In months)	31 months
Weighted-Average Forgiveness/Forbearance of Principal Amount (In thousands)	$ 2,973
Mortgage loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Weighted-Average Interest Rate Reduction	1.94%
Weighted-Average Term Extension (In months)	213 months
Weighted-Average Forgiveness/Forbearance of Principal Amount (In thousands)	$ 24
Consumer | Personal loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Weighted-Average Interest Rate Reduction	2.98%
Weighted-Average Term Extension (In months)	81 months
Weighted-Average Forgiveness/Forbearance of Principal Amount (In thousands)	$ 0
Auto loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Weighted-Average Interest Rate Reduction	3%
Weighted-Average Term Extension (In months)	0 months
Weighted-Average Forgiveness/Forbearance of Principal Amount (In thousands)	$ 0

LOANS (Loans Held For Investmen

LOANS (Loans Held For Investment That Subsequently Defaulted) (Details) - Mortgage loans - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Troubled Debt Restructuring [Line Items]
Recorded Investment	$ 704	$ 1,701	$ 2,488
Interest Rate Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Recorded Investment	0
Extended Maturity
Financing Receivable, Troubled Debt Restructuring [Line Items]
Recorded Investment	704
Forbearance
Financing Receivable, Troubled Debt Restructuring [Line Items]
Recorded Investment	0
Combination - Term Extension and Interest Rate Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Recorded Investment	$ 0

LOANS (Aging of Loans Held For

LOANS (Aging of Loans Held For Investment) (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	$ 25,108
30-59 Days Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	501
60-89 Days Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	297
90+ Days Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	583
Total Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	1,381
Current
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	23,727
Commercial loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	17,853
Commercial loans | 30-59 Days Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	0
Commercial loans | 60-89 Days Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	0
Commercial loans | 90+ Days Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	0
Commercial loans | Total Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	0
Commercial loans | Current
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	17,853
Commercial loans | Commercial secured by real estate:
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	6,332
Commercial loans | Commercial secured by real estate: | 30-59 Days Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	0
Commercial loans | Commercial secured by real estate: | 60-89 Days Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	0
Commercial loans | Commercial secured by real estate: | 90+ Days Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	0
Commercial loans | Commercial secured by real estate: | Total Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	0
Commercial loans | Commercial secured by real estate: | Current
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	6,332
Commercial loans | Other commercial and industrial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	689
Commercial loans | Other commercial and industrial | 30-59 Days Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	0
Commercial loans | Other commercial and industrial | 60-89 Days Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	0
Commercial loans | Other commercial and industrial | 90+ Days Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	0
Commercial loans | Other commercial and industrial | Total Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	0
Commercial loans | Other commercial and industrial | Current
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	689
Commercial loans | US commercial loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	10,832
Commercial loans | US commercial loans | 30-59 Days Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	0
Commercial loans | US commercial loans | 60-89 Days Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	0
Commercial loans | US commercial loans | 90+ Days Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	0
Commercial loans | US commercial loans | Total Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	0
Commercial loans | US commercial loans | Current
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	10,832
Mortgage loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	7,024
Mortgage loans | 30-59 Days Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	471
Mortgage loans | 60-89 Days Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	297
Mortgage loans | 90+ Days Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	583
Mortgage loans | Total Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	1,351
Mortgage loans | Current
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	5,673
Consumer
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	117
Consumer | 30-59 Days Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	0
Consumer | 60-89 Days Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	0
Consumer | 90+ Days Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	0
Consumer | Total Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	0
Consumer | Current
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	117
Consumer | Personal loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	117
Consumer | Personal loans | 30-59 Days Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	0
Consumer | Personal loans | 60-89 Days Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	0
Consumer | Personal loans | 90+ Days Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	0
Consumer | Personal loans | Total Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	0
Consumer | Personal loans | Current
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	117
Auto loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	114
Auto loans | 30-59 Days Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	30
Auto loans | 60-89 Days Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	0
Auto loans | 90+ Days Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	0
Auto loans | Total Past Due
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	30
Auto loans | Current
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Loans	$ 84

LOANS (Troubled-Debt Restructur

LOANS (Troubled-Debt Restructuring Loan Portfolio) (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	$ 165,484
Related Allowance	2,883
Accruing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	145,155
Non-accruing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	20,329
Commercial loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	54,382
Related Allowance	312
Commercial loans | Accruing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	40,841
Commercial loans | Non-accruing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	13,541
Commercial loans | Commercial secured by real estate:
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	44,624
Related Allowance	181
Commercial loans | Commercial secured by real estate: | Accruing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	31,437
Commercial loans | Commercial secured by real estate: | Non-accruing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	13,187
Commercial loans | Other commercial and industrial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	2,626
Related Allowance	42
Commercial loans | Other commercial and industrial | Accruing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	2,272
Commercial loans | Other commercial and industrial | Non-accruing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	354
Commercial loans | US commercial loans:
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	7,132
Related Allowance	89
Commercial loans | US commercial loans: | Accruing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	7,132
Commercial loans | US commercial loans: | Non-accruing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0
Mortgage loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	109,160
Related Allowance	2,495
Mortgage loans | Accruing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	102,387
Mortgage loans | Non-accruing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	6,773
Consumer | Personal loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	1,865
Related Allowance	73
Consumer | Personal loans | Accruing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	1,850
Consumer | Personal loans | Non-accruing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	15
Auto loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	77
Related Allowance	3
Auto loans | Accruing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	77
Auto loans | Non-accruing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	$ 0

LOANS (Troubled-Debt Restruct_2

LOANS (Troubled-Debt Restructurings By Loan Portfolio And Modification Type) (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	$ 165,484
Interest Rate Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	48,236
Extended Maturity
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	39,017
Combination of reduction in interest rate and extension of maturity
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	43,905
Forbearance
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	34,326
Accruing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	145,155
Commercial loans:
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	54,382
Commercial loans: | Interest Rate Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	15,663
Commercial loans: | Extended Maturity
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	30,821
Commercial loans: | Combination of reduction in interest rate and extension of maturity
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	7,898
Commercial loans: | Forbearance
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0
Commercial loans: | Accruing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	40,841
Commercial loans: | Commercial secured by real estate:
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	44,624
Commercial loans: | Commercial secured by real estate: | Interest Rate Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	7,746
Commercial loans: | Commercial secured by real estate: | Extended Maturity
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	29,454
Commercial loans: | Commercial secured by real estate: | Combination of reduction in interest rate and extension of maturity
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	7,424
Commercial loans: | Commercial secured by real estate: | Forbearance
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0
Commercial loans: | Commercial secured by real estate: | Accruing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	31,437
Commercial loans: | Other commercial and industrial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	2,626
Commercial loans: | Other commercial and industrial | Interest Rate Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	785
Commercial loans: | Other commercial and industrial | Extended Maturity
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	1,367
Commercial loans: | Other commercial and industrial | Combination of reduction in interest rate and extension of maturity
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	474
Commercial loans: | Other commercial and industrial | Forbearance
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0
Commercial loans: | Other commercial and industrial | Accruing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	2,272
Commercial loans: | US commercial loans:
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	7,132
Commercial loans: | US commercial loans: | Interest Rate Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	7,132
Commercial loans: | US commercial loans: | Extended Maturity
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0
Commercial loans: | US commercial loans: | Combination of reduction in interest rate and extension of maturity
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0
Commercial loans: | US commercial loans: | Forbearance
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0
Commercial loans: | US commercial loans: | Accruing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	7,132
Mortgage loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	109,160
Mortgage loans | Interest Rate Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	31,709
Mortgage loans | Extended Maturity
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	8,020
Mortgage loans | Combination of reduction in interest rate and extension of maturity
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	35,194
Mortgage loans | Forbearance
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	34,237
Mortgage loans | Accruing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	102,387
Consumer | Personal loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	1,865
Consumer | Personal loans | Accruing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	1,850
Consumer | Personal loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	1,865
Consumer | Personal loans | Interest Rate Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	825
Consumer | Personal loans | Extended Maturity
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	176
Consumer | Personal loans | Combination of reduction in interest rate and extension of maturity
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	793
Consumer | Personal loans | Forbearance
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	71
Auto loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	77
Auto loans | Interest Rate Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	39
Auto loans | Extended Maturity
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	0
Auto loans | Combination of reduction in interest rate and extension of maturity
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	20
Auto loans | Forbearance
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	18
Auto loans | Accruing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total	$ 77

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
Mortgage loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of contracts | contract	103	160
Pre-Modification Outstanding Recorded Investment	$ 12,580	$ 20,077
Pre-Modification Weighted Average Rate	4.63%	4.33%
Pre-Modification Weighted Average Term (in Months)	258 months	323 months
Post-Modification Outstanding Recorded Investment	$ 13,199	$ 20,241
Post-Modification Weighted Average Rate	3.79%	3.47%
Post-Modification Weighted Average Term (in Months)	342 months	345 months
Commercial loans:
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of contracts | contract	5	7
Pre-Modification Outstanding Recorded Investment	$ 38,873	$ 10,093
Pre-Modification Weighted Average Rate	3.57%	5.50%
Pre-Modification Weighted Average Term (in Months)	131 months	86 months
Post-Modification Outstanding Recorded Investment	$ 38,729	$ 9,979
Post-Modification Weighted Average Rate	3.64%	4.48%
Post-Modification Weighted Average Term (in Months)	184 months	60 months
Consumer
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of contracts | contract	4	17
Pre-Modification Outstanding Recorded Investment	$ 77	$ 294
Pre-Modification Weighted Average Rate	13.42%	13.72%
Pre-Modification Weighted Average Term (in Months)	74 months	69 months
Post-Modification Outstanding Recorded Investment	$ 77	$ 295
Post-Modification Weighted Average Rate	10.41%	10.12%
Post-Modification Weighted Average Term (in Months)	70 months	78 months
Auto
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of contracts | contract		9
Pre-Modification Outstanding Recorded Investment		$ 148
Pre-Modification Weighted Average Rate		8.70%
Pre-Modification Weighted Average Term (in Months)		72 months
Post-Modification Outstanding Recorded Investment		$ 148
Post-Modification Weighted Average Rate		9.35%
Post-Modification Weighted Average Term (in Months)		49 months

LOANS (Troubled Debt Restructur

LOANS (Troubled Debt Restructurings, Rolling Twelve Months) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) contract	Dec. 31, 2021 USD ($) contract
Mortgage loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts | contract		13	19
Recorded Investment | $	$ 704	$ 1,701	$ 2,488
Commercial loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts | contract		1	0
Recorded Investment | $		$ 633	$ 0
Consumer
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts | contract		1	6
Recorded Investment | $		$ 40	$ 76
Auto
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Contracts | contract		0	1
Recorded Investment | $		$ 0	$ 10

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, 2023	Dec. 31, 2022
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	$ 8,027	$ 8,805

LOANS (Credit Quality Indicator

LOANS (Credit Quality Indicators of Loans) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	$ 7,534,379	$ 6,835,322
Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	6,463,127	5,641,446
Total	82,369	61,524	$ 52,987
Commercial loans:
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	3,076,903	2,629,929
Term loans amortized by cost basis, in current fiscal year, gross charge-offs	33
Term loans amortized by cost basis, in one year prior to current fiscal year, gross charge-offs	1,280
Term loans amortized by cost basis, in two years prior to current fiscal year, gross charge-offs	2,002
Term loans amortized by cost basis, in three years prior to current fiscal year, gross charge-offs	136
Term loans amortized by cost basis, in four years prior to current fiscal year, gross charge-offs	103
Prior, charge-offs	10,637
Revolving Loans Amortized Cost Basis, gross charge-offs	0
Total	14,191
Commercial loans: | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	662,278	436,675
Term loans amortized by cost basis, in one year prior to current fiscal year	393,072	477,709
Term loans amortized by cost basis, in two years prior to current fiscal year	387,643	236,654
Term loans amortized by cost basis, in three years prior to current fiscal year	195,785	206,558
Term loans amortized by cost basis, in four years prior to current fiscal year	135,588	122,733
Prior	184,376	196,350
Revolving Loans Amortized Cost Basis	982,714	794,098
Total Loans	2,941,456	2,470,777
Total	14,191	13,380	8,788
Mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	1,562,609	1,704,221
Term loans amortized by cost basis, in current fiscal year, gross charge-offs	0
Term loans amortized by cost basis, in one year prior to current fiscal year, gross charge-offs	4
Term loans amortized by cost basis, in two years prior to current fiscal year, gross charge-offs	0
Term loans amortized by cost basis, in three years prior to current fiscal year, gross charge-offs	0
Term loans amortized by cost basis, in four years prior to current fiscal year, gross charge-offs	0
Prior, charge-offs	755
Revolving Loans Amortized Cost Basis, gross charge-offs	0
Total	759
Mortgage loans | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	24,623	18,700
Term loans amortized by cost basis, in one year prior to current fiscal year	19,722	25,274
Term loans amortized by cost basis, in two years prior to current fiscal year	23,484	16,285
Term loans amortized by cost basis, in three years prior to current fiscal year	15,929	16,031
Term loans amortized by cost basis, in four years prior to current fiscal year	15,068	17,031
Prior	530,421	582,472
Revolving Loans Amortized Cost Basis	0	0
Total Loans	629,247	675,793
Total	759	284	5,789
Mortgage loans | Performing | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	24,623	18,700
Term loans amortized by cost basis, in one year prior to current fiscal year	19,722	25,274
Term loans amortized by cost basis, in two years prior to current fiscal year	23,303	16,175
Term loans amortized by cost basis, in three years prior to current fiscal year	15,821	15,457
Term loans amortized by cost basis, in four years prior to current fiscal year	14,589	16,790
Prior	511,182	549,885
Revolving Loans Amortized Cost Basis	0	0
Total Loans	609,240	642,281
Mortgage loans | 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	181	110
Term loans amortized by cost basis, in three years prior to current fiscal year	108	574
Term loans amortized by cost basis, in four years prior to current fiscal year	479	241
Prior	19,239	32,587
Revolving Loans Amortized Cost Basis	0	0
Total Loans	20,007	33,512
Consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	620,446	537,257
Term loans amortized by cost basis, in current fiscal year, gross charge-offs	1,748
Term loans amortized by cost basis, in one year prior to current fiscal year, gross charge-offs	10,512
Term loans amortized by cost basis, in two years prior to current fiscal year, gross charge-offs	4,661
Term loans amortized by cost basis, in three years prior to current fiscal year, gross charge-offs	830
Term loans amortized by cost basis, in four years prior to current fiscal year, gross charge-offs	1,384
Prior, charge-offs	731
Revolving Loans Amortized Cost Basis, gross charge-offs	3,789
Total	23,655
Consumer | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	271,386	285,014
Term loans amortized by cost basis, in one year prior to current fiscal year	188,200	113,252
Term loans amortized by cost basis, in two years prior to current fiscal year	68,437	31,987
Term loans amortized by cost basis, in three years prior to current fiscal year	19,378	32,150
Term loans amortized by cost basis, in four years prior to current fiscal year	14,526	12,103
Prior	6,431	6,114
Revolving Loans Amortized Cost Basis	51,536	55,999
Total Loans	619,894	536,619
Total	23,655	15,198	11,880
Mortgage and consumer loans
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year, gross charge-offs	1,748
Term loans amortized by cost basis, in one year prior to current fiscal year, gross charge-offs	10,516
Term loans amortized by cost basis, in two years prior to current fiscal year, gross charge-offs	4,661
Term loans amortized by cost basis, in three years prior to current fiscal year, gross charge-offs	830
Term loans amortized by cost basis, in four years prior to current fiscal year, gross charge-offs	1,384
Prior, charge-offs	1,486
Revolving Loans Amortized Cost Basis, gross charge-offs	3,789
Total	24,414
Mortgage and consumer loans | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	296,009	303,714
Term loans amortized by cost basis, in one year prior to current fiscal year	207,922	138,526
Term loans amortized by cost basis, in two years prior to current fiscal year	91,921	48,272
Term loans amortized by cost basis, in three years prior to current fiscal year	35,307	48,181
Term loans amortized by cost basis, in four years prior to current fiscal year	29,594	29,134
Prior	536,852	588,586
Revolving Loans Amortized Cost Basis	51,536	55,999
Total Loans	1,249,141	1,212,412
Auto loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	2,274,421	1,963,915
Term loans amortized by cost basis, in current fiscal year, gross charge-offs	4,090
Term loans amortized by cost basis, in one year prior to current fiscal year, gross charge-offs	18,142
Term loans amortized by cost basis, in two years prior to current fiscal year, gross charge-offs	10,894
Term loans amortized by cost basis, in three years prior to current fiscal year, gross charge-offs	4,008
Term loans amortized by cost basis, in four years prior to current fiscal year, gross charge-offs	3,380
Prior, charge-offs	3,250
Total	43,764
Auto loans | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	820,277	733,760
Term loans amortized by cost basis, in one year prior to current fiscal year	631,054	479,581
Term loans amortized by cost basis, in two years prior to current fiscal year	364,865	263,060
Term loans amortized by cost basis, in three years prior to current fiscal year	189,059	230,492
Term loans amortized by cost basis, in four years prior to current fiscal year	152,192	157,044
Prior	115,083	94,320
Total Loans	2,272,530	1,958,257
Total	43,764	32,662	$ 26,530
Auto loans | 1-660 | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	170,639	178,426
Term loans amortized by cost basis, in one year prior to current fiscal year	190,743	143,926
Term loans amortized by cost basis, in two years prior to current fiscal year	118,821	72,148
Term loans amortized by cost basis, in three years prior to current fiscal year	57,087	58,069
Term loans amortized by cost basis, in four years prior to current fiscal year	41,124	44,156
Prior	38,570	31,980
Total Loans	616,984	528,705
Auto loans | 661-699 | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	169,430	171,723
Term loans amortized by cost basis, in one year prior to current fiscal year	110,260	93,359
Term loans amortized by cost basis, in two years prior to current fiscal year	58,166	42,388
Term loans amortized by cost basis, in three years prior to current fiscal year	25,886	31,033
Term loans amortized by cost basis, in four years prior to current fiscal year	18,253	21,283
Prior	16,137	13,518
Total Loans	398,132	373,304
Auto loans | 700+ | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	474,005	375,845
Term loans amortized by cost basis, in one year prior to current fiscal year	323,514	235,743
Term loans amortized by cost basis, in two years prior to current fiscal year	183,286	144,783
Term loans amortized by cost basis, in three years prior to current fiscal year	103,886	135,517
Term loans amortized by cost basis, in four years prior to current fiscal year	88,929	88,597
Prior	58,779	47,499
Total Loans	1,232,399	1,027,984
Auto loans | No FICO | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	6,203	7,766
Term loans amortized by cost basis, in one year prior to current fiscal year	6,537	6,553
Term loans amortized by cost basis, in two years prior to current fiscal year	4,592	3,741
Term loans amortized by cost basis, in three years prior to current fiscal year	2,200	5,873
Term loans amortized by cost basis, in four years prior to current fiscal year	3,886	3,008
Prior	1,597	1,323
Total Loans	25,015	28,264
Commercial secured by real estate: | Commercial loans:
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	1,216,195	1,112,880
Commercial secured by real estate: | Commercial loans: | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	224,598	222,037
Term loans amortized by cost basis, in one year prior to current fiscal year	218,436	186,185
Term loans amortized by cost basis, in two years prior to current fiscal year	203,824	117,161
Term loans amortized by cost basis, in three years prior to current fiscal year	126,655	135,927
Term loans amortized by cost basis, in four years prior to current fiscal year	98,962	53,022
Prior	155,470	188,392
Revolving Loans Amortized Cost Basis	67,262	71,478
Total Loans	1,095,207	974,202
Term loans amortized by cost basis, in current fiscal year, gross charge-offs	0
Term loans amortized by cost basis, in one year prior to current fiscal year, gross charge-offs	0
Term loans amortized by cost basis, in two years prior to current fiscal year, gross charge-offs	265
Term loans amortized by cost basis, in three years prior to current fiscal year, gross charge-offs	0
Term loans amortized by cost basis, in four years prior to current fiscal year, gross charge-offs	94
Prior, charge-offs	820
Revolving Loans Amortized Cost Basis, gross charge-offs	0
Total	1,179
Other commercial and industrial | Commercial loans: | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	284,626	123,774
Term loans amortized by cost basis, in one year prior to current fiscal year	102,948	198,836
Term loans amortized by cost basis, in two years prior to current fiscal year	114,586	67,438
Term loans amortized by cost basis, in three years prior to current fiscal year	37,924	36,804
Term loans amortized by cost basis, in four years prior to current fiscal year	8,424	15,906
Prior	15,122	7,958
Revolving Loans Amortized Cost Basis	527,391	403,726
Total Loans	1,091,021	854,442
Term loans amortized by cost basis, in current fiscal year, gross charge-offs	0
Term loans amortized by cost basis, in one year prior to current fiscal year, gross charge-offs	124
Term loans amortized by cost basis, in two years prior to current fiscal year, gross charge-offs	1,095
Term loans amortized by cost basis, in three years prior to current fiscal year, gross charge-offs	89
Term loans amortized by cost basis, in four years prior to current fiscal year, gross charge-offs	9
Prior, charge-offs	1,180
Revolving Loans Amortized Cost Basis, gross charge-offs	0
Total	2,497
US commercial loans: | Commercial loans:
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	755,228	642,133
Total	10,500
US commercial loans: | Commercial loans: | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	153,054	90,864
Term loans amortized by cost basis, in one year prior to current fiscal year	71,688	92,688
Term loans amortized by cost basis, in two years prior to current fiscal year	69,233	52,055
Term loans amortized by cost basis, in three years prior to current fiscal year	31,206	33,827
Term loans amortized by cost basis, in four years prior to current fiscal year	28,202	53,805
Prior	13,784	0
Revolving Loans Amortized Cost Basis	388,061	318,894
Total Loans	755,228	642,133
Term loans amortized by cost basis, in current fiscal year, gross charge-offs	33
Term loans amortized by cost basis, in one year prior to current fiscal year, gross charge-offs	1,156
Term loans amortized by cost basis, in two years prior to current fiscal year, gross charge-offs	642
Term loans amortized by cost basis, in three years prior to current fiscal year, gross charge-offs	47
Term loans amortized by cost basis, in four years prior to current fiscal year, gross charge-offs	0
Prior, charge-offs	8,637
Revolving Loans Amortized Cost Basis, gross charge-offs	0
Total	10,515
Personal loans | Consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year, gross charge-offs	1,748
Term loans amortized by cost basis, in one year prior to current fiscal year, gross charge-offs	10,512
Term loans amortized by cost basis, in two years prior to current fiscal year, gross charge-offs	4,661
Term loans amortized by cost basis, in three years prior to current fiscal year, gross charge-offs	830
Term loans amortized by cost basis, in four years prior to current fiscal year, gross charge-offs	1,384
Prior, charge-offs	731
Revolving Loans Amortized Cost Basis, gross charge-offs	0
Total	19,866
Personal loans | Consumer | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	271,386	285,014
Term loans amortized by cost basis, in one year prior to current fiscal year	188,200	113,252
Term loans amortized by cost basis, in two years prior to current fiscal year	68,437	31,987
Term loans amortized by cost basis, in three years prior to current fiscal year	19,378	32,150
Term loans amortized by cost basis, in four years prior to current fiscal year	14,526	12,103
Prior	6,431	6,114
Revolving Loans Amortized Cost Basis	0	0
Total Loans	568,358	480,620
Personal loans | Consumer | Performing | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	270,883	284,183
Term loans amortized by cost basis, in one year prior to current fiscal year	186,612	112,591
Term loans amortized by cost basis, in two years prior to current fiscal year	68,133	31,876
Term loans amortized by cost basis, in three years prior to current fiscal year	19,185	31,850
Term loans amortized by cost basis, in four years prior to current fiscal year	14,460	12,022
Prior	6,330	5,768
Revolving Loans Amortized Cost Basis	0	0
Total Loans	565,603	478,290
Personal loans | Consumer | Nonperforming | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	503	831
Term loans amortized by cost basis, in one year prior to current fiscal year	1,588	661
Term loans amortized by cost basis, in two years prior to current fiscal year	304	111
Term loans amortized by cost basis, in three years prior to current fiscal year	193	300
Term loans amortized by cost basis, in four years prior to current fiscal year	66	81
Prior	101	346
Revolving Loans Amortized Cost Basis	0	0
Total Loans	2,755	2,330
Credit lines | Consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	11,214	13,126
Term loans amortized by cost basis, in current fiscal year, gross charge-offs	0
Term loans amortized by cost basis, in one year prior to current fiscal year, gross charge-offs	0
Term loans amortized by cost basis, in two years prior to current fiscal year, gross charge-offs	0
Term loans amortized by cost basis, in three years prior to current fiscal year, gross charge-offs	0
Term loans amortized by cost basis, in four years prior to current fiscal year, gross charge-offs	0
Prior, charge-offs	0
Revolving Loans Amortized Cost Basis, gross charge-offs	419
Total	419
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	10,926	12,826
Total Loans	10,926	12,826
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	10,891	12,710
Total Loans	10,891	12,710
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	35	116
Total Loans	35	116
Credit cards | Consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	40,314	42,872
Term loans amortized by cost basis, in current fiscal year, gross charge-offs	0
Term loans amortized by cost basis, in one year prior to current fiscal year, gross charge-offs	0
Term loans amortized by cost basis, in two years prior to current fiscal year, gross charge-offs	0
Term loans amortized by cost basis, in three years prior to current fiscal year, gross charge-offs	0
Term loans amortized by cost basis, in four years prior to current fiscal year, gross charge-offs	0
Prior, charge-offs	0
Revolving Loans Amortized Cost Basis, gross charge-offs	2,825
Total	2,825
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	40,314	42,872
Total Loans	40,314	42,872
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	39,728	42,189
Total Loans	39,728	42,189
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	586	683
Total Loans	586	683
Overdraft | Consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Total Loans	296	301
Term loans amortized by cost basis, in current fiscal year, gross charge-offs	0
Term loans amortized by cost basis, in one year prior to current fiscal year, gross charge-offs	0
Term loans amortized by cost basis, in two years prior to current fiscal year, gross charge-offs	0
Term loans amortized by cost basis, in three years prior to current fiscal year, gross charge-offs	0
Term loans amortized by cost basis, in four years prior to current fiscal year, gross charge-offs	0
Prior, charge-offs	0
Revolving Loans Amortized Cost Basis, gross charge-offs	545
Total	545
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	296	301
Total Loans	296	301
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	296	301
Total Loans	296	301
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 Loans	0	0
Pass | Commercial secured by real estate: | Commercial loans: | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	224,598	220,035
Term loans amortized by cost basis, in one year prior to current fiscal year	216,205	177,775
Term loans amortized by cost basis, in two years prior to current fiscal year	195,884	110,809
Term loans amortized by cost basis, in three years prior to current fiscal year	120,489	118,518
Term loans amortized by cost basis, in four years prior to current fiscal year	80,671	50,454
Prior	131,016	159,721
Revolving Loans Amortized Cost Basis	65,873	69,523
Total Loans	1,034,736	906,835
Pass | Other commercial and industrial | Commercial loans: | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	284,615	123,659
Term loans amortized by cost basis, in one year prior to current fiscal year	99,522	198,776
Term loans amortized by cost basis, in two years prior to current fiscal year	113,760	67,147
Term loans amortized by cost basis, in three years prior to current fiscal year	37,665	35,678
Term loans amortized by cost basis, in four years prior to current fiscal year	7,438	13,807
Prior	14,836	7,863
Revolving Loans Amortized Cost Basis	527,008	397,944
Total Loans	1,084,844	844,874
Pass | US commercial loans: | Commercial loans: | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	142,222	81,155
Term loans amortized by cost basis, in one year prior to current fiscal year	63,885	92,688
Term loans amortized by cost basis, in two years prior to current fiscal year	69,233	43,965
Term loans amortized by cost basis, in three years prior to current fiscal year	31,206	33,827
Term loans amortized by cost basis, in four years prior to current fiscal year	28,202	49,356
Prior	8,085	0
Revolving Loans Amortized Cost Basis	358,757	308,183
Total Loans	701,590	609,174
Special Mention | Commercial secured by real estate: | Commercial loans: | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	0	1,899
Term loans amortized by cost basis, in one year prior to current fiscal year	1,772	0
Term loans amortized by cost basis, in two years prior to current fiscal year	6,554	6,007
Term loans amortized by cost basis, in three years prior to current fiscal year	5,057	17,004
Term loans amortized by cost basis, in four years prior to current fiscal year	15,676	2,095
Prior	12,500	13,934
Revolving Loans Amortized Cost Basis	153	439
Total Loans	41,712	41,378
Special Mention | Other commercial and industrial | Commercial loans: | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	8	3
Term loans amortized by cost basis, in one year prior to current fiscal year	2,953	60
Term loans amortized by cost basis, in two years prior to current fiscal year	0	31
Term loans amortized by cost basis, in three years prior to current fiscal year	0	654
Term loans amortized by cost basis, in four years prior to current fiscal year	51	1,819
Prior	100	21
Revolving Loans Amortized Cost Basis	0	3,823
Total Loans	3,112	6,411
Special Mention | US commercial loans: | Commercial loans: | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	0	6,346
Term loans amortized by cost basis, in one year prior to current fiscal year	7,803	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	20,913	1,122
Total Loans	28,716	7,468
Substandard | Commercial secured by real estate: | Commercial loans: | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	0	103
Term loans amortized by cost basis, in one year prior to current fiscal year	459	8,410
Term loans amortized by cost basis, in two years prior to current fiscal year	1,386	345
Term loans amortized by cost basis, in three years prior to current fiscal year	1,109	405
Term loans amortized by cost basis, in four years prior to current fiscal year	2,615	473
Prior	11,939	14,722
Revolving Loans Amortized Cost Basis	1,236	1,185
Total Loans	18,744	25,643
Substandard | Other commercial and industrial | Commercial loans: | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	3	112
Term loans amortized by cost basis, in one year prior to current fiscal year	473	0
Term loans amortized by cost basis, in two years prior to current fiscal year	826	260
Term loans amortized by cost basis, in three years prior to current fiscal year	259	472
Term loans amortized by cost basis, in four years prior to current fiscal year	935	280
Prior	186	74
Revolving Loans Amortized Cost Basis	383	1,920
Total Loans	3,065	3,118
Substandard | US commercial loans: | Commercial loans: | Non-PCD
Financing Receivable, Credit Quality Indicator [Line Items]
Term loans amortized by cost basis, in current fiscal year	10,832	3,363
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	8,090
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	4,449
Prior	5,699	0
Revolving Loans Amortized Cost Basis	8,391	9,589
Total Loans	24,922	25,491
Doubtful | Commercial secured by real estate: | Commercial loans: | 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	15
Revolving Loans Amortized Cost Basis	0	331
Total Loans	15	346
Doubtful | Other commercial and industrial | Commercial loans: | 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	39
Total Loans	0	39
Doubtful | US commercial loans: | Commercial loans: | 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 Loans	0	0
Loss | Commercial secured by real estate: | Commercial loans: | 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 Loans	0	0
Loss | Other commercial and industrial | Commercial loans: | 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 Loans	0	0
Loss | US commercial loans: | Commercial loans: | 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 Loans	$ 0	$ 0

ALLOWANCE FOR CREDIT LOSSES (Na

ALLOWANCE FOR CREDIT LOSSES (Narrative) (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]
Decrease in allowance for credit losses		$ 8,400
Provision for credit losses		60,638	$ 24,119	$ 221
Financing receivable, excluding accrued interest, allowance for credit loss, writeoff (recovery)		(51,800)
Increase (decrease) in net charge-offs		(24,200)
PCD
Financing Receivable, Allowance for Credit Loss [Line Items]
Charge-offs		3,902	2,250	33,559
Recoveries		3,054	7,220	5,877
Provision for (recapture of) credit losses		(1,488)	(18,010)	7,760
Qualitative Reserve
Financing Receivable, Allowance for Credit Loss [Line Items]
Provision for credit losses		4,800
Commercial loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Provision for credit losses		13,100
Increase (decrease) in net charge-offs		(6,000)
Charge-offs		14,191
Commercial loans | PCD
Financing Receivable, Allowance for Credit Loss [Line Items]
Charge-offs		2,794	$ 69	12,241
Number of commercial loans | loan			4
Number of commercial loans sold | loan			2
Recoveries	$ 1,100	1,618	$ 3,804	2,929
Provision for (recapture of) credit losses		901	(6,855)	(2,585)
Commercial loans | PCD | Loans Held For Sale
Financing Receivable, Allowance for Credit Loss [Line Items]
Charge-offs				30,100
Recoveries				9,700
Provision for (recapture of) credit losses				20,400
Commercial loans | PCD | Loans Sold
Financing Receivable, Allowance for Credit Loss [Line Items]
Charge-offs			12,300
Commercial loans | PCD | Puerto Rico
Financing Receivable, Allowance for Credit Loss [Line Items]
Recoveries	$ 2,800
Commercial loans | US commercial loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Charge-offs		10,500
Commercial loans | Small business commercial loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Charge-offs		906
Consumer
Financing Receivable, Allowance for Credit Loss [Line Items]
Increase (decrease) in net charge-offs		(8,000)
Charge-offs		23,655
Consumer | PCD
Financing Receivable, Allowance for Credit Loss [Line Items]
Charge-offs		621	176	22
Recoveries		96	94	316
Provision for (recapture of) credit losses		518	62	(317)
Mortgage loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Increase (decrease) in net charge-offs		(3,200)
Charge-offs		759
Mortgage loans | PCD
Financing Receivable, Allowance for Credit Loss [Line Items]
Charge-offs		317	1,695	20,350
Recoveries		698	2,665	1,423
Provision for (recapture of) credit losses		(2,389)	(10,629)	11,556
Auto loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Increase (decrease) in net charge-offs		(7,000)
Charge-offs		43,764
Auto loans | PCD
Financing Receivable, Allowance for Credit Loss [Line Items]
Charge-offs		170	310	946
Recoveries		642	657	1,209
Provision for (recapture of) credit losses		(518)	$ (588)	$ (894)
Consumer And Automobile And Leasing Portfolio Segments
Financing Receivable, Allowance for Credit Loss [Line Items]
Recoveries		3,700
Financing Receivable, Loan Growth Member
Financing Receivable, Allowance for Credit Loss [Line Items]
Provision for credit losses		$ 42,600

ALLOWANCE FOR CREDIT LOSSES (Al

ALLOWANCE FOR CREDIT LOSSES (Allowance for Credit Losses) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of year	$ 155,937	$ 152,673	$ 155,937
Balance at end of year		161,106	152,673	$ 155,937
Commercial loans:
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of year	36,770	40,546	36,770
Charge-offs		(14,191)
Balance at end of year		45,154	40,546	36,770
Mortgage loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of year	34,317	18,930	34,317
Charge-offs		(759)
Balance at end of year		15,349	18,930	34,317
Consumer
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of year	19,175	23,278	19,175
Charge-offs		(23,655)
Balance at end of year		27,093	23,278	19,175
Auto loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of year	65,675	69,919	65,675
Charge-offs		(43,764)
Balance at end of year		73,510	69,919	65,675
Non-PCD
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of year	132,065	141,841	132,065	161,015
Provision for (recapture of) credit losses		61,765	42,418	(6,877)
Charge-offs		(82,369)	(61,524)	(52,987)
Recoveries		31,373	28,882	30,914
Balance at end of year		152,610	141,841	132,065
Non-PCD | Commercial loans:
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of year	32,262	39,158	32,262	45,779
Provision for (recapture of) credit losses		18,200	19,076	(7,130)
Charge-offs		(14,191)	(13,380)	(8,788)
Recoveries		874	1,200	2,401
Balance at end of year		44,041	39,158	32,262
Non-PCD | Mortgage loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of year	15,299	9,571	15,299	19,687
Provision for (recapture of) credit losses		(2,031)	(8,758)	(242)
Charge-offs		(759)	(284)	(5,789)
Recoveries		1,217	3,314	1,643
Balance at end of year		7,998	9,571	15,299
Non-PCD | Consumer
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of year	19,141	23,264	19,141	25,253
Provision for (recapture of) credit losses		23,302	16,084	2,868
Charge-offs		(23,655)	(15,198)	(11,880)
Recoveries		4,175	3,237	2,900
Balance at end of year		27,086	23,264	19,141
Non-PCD | Auto loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of year	65,363	69,848	65,363	70,296
Provision for (recapture of) credit losses		22,294	16,016	(2,373)
Charge-offs		(43,764)	(32,662)	(26,530)
Recoveries		25,107	21,131	23,970
Balance at end of year		73,485	69,848	65,363
PCD
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of year	23,872	10,832	23,872	43,794
Provision for (recapture of) credit losses		(1,488)	(18,010)	7,760
Charge-offs		(3,902)	(2,250)	(33,559)
Recoveries		3,054	7,220	5,877
Balance at end of year		8,496	10,832	23,872
PCD | Commercial loans:
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of year	4,508	1,388	4,508	16,405
Provision for (recapture of) credit losses		901	(6,855)	(2,585)
Charge-offs		(2,794)	(69)	(12,241)
Recoveries	1,100	1,618	3,804	2,929
Balance at end of year		1,113	1,388	4,508
PCD | Mortgage loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of year	19,018	9,359	19,018	26,389
Provision for (recapture of) credit losses		(2,389)	(10,629)	11,556
Charge-offs		(317)	(1,695)	(20,350)
Recoveries		698	2,665	1,423
Balance at end of year		7,351	9,359	19,018
PCD | Consumer
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of year	34	14	34	57
Provision for (recapture of) credit losses		518	62	(317)
Charge-offs		(621)	(176)	(22)
Recoveries		96	94	316
Balance at end of year		7	14	34
PCD | Auto loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of year	$ 312	71	312	943
Provision for (recapture of) credit losses		(518)	(588)	(894)
Charge-offs		(170)	(310)	(946)
Recoveries		642	657	1,209
Balance at end of year		$ 25	$ 71	$ 312

FORECLOSED REAL ESTATE (Foreclo

FORECLOSED REAL ESTATE (Foreclosed Real Estate Rollforward) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Real Estate Owned Activity [Roll Forward]
Foreclosed real estate beginning balance	$ 11,214	$ 15,039	$ 11,596
Additions	10,216	7,872	18,221
Sales	(13,880)	(16,855)	(14,758)
Decline in value	(1,152)	(1,256)	(1,450)
Other adjustments	4,382	6,414	1,430
Foreclosed real estate ending balance	$ 10,780	$ 11,214	$ 15,039

PREMISES AND EQUIPMENT (Schedul

PREMISES AND EQUIPMENT (Schedule of Premises and Equipment) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	$ 179,993	$ 178,871
Less: accumulated depreciation and amortization	(75,891)	(72,051)
Total premises and equipment, net	104,102	106,820
Land
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	4,031	4,031
Buildings and improvements
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	$ 76,542	74,349
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	$ 19,145	17,901
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	$ 21,377	23,460
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	$ 58,898	$ 59,130
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, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation	$ 20.4	$ 15.8	$ 14.1

SERVICING ASSETS (Narrative) (D

SERVICING ASSETS (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Servicing Assets at Fair Value [Line Items]
Fair value of servicing asset	$ 49,520	$ 50,921	$ 48,973	$ 47,295
Servicing fees on mortgage loans	3,120	3,222	3,256
Conventional Mortgage Loan
Servicing Assets at Fair Value [Line Items]
Servicing fees on mortgage loans	$ 19,000	$ 20,300	$ 21,400

SERVICING ASSETS (Changes in Se

SERVICING ASSETS (Changes in Serving Rights at Fair Value) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Servicing Asset at Fair Value, Amount [Roll Forward]
Fair value at beginning of year	$ 50,921	$ 48,973	$ 47,295
Servicing from mortgage securitization or asset transfers	2,560	3,998	6,089
Changes due to payments on loans	(4,163)	(5,312)	(6,738)
Changes in fair value due to changes in valuation model inputs or assumptions	202	3,262	2,327
Fair value at end of year	$ 49,520	$ 50,921	$ 48,973

SERVICING ASSETS (Key Economic

SERVICING ASSETS (Key Economic Assumptions) (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Minimum
Servicing Assets at Fair Value [Line Items]
Constant prepayment rate	1.35%	3.43%	3.90%
Discount rate	10%	10%	10%
Maximum
Servicing Assets at Fair Value [Line Items]
Constant prepayment rate	17.34%	21.20%	24.48%
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, 2023	Dec. 31, 2022
Transfers and Servicing [Abstract]
Carrying value of mortgage servicing asset	$ 49,520	$ 50,921
Weighted average life (in years)	7 years 3 months 18 days	7 years 9 months 18 days
Constant prepayment rate - Decrease in fair value due to 10% adverse change	$ (928)	$ (956)
Constant prepayment rate - Decrease in fair value due to 20% adverse change	(1,821)	(1,880)
Discount rate - Decrease in fair value due to 10% adverse change	(1,999)	(2,265)
Discount rate - Decrease in fair value due to 20% adverse change	$ (3,856)	$ (4,356)

DERIVATIVES (Details)

DERIVATIVES (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Notional amount of derivative contracts outstanding	$ 0	$ 26,600
Derivative assets		406
Derivative liabilities		$ 0

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS (Schedule Of Goodwill) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Finite-Lived Intangible Assets [Line Items]
Goodwill, Beginning Balance	$ 86,069
Goodwill written off related to sale of business unit	(1,828)
Goodwill, Ending Balance	84,241
Banking
Finite-Lived Intangible Assets [Line Items]
Goodwill, Beginning Balance	84,063
Goodwill written off related to sale of business unit	0
Goodwill, Ending Balance	84,063
Wealth Management
Finite-Lived Intangible Assets [Line Items]
Goodwill, Beginning Balance	2,006
Goodwill written off related to sale of business unit	(1,828)
Goodwill, Ending Balance	178
Treasury
Finite-Lived Intangible Assets [Line Items]
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 ($) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Increase (decrease) in carrying amount of goodwill	$ 0	$ 0
Accumulated impairment losses	$ 0	$ 0	$ 0	$ 0
Impairment of goodwill			0
Intangible asset impairment			0	0
Amortization of intangible assets			$ 6,899	$ 8,500	$ 9,803

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, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 54,200	$ 54,200
Accumulated Amortization	33,506	26,607
Net Carrying Value	20,694	27,593
Core deposit intangibles
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	41,507	41,507
Accumulated Amortization	25,659	20,376
Net Carrying Value	15,848	21,131
Customer relationship intangibles
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	12,693	12,693
Accumulated Amortization	7,847	6,231
Net Carrying Value	$ 4,846	$ 6,462

GOODWILL AND OTHER INTANGIBLE_6

GOODWILL AND OTHER INTANGIBLE ASSETS (Estimated Amortization of Other Intangible Assets) (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 5,913
2025	4,927
2026	3,942
2027	2,956
2028	1,971
Thereafter	$ 985

ACCRUED INTEREST RECEIVABLE A_3

ACCRUED INTEREST RECEIVABLE AND OTHER ASSETS (Schedule of Accrued Interest Receivable) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued interest receivable	$ 71,400	$ 62,402
Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued interest receivable	63,526	58,144
Investments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued interest receivable	$ 7,874	$ 4,258

ACCRUED INTEREST RECEIVABLE A_4

ACCRUED INTEREST RECEIVABLE AND OTHER ASSETS (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other assets [Line Items]
Prepaid expenses	$ 63,040	$ 54,875
Prepaid municipal, property, and income taxes	54,700	47,200
Other repossessed assets	4,032	4,617
COVID-19 and Hurricane Fiona Deferral Program Loans
Other assets [Line Items]
Accrued interest receivable	20,200	21,800
COVID-19 and Hurricane Fiona Deferral Program Loans | Accrued Income Receivable
Other assets [Line Items]
Allowance for credit losses	85	144
COVID-19 and Hurricane Fiona Deferral Program Loans | Current
Other assets [Line Items]
Accrued interest receivable	$ 18,200	$ 20,700

ACCRUED INTEREST RECEIVABLE A_5

ACCRUED INTEREST RECEIVABLE AND OTHER ASSETS (Other Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accrued Interest Receivable and Other Assets [Abstract]
Prepaid expenses	$ 63,040	$ 54,875
Other repossessed assets	4,032	4,617
Accounts receivable and other assets	47,859	61,420
Other assets	$ 114,931	$ 120,912

DEPOSITS AND RELATED INTEREST_2

DEPOSITS AND RELATED INTEREST (Deposits by Components) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deposits and Related Interest [Abstract]
Non-interest-bearing demand deposits	$ 2,537,431	$ 2,630,458
Interest-bearing savings and demand deposits	5,601,099	4,774,265
Retail certificates of deposit	1,083,316	979,545
Institutional certificates of deposit	378,143	172,725
Total core deposits	9,599,989	8,556,993
Brokered deposits	162,180	11,371
Total deposits	$ 9,762,169	$ 8,568,364

DEPOSITS AND RELATED INTEREST_3

DEPOSITS AND RELATED INTEREST (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deposits and Related Interest [Line Items]
Uninsured deposits	$ 4,885,000	$ 3,498,000
Deposits percent	50%	41%
Weighted average interest rate of deposits	0.88%	0.41%
Time deposits in denominations in excess of $250,000	$ 747,200	$ 384,400
Deposit in an interest-bearing	1,200,000
Deposits	9,762,169	8,568,364
Public funds collateral investments	1,645,000	367,300
Accrued interest on time deposits	3,000	682
Overdrafts in demand deposit accounts	564	495
Government | Puerto Rico
Deposits and Related Interest [Line Items]
Deposits	$ 1,616,000	$ 284,200

DEPOSITS AND RELATED INTEREST_4

DEPOSITS AND RELATED INTEREST (Interest Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deposits and Related Interest [Abstract]
Demand and savings deposits	$ 48,722	$ 24,261	$ 23,713
Certificates of deposit	27,243	7,978	15,301
Total	$ 75,965	$ 32,239	$ 39,014

DEPOSITS AND RELATED INTEREST_5

DEPOSITS AND RELATED INTEREST (Maturities of Time Deposits) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Year-end amount, Within One Year
Three months or less	$ 457,533	$ 238,776
Over 3 months through 6 months	195,902	152,940
Over 6 months through 1 year	329,758	262,976
Within one year	983,193	654,692
Year-end amount, after one year:
Over 1 through 2 years	467,348	279,034
Over 2 through 3 years	94,450	136,732
Over 3 through 4 years	29,514	51,505
Over 4 through 5 years	45,575	39,888
Over 5 years	608	1,108
Certificates of deposit	1,620,688	1,162,959
Uninsured amount, within one year:
Three months or less	115,392	29,503
Over 3 months through 6 months	61,245	18,238
Over 6 months through 1 year	113,524	59,093
Within one year	290,161	106,834
Uninsured amount, after one year:
Over 1 through 2 years	201,478	64,109
Over 2 through 3 years	13,971	26,481
Over 3 through 4 years	1,379	8,276
Over 4 through 5 years	4,665	2,230
Over 5 years	0	0
Uninsured amount	$ 511,654	$ 207,930

BORROWINGS AND RELATED INTERE_3

BORROWINGS AND RELATED INTEREST (Advances from the Federal Home Loan Bank of New York) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Additional borrowing capacity	$ 446,000	$ 628,100
Weighted average period remaining maturity of FHLB advances	1 year 2 months 12 days	3 days
Advances from the Federal Home Loan Bank
Debt Instrument [Line Items]
Minimum amount of qualifying collateral	110%
Accrued interest payable	$ 768	$ 103
Advances from the Federal Home Loan Bank | Long-Term Fixed-Rate Advances from FHLB
Debt Instrument [Line Items]
Original debt instrument term of FHLB advances	2 years
Advances from the Federal Home Loan Bank | Asset Pledged as Collateral
Debt Instrument [Line Items]
Total loans	$ 1,000,000	$ 951,100

BORROWINGS AND RELATED INTERE_4

BORROWINGS AND RELATED INTEREST (Schedule of Federal Home Loan Bank Advances And Maturity) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Advances from the Federal Home Loan Bank of New York (the “FHLB”)	$ 200,768	$ 26,716
Advances from the Federal Home Loan Bank
Debt Instrument [Line Items]
Advances from the Federal Home Loan Bank of New York (the “FHLB”)	200,000	26,613
Long-Term Fixed-Rate Advances from FHLB | Advances from the Federal Home Loan Bank
Debt Instrument [Line Items]
Advances from the Federal Home Loan Bank of New York (the “FHLB”)	$ 200,000	0
Weighted average interest rate of FHLB advances	4.52%
Over one to three years | Advances from the Federal Home Loan Bank
Debt Instrument [Line Items]
Advances from the Federal Home Loan Bank of New York (the “FHLB”)	$ 200,000	$ 0
Advances from the Federal Home Loan Bank
Debt Instrument [Line Items]
Weighted average interest rate of FHLB advances		4.46%
Advances from the Federal Home Loan Bank | Federal Loan Home Bank Advances Short Term Period
Debt Instrument [Line Items]
Advances from the Federal Home Loan Bank of New York (the “FHLB”)	0	$ 26,613
Advances from the Federal Home Loan Bank | Under 90 days
Debt Instrument [Line Items]
Advances from the Federal Home Loan Bank of New York (the “FHLB”)	$ 0	$ 26,613

EMPLOYEE BENEFIT PLANS (Narrati

EMPLOYEE BENEFIT PLANS (Narrative) (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) plan	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Number of profit-sharing plans | plan	3
Amount of employer match	$ 0.50
Employer matching contribution, percent of match	8%
Cash contributions	$ 2,700,000	$ 2,400,000	$ 2,300,000
Vesting service period (in years)	3 years
Puerto Rico Profit Sharing Plan
Defined Benefit Plan Disclosure [Line Items]
Maximum annual contributions per employee	$ 20,000
US and USVI Profit Sharing Plans
Defined Benefit Plan Disclosure [Line Items]
Maximum annual contributions per employee	$ 22,500

RELATED PARTY TRANSACTIONS (Act

RELATED PARTY TRANSACTIONS (Activity and Balance of Related Party Loans) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Notes Receivable, Related Parties [Roll Forward]
Balance at the beginning of year	$ 6,682,649
Balance at the end of year	7,373,273	$ 6,682,649
Related Party
Notes Receivable, Related Parties [Roll Forward]
Balance at the beginning of year	32,792	25,915	$ 21,112
New loans and disbursements	507	9,706	8,233
Repayments	(5,816)	(2,829)	(3,430)
Balance at the end of year	$ 27,483	$ 32,792	$ 25,915

RELATED PARTY TRANSACTIONS (Nar

RELATED PARTY TRANSACTIONS (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Professional services purchased from related party	$ 3,300	$ 4,300	$ 5,000
Equity Investment Commitment
Related Party Transaction [Line Items]
Commitment amount	3,000	3,000
Subsidiaries | Equity Investment Commitment
Related Party Transaction [Line Items]
Investment in partnership	$ 2,500	$ 2,400

INCOME TAXES (Narrative) (Detai

INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Examination [Line Items]
Statutory tax rate (as a percent)	37.50%
Tax-exempt interest income	$ 28,600	$ 26,300	$ 14,400
Unrecognized tax benefits	936	867
Unrecognized tax benefits, income tax penalties and interest accrued	69	69
Net increase in unrecognized tax benefit	69
Deferred tax assets, net	4,923	55,485
Valuation allowance of deferred income tax assets, net	(7,000)
Deferred tax liabilities, net	17,521
Deferred tax liability, valuation allowance	569
Valuation allowance	7,589	9,143
Deferred tax asset, net		55,485
Increase (decrease) in valuation allowance		(1,600)
Operating loss carryforwards	6,500
Operating loss carryforwards, valuation allowance	6,400
Operating loss carryforwards not subject to expiration	130
Deferred tax liabilities, net	(22,444)	0
International Banking Entity
Income Tax Examination [Line Items]
Tax-exempt interest income	$ 3,900	$ 4,400	$ 9,500

INCOME TAXES (Components of Inc

INCOME TAXES (Components of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Current income tax expense	$ 16,027	$ 16,740	$ 4,836
Deferred income tax expense	67,349	61,126	63,616
Total income tax expense	$ 83,376	$ 77,866	$ 68,452

INCOME TAXES (Effective Income

INCOME TAXES (Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Income tax expense at statutory rates	$ 99,468	$ 91,539	$ 80,476
Tax of exempt income, net	(12,201)	(11,523)	(9,489)
Disallowed net operating loss carryover	(350)	(267)	(179)
Change in valuation allowance	(1,554)	(502)	803
Unrecognized tax benefits, net	69	69	70
Capital gain at preferential rate	472	(787)	(3)
Tax rate difference (ordinary vs capital)	(817)	(247)	(480)
Return to provision adjustments	(721)	(407)	(933)
Difference in tax rates due to multiple jurisdictions	(963)	0	187
Other items, net	(27)	(9)	(2,000)
Total income tax expense	$ 83,376	$ 77,866	$ 68,452
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Income tax expense at statutory rates	37.50%	37.50%	37.50%
Tax of exempt income, net	(4.60%)	(4.72%)	(4.42%)
Disallowed net operating loss carryover	(0.13%)	(0.11%)	(0.08%)
Change in valuation allowance	(0.59%)	(0.21%)	0.37%
Unrecognized tax benefits, net	0.03%	0.03%	0.03%
Capital gain at preferential rate	0.18%	(0.32%)	0%
Tax rate difference (ordinary vs capital)	(0.31%)	(0.10%)	(0.22%)
Return to provision adjustments	(0.27%)	(0.17%)	(0.43%)
Difference in tax rates due to multiple jurisdictions	(0.36%)	0%	0.09%
Other items, net	(0.02%)	0%	(0.94%)
Income tax expense	31.43%	31.90%	31.90%

INCOME TAXES (Reconciliation of

INCOME TAXES (Reconciliation of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of year	$ 867	$ 798	$ 728
Additions for tax positions of prior years	69	69	70
Balance at end of year	$ 936	$ 867	$ 798

INCOME TAXES (Components of Def

INCOME TAXES (Components of Deferred Tax Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Allowance for credit losses and other reserves	$ 58,612	$ 57,273
Scotiabank PR discount	463	1,453
Loans and other real estate valuation adjustment	1,905	2,313
Deferred loan charge-offs	16,147	72,376
Net operating loss carry forwards	6,548	9,022
Alternative minimum tax	13,553	14,467
Unrealized net loss on available-for-sale securities	11,525	16,422
Goodwill	3,542	10,252
Acquired portfolio	37,374	45,761
Other assets allowances	1,692	1,538
Other deferred tax assets	16,344	16,570
Total gross deferred tax asset	167,705	247,447
Less: valuation allowance	(7,589)	(9,143)
Net gross deferred tax assets	160,116	238,304
Deferred tax liabilities:
Acquired loans tax basis	(137,143)	(137,195)
FDIC-assisted Eurobank acquisition, net	(5,481)	(5,760)
Customer deposit and customer relationship intangibles	(4,943)	(7,314)
Building valuation adjustment	(6,104)	(6,540)
Unrealized net gain included in other comprehensive income	0	(152)
Servicing asset	(15,516)	(16,041)
Other deferred tax liabilities	(8,450)	(9,817)
Total gross deferred tax liabilities	(177,637)	(182,819)
Net deferred tax (liability) asset		$ 55,485
Deferred tax liability valuation allowance	569
Deferred tax liabilities, net	$ (17,521)

REGULATORY CAPITAL REQUIREMEN_3

REGULATORY CAPITAL REQUIREMENTS (Details) $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
OFG Bancorp
Amount
Actual - Total capital to risk-weighted assets	$ 1,278,537	$ 1,132,658
Actual - Tier 1 capital to risk-weighted assets	1,174,205	1,037,385
Actual - Common equity tier 1 capital to risk-weighted assets	1,174,205	1,037,385
Actual - Tier 1 capital to average total assets	1,174,205	1,037,385
Minimum Capital Requirement - Total capital to risk-weighted assets	873,369	798,574
Minimum Capital Requirement - Tier 1 capital to risk-weighted assets	707,013	646,465
Minimum Capital Requirement - Common equity tier 1 capital to risk-weighted assets	582,246	532,383
Minimum Capital Requirement - Tier 1 capital to average total assets	425,911	400,445
Minimum to be Well Capitalized - Total capital to risk-weighted assets	831,780	760,547
Minimum to be Well Capitalized - Tier 1 capital to risk-weighted assets	665,424	608,437
Minimum to be Well Capitalized - Common equity tier 1 capital to risk-weighted assets	540,657	494,355
Minimum to be Well Capitalized - Tier 1 capital to average total assets	$ 532,389	$ 500,557
Ratio
Actual - total capital to risk-weighted assets	0.1537	0.1489
Actual - Tier 1 capital to risk-weighted assets	0.1412	0.1364
Actual - Common equity tier 1 capital to risk-weighted assets	0.1412	0.1364
Actual - Tier 1 capital to average total assets	0.1103	0.1036
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	0.0700	0.0700
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	0.0650	0.0650
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	$ 1,179,164	$ 1,028,126
Actual - Tier 1 capital to risk-weighted assets	1,075,487	933,494
Actual - Common equity tier 1 capital to risk-weighted assets	1,075,487	933,494
Actual - Tier 1 capital to average total assets	1,075,487	933,494
Minimum Capital Requirement - Total capital to risk-weighted assets	867,797	793,124
Minimum Capital Requirement - Tier 1 capital to risk-weighted assets	702,503	642,053
Minimum Capital Requirement - Common equity tier 1 capital to risk-weighted assets	578,532	528,749
Minimum Capital Requirement - Tier 1 capital to average total assets	421,660	396,525
Minimum to be Well Capitalized - Total capital to risk-weighted assets	826,474	755,356
Minimum to be Well Capitalized - Tier 1 capital to risk-weighted assets	661,179	604,285
Minimum to be Well Capitalized - Common equity tier 1 capital to risk-weighted assets	537,208	490,981
Minimum to be Well Capitalized - Tier 1 capital to average total assets	$ 527,075	$ 495,656
Ratio
Actual - total capital to risk-weighted assets	0.1427	0.1361
Actual - Tier 1 capital to risk-weighted assets	0.1301	0.1236
Actual - Common equity tier 1 capital to risk-weighted assets	0.1301	0.1236
Actual - Tier 1 capital to average total assets	0.1020	0.0942
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	0.0700	0.0700
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	0.0650	0.0650
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, 2023	Dec. 31, 2022	Dec. 31, 2021
Number Of Options
Number of options - Beginning of period (in shares)	234,950	338,494	481,444
Number of options - Options exercised (in shares)	(218,350)	(103,544)	(140,850)
Number of options - Options forfeited (in shares)	0	0	(2,100)
Number of options - End of period (in shares)	16,600	234,950	338,494
Weighted Average Exercise Price
Weighted Average Exercise Price - Beginning of period (in dollars per share)	$ 16.38	$ 15.76	$ 15.10
Weighted Average Exercise Price - Options exercised (in dollars per share)	16.34	14.34	13.51
Weighted Average Exercise Price - Options forfeited (in dollars per share)	0	0	16.55
Weighted Average Exercise Price - End of period (in dollars per share)	$ 16.92	$ 16.38	$ 15.76

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, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of options, outstanding (in shares)	16,600	234,950	338,494	481,444
Aggregate intrinsic value, outstanding	$ 341,240
Weighted average exercise price, outstanding (in dollars per share)	$ 16.92	$ 16.38	$ 15.76	$ 15.10
Weighted average contractual life remaining, outstanding (in years)	9 months 18 days
Number of options, exercisable (in shares)	16,600
Aggregate intrinsic value, exercisable	$ 341,240
Weighted average exercise price, exercisable (in dollars per share)	$ 16.92
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)	6,400
Weighted average exercise price, outstanding (in dollars per share)	$ 16.10
Weighted average contractual life remaining, outstanding (in years)	2 months 12 days
Number of options, exercisable (in shares)	6,400
Weighted average exercise price, exercisable (in dollars per share)	$ 16.10
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)	10,200
Weighted average exercise price, outstanding (in dollars per share)	$ 17.44
Weighted average contractual life remaining, outstanding (in years)	1 year 2 months 12 days
Number of options, exercisable (in shares)	10,200
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, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Number of options granted (in shares)	0	0	0
Total unrecognized compensation cost related to non-vested restricted units	$ 5.8
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, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted Units
Beginning of year (in shares)	408,832	511,740	529,770
Restricted units granted (in shares)	204,048	178,281	205,440
Restricted units lapsed (in shares)	(181,692)	(277,866)	(218,188)
Restricted units forfeited (in shares)	(20,191)	(3,323)	(5,282)
End of year (in shares)	410,997	408,832	511,740
Weighted Average Grant Date Fair Value
Beginning of year (in dollars per share)	$ 22.27	$ 19.35	$ 15.58
Restricted units granted (in dollars per share)	27.84	27.89	18.76
Restricted units lapsed (in dollars per share)	20.85	17.08	13.85
Restricted units forfeited (in dollars per share)	25.18	22.89	19.38
End of year (in dollars per share)	$ 25.43	$ 22.27	$ 19.35

STOCKHOLDERS_ EQUITY (Narrative

STOCKHOLDERS’ EQUITY (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 31, 2022
Equity, Class of Treasury Stock [Line Items]
Common stock	$ 59,885	$ 59,885
Legal surplus	150,967	$ 133,901
Transfer to legal surplus	17,100
Stock repurchase program, authorized amount	$ 100,000		$ 50,000	$ 100,000
Shares repurchased during period (in shares)	743,699	2,351,868	2,052,429
Common shares repurchased as part of the stock repurchase programs	$ 18,653	$ 64,110	$ 49,872
Share repurchased, average price per share (in dollars per share)	$ 25.08	$ 27.26	$ 24.49
Stock repurchase program, remaining number of shares authorized to be repurchased (in shares)	459,898
Share price (in dollars per share)	$ 37.48
Shares purchased (in shares)	0	0	0
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, 2023	Dec. 31, 2022	Dec. 31, 2021
Shares
Beginning of period (in shares)	12,303,859	10,248,882	8,498,163
Common shares used upon lapse of restricted stock units and options (in shares)	(227,480)	(296,891)	(301,710)
Common shares repurchased as part of the stock repurchase programs (in shares)	743,699	2,351,868	2,052,429
End of period (in shares)	12,820,078	12,303,859	10,248,882
Dollar Amount
Beginning of period	$ 211,135	$ 150,572	$ 102,949
Common shares used upon lapse of restricted stock units and options	(1,438)	(3,547)	(2,249)
Common shares repurchased as part of the stock repurchase programs	18,653	64,110	49,872
End of period	$ 228,350	$ 211,135	$ 150,572

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS (Accumulated Comprehensive Income, Net of Income Tax) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized gain on cash flow hedges	$ (406)	$ 1,210	$ 908
Accumulated other comprehensive loss, net of income taxes	(67,013)	(93,409)
AOCI Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss, net of income taxes	(67,013)	(93,409)
Net unrealized gain (loss) on securities available-for-sale
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized loss on securities available-for-sale	(78,497)	(110,036)
Income tax effect of unrealized loss on securities available-for-sale	11,484	16,373
Net unrealized loss on securities available-for-sale	(67,013)	(93,663)
Net unrealized gain (loss) on cash flow hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized gain on cash flow hedges	0	406
Income tax effect of unrealized gain on cash flow hedges	0	(152)
Net unrealized gain on cash flow hedges	$ 0	$ 254

ACCUMULATED OTHER COMPREHENSI_4

ACCUMULATED OTHER COMPREHENSIVE LOSS (Changes in Other Comprehensive Income by Components) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of year	$ 1,042,406	$ 1,069,160
Other comprehensive loss before reclassifications	22,145	(99,063)	$ (7,528)
Amounts reclassified out of accumulated other comprehensive income (loss)	4,251	494	1,666
Other comprehensive loss	26,396	(98,569)	(5,862)
Balance at end of year	1,193,480	1,042,406	1,069,160
Accumulated other comprehensive loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of year	(93,409)	5,160	11,022
Balance at end of year	(67,013)	(93,409)	5,160
Net unrealized gain (loss) on securities available-for-sale
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of year	(93,663)	5,663	12,092
Other comprehensive loss before reclassifications	27,792	(99,087)	(6,454)
Amounts reclassified out of accumulated other comprehensive income (loss)	(1,142)	(239)	25
Other comprehensive loss	26,650	(99,326)	(6,429)
Balance at end of year	(67,013)	(93,663)	5,663
Net unrealized gain (loss) on cash flow hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of year	254	(503)	(1,070)
Other comprehensive loss before reclassifications	(5,647)	24	(1,074)
Amounts reclassified out of accumulated other comprehensive income (loss)	5,393	733	1,641
Other comprehensive loss	(254)	757	567
Balance at end of year	$ 0	$ 254	$ (503)

ACCUMULATED OTHER COMPREHENSI_5

ACCUMULATED OTHER COMPREHENSIVE LOSS (Reclassifications Out of Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net interest expense	$ 88,010	$ 33,493	$ 41,829
Income tax expense	83,376	77,866	68,452
Net income	181,872	166,239	146,151
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Loss on Sale of Investments		(247)
Loss on sale of investments			19
Net income	4,251	494	1,666
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]
Loss on Sale of Investments	(1,149)
Income tax expense	7	8	6
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	$ 5,393	$ 733	$ 1,641

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income	$ 181,872	$ 166,239	$ 146,151
Income available to common shareholders	$ 181,872	$ 166,239	$ 144,896
Average common shares outstanding (in shares)	47,258	48,033	50,956
Average potential common shares-options (in shares)	294	403	414
Total weighted average common shares outstanding and equivalents (in shares)	47,552	48,436	51,370
Earnings per common share - basic (in dollars per share)	$ 3.85	$ 3.46	$ 2.85
Earnings per common share - diluted (in dollars per share)	$ 3.83	$ 3.44	$ 2.81
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	$ 0	$ (1,255)

EARNINGS PER COMMON SHARE (Narr

EARNINGS PER COMMON SHARE (Narrative) (Details) - $ / shares	3 Months Ended			12 Months Ended
	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Weighted average stock options with an anti dilutive effect excluded from calculation of earnings per share (in shares)				8,695	1,279	3,175
Quarterly common stock cash dividend (in dollars per share)	$ 0.22	$ 0.22	$ 0.20	$ 0.88	$ 0.70	$ 0.40

GUARANTEES (Narrative) (Details

GUARANTEES (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Guarantor Obligations [Line Items]
Acquired standby letters of credit and financial guarantees	$ 24,000	$ 24,700
Repurchased loans not subject to credit recourse provision	9,600	24,200
Gain on early extinguishment of debt	0	42	$ (1,481)
Amount of serviced loans	5,600,000	5,800,000
Funds advanced to investors under servicing agreements	4,200	7,800
Nonrecourse
Guarantor Obligations [Line Items]
Gain on early extinguishment of debt	678	(281)	(4,300)
Recourse
Guarantor Obligations [Line Items]
Loans sold with recourse	98,685	110,891
Liability for estimated credit losses to loans sold with credit recourse	102	147
Repurchased GNMA	1,200	1,500	3,100
Gain on early extinguishment of debt	220	148	$ (157)
Loan serviced under representation warranties | Nonrecourse
Guarantor Obligations [Line Items]
Loans sold with recourse	$ 405	$ 1,400

GUARANTEES (Changes in Liabilit

GUARANTEES (Changes in Liability of Estimated Loss from Credit Recourse Agreement) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross [Roll Forward]
Balance at beginning of year	$ 147	$ 294	$ 218
Net recoveries (charge-offs/terminations)	(45)	(147)	76
Balance at end of year	$ 102	$ 147	$ 294

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Summarized Credit-Related Financial Instruments) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments to extend credit	$ 1,255,695	$ 1,403,118
Commercial letters of credit	119	1,082
Standby letters of credit and financial guarantees	23,970	24,749
Recourse
Other Commitments [Line Items]
Loans sold with recourse	$ 98,685	$ 110,891

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other Commitments [Line Items]
Allowance for credit losses for off-balance sheet	$ 1,200	$ 734
Other non-credit commitments	18,900	21,500
Contingency loss accrued liability	817	2,400
Technology Commitments
Other Commitments [Line Items]
Commitments for capital expenditures in technology	$ 7,800	$ 8,600

OPERATING LEASES (Operating Lea

OPERATING LEASES (Operating Lease Cost) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Lessee Disclosure [Abstract]
Lease costs	$ 10,414	$ 10,467	$ 11,417
Variable lease costs	1,452	1,529	1,881
Short-term lease costs	529	565	859
Lease income	(123)	(226)	(442)
Total lease costs	$ 12,272	$ 12,335	$ 13,715

OPERATING LEASES (Operating L_2

OPERATING LEASES (Operating Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Lessee Disclosure [Abstract]
Right-of-use assets	$ 21,725	$ 25,363
Lease Liabilities	$ 24,029	$ 27,370

OPERATING LEASES (Operating L_3

OPERATING LEASES (Operating Lease Terms) (Details)	Dec. 31, 2023	Dec. 31, 2022
Lessee Disclosure [Abstract]
Weighted-average remaining lease term (in years)	5 years 1 month 6 days	5 years 1 month 6 days
Weighted-average discount rate (percentage)	7%	6.80%

OPERATING LEASES (Future Minimu

OPERATING LEASES (Future Minimum Payments for Operating Leases and Present Value) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Lessee Disclosure [Abstract]
2024	$ 8,298
2025	6,122
2026	4,019
2027	3,180
2028	2,383
Thereafter	5,150
Total lease payments	29,152
Less imputed interest	5,123
Present value of lease liabilities	$ 24,029	$ 27,370

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS (Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($)	Dec. 31, 2023 security	Dec. 31, 2022 security
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers for financial instruments measured at fair value on a recurring basis | $	$ 1.5
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of security categorized as other debt | security		1	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, 2023	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities	$ 9	$ 13
Money market investments	4,161	4,623	$ 8,952
Derivative assets	406
Servicing assets	50,921	49,520	48,973	$ 47,295
Foreclosed real estate	11,214	10,780	$ 15,039	$ 11,596
Other repossessed assets	$ 4,617	4,032
Derivative Asset Statement Of Financial Position Extensible Enumeration Not Disclosed Flag	Derivative assets
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	2,099,264
Trading securities	9	13
Money market investments	4,161	4,623
Derivative assets	406
Servicing assets	50,921	49,520
Total	1,468,273	2,153,420
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	296,799
Trading securities	0	0
Money market investments	4,161	4,623
Derivative assets	0
Servicing assets	0	0
Total	313,294	301,422
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	1,802,465
Trading securities	9	13
Money market investments	0	0
Derivative assets	406
Servicing assets	0	0
Total	1,103,652	1,802,478
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	0
Trading securities	0	0
Money market investments	0	0
Derivative assets	0
Servicing assets	50,921	49,520
Total	51,327	49,520
Non-recurring fair value measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral dependent loans	8,805	8,027
Foreclosed real estate	11,214	10,780
Other repossessed assets	4,617	4,032
Mortgage loans held for sale	19,499
Other loans held for sale	21,088	28,345
Total	65,223	51,184
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
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
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	8,027
Foreclosed real estate	11,214	10,780
Other repossessed assets	4,617	4,032
Mortgage loans held for sale	19,499
Other loans held for sale	21,088	28,345
Total	$ 65,223	$ 51,184

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value Recurring Basis Unobservable Input Reconciliation Asset Gain Loss Statement Of Income Extensible List Not Disclosed Flag	Gains included in earnings	Gains included in earnings
Fair Value Recurring Basis Unobservable Input Reconciliation Asset Gain (Loss) Statement Of Other Comprehensive Income Extensible List Not Disclosed Flag	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	$ 51,327	$ 50,503	$ 47,295
New instruments acquired	2,560	4,374	6,089
Transfer from Level 2	0	0	1,500
Principal repayments and amortization	(4,163)	(5,312)	(6,738)
Instrument converted to equity security	(406)	(1,581)	0
Gains (losses) included in earnings	202	3,262	2,327
Gains included in other comprehensive income	0	81	30
Balance at end of year	49,520	51,327	50,503
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	406	1,530	0
New instruments acquired	0	376	0
Transfer from Level 2	0	0	1,500
Principal repayments and amortization	0	0	0
Instrument converted to equity security	(406)	(1,581)	0
Gains (losses) included in earnings	0	0	0
Gains included in other comprehensive income	0	81	30
Balance at end of year	0	406	1,530
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	50,921	48,973	47,295
New instruments acquired	2,560	3,998	6,089
Transfer from Level 2	0	0	0
Principal repayments and amortization	(4,163)	(5,312)	(6,738)
Instrument converted to equity security	0	0	0
Gains (losses) included in earnings	202	3,262	2,327
Gains included in other comprehensive income	0	0	0
Balance at end of year	$ 49,520	$ 50,921	$ 48,973

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, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Fair Value
Fair value of servicing asset	$ 49,520	$ 50,921	$ 48,973	$ 47,295
Foreclosed real estate	10,780	11,214	$ 15,039	$ 11,596
Other repossessed assets	$ 4,032	$ 4,617
Minimum
Unobservable Input
Constant prepayment rate	1.35%	3.43%	3.90%
Discount rate	10%	10%	10%
Maximum
Unobservable Input
Constant prepayment rate	17.34%	21.20%	24.48%
Discount rate	15.50%	15.50%	15.50%
Level 3 | Cash flow valuation | Other debt securities available for sale
Fair Value
Investment securities available-for-sale		$ 406
Level 3 | Cash flow valuation | Other debt securities available for sale | Recovery Rate
Unobservable Input
Other debt securities, measurement input		0.3473
Level 3 | Cash flow valuation | Servicing Assets
Fair Value
Fair value of servicing asset	$ 49,520	$ 50,921
Level 3 | Cash flow valuation | Minimum | Other debt securities available for sale
Unobservable Input
Credit rating		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
Level 3 | Cash flow valuation | Minimum | Servicing Assets
Unobservable Input
Constant prepayment rate	1.35%	3.43%
Discount rate	10%	10%
Level 3 | Cash flow valuation | Maximum | Other debt securities available for sale
Unobservable Input
Credit rating		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
Level 3 | Cash flow valuation | Maximum | Servicing Assets
Unobservable Input
Constant prepayment rate	17.34%	21.20%
Discount rate	15.50%	15.50%
Level 3 | Cash flow valuation | Weighted Average | Other debt securities available for sale
Unobservable Input
Credit rating		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
Level 3 | Cash flow valuation | Weighted Average | Other debt securities available for sale | Recovery Rate
Unobservable Input
Other debt securities, measurement input		0.3473
Level 3 | Cash flow valuation | Weighted Average | Servicing Assets
Unobservable Input
Constant prepayment rate	6.12%	5.66%
Discount rate	11.45%	11.45%
Level 3 | Fair value of property or collateral | Collateral dependent loans
Fair Value
Collateral dependent loans	$ 8,027	$ 8,805
Level 3 | Fair value of property or collateral | Foreclosed real estate
Fair Value
Foreclosed real estate	10,780	11,214
Level 3 | Fair value of property or collateral | Other repossessed assets
Fair Value
Other repossessed assets	$ 4,032	4,617
Level 3 | Fair value of property or collateral | Mortgage loans held for sale
Fair Value
Mortgage loans held for sale		$ 19,499
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	31%	22%
Level 3 | Fair value of property or collateral | Minimum | Mortgage loans held for sale
Unobservable Input
Estimated net realizable value		83.25%
Level 3 | Fair value of property or collateral | Maximum | Collateral dependent loans
Unobservable Input
Appraised value less disposition costs	33.20%	51.20%
Level 3 | Fair value of property or collateral | Maximum | Foreclosed real estate
Unobservable Input
Appraised value less disposition costs	33.20%	33.20%
Level 3 | Fair value of property or collateral | Maximum | Other repossessed assets
Unobservable Input
Estimated net realizable value	77%	80%
Level 3 | Fair value of property or collateral | Maximum | Mortgage loans held for sale
Unobservable Input
Estimated net realizable value		102.43%
Level 3 | Fair value of property or collateral | Weighted Average | Collateral dependent loans
Unobservable Input
Appraised value less disposition costs	17%	17.11%
Level 3 | Fair value of property or collateral | Weighted Average | Foreclosed real estate
Unobservable Input
Appraised value less disposition costs	12.67%	11.81%
Level 3 | Fair value of property or collateral | Weighted Average | Other repossessed assets
Unobservable Input
Estimated net realizable value	57.72%	58.49%
Level 3 | Fair value of property or collateral | Weighted Average | Mortgage loans held for sale
Unobservable Input
Estimated net realizable value		71.86%
Level 3 | Bids or sales contract prices | Commercial
Fair Value
Other loans held for sale	$ 28,345	$ 21,088
Level 3 | Bids or sales contract prices | Minimum | Commercial
Unobservable Input
Estimated market value	52%	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	84.80%	74.65%

FAIR VALUE OF FINANCIAL INSTR_7

FAIR VALUE OF FINANCIAL INSTRUMENTS (Estimated Fair Value and Carrying Value) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Financial Assets:
Restricted cash	$ 0	$ 157	$ 175
Trading securities	13	9
Investment securities held-to-maturity, fair value	490,764	469,186
Derivative assets		406
Servicing assets	49,520	50,921	$ 48,973	$ 47,295
Level 1 | Fair Value
Financial Assets:
Cash and cash equivalents	748,173	550,307
Restricted cash	0	157
Investment securities available-for-sale	296,799	309,133
Level 1 | Carrying Value
Financial Assets:
Cash and cash equivalents	748,173	550,307
Restricted cash	0	157
Investment securities available-for-sale	296,799	309,133
Level 2 | Fair Value
Financial Assets:
Investment securities available-for-sale	1,802,465	1,103,237
Trading securities	13	9
Investment securities held-to-maturity, fair value	455,709	469,186
Federal Home Loan Bank (FHLB) stock	14,488	6,005
Equity securities	23,981	17,662
Derivative assets	0	406
Level 2 | Carrying Value
Financial Assets:
Investment securities available-for-sale	1,802,465	1,103,237
Trading securities	13	9
Investment securities held-to-maturity, fair value	514,024	535,070
Federal Home Loan Bank (FHLB) stock	14,488	6,005
Equity securities	23,981	17,662
Derivative assets	0	406
Level 3 | Fair Value
Financial Assets:
Investment securities available-for-sale	0	406
Investment securities held-to-maturity, fair value	35,055	0
Total loans (including loans held-for-sale)	7,282,214	6,467,878
Accrued interest receivable	71,400	62,402
Servicing assets	49,520	50,921
Accounts receivable and other assets	47,859	61,014
Financial Liabilities:
Deposits	9,767,068	8,556,300
Advances from FHLB	199,184	26,716
Other borrowings	2	318
Accrued expenses and other liabilities	115,985	124,999
Level 3 | Carrying Value
Financial Assets:
Investment securities available-for-sale	0	406
Investment securities held-to-maturity, fair value	35,000	0
Total loans (including loans held-for-sale)	7,401,618	6,723,236
Accrued interest receivable	71,400	62,402
Servicing assets	49,520	50,921
Accounts receivable and other assets	47,859	61,014
Financial Liabilities:
Deposits	9,762,169	8,568,364
Advances from FHLB	200,768	26,716
Other borrowings	2	318
Accrued expenses and other liabilities	$ 115,985	$ 124,999

BUSINESS SEGMENTS (Results of O

BUSINESS SEGMENTS (Results of Operations and Selected Financial Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Interest income	$ 648,880	$ 515,573	$ 449,199
Interest expense	(88,010)	(33,493)	(41,829)
Net interest income	560,870	482,080	407,370
Provision for credit losses	60,638	24,119	221
Non-interest income, net	128,381	131,690	133,210
Non-interest expenses	(363,365)	(345,546)	(325,756)
Intersegment revenue	0	0	0
Intersegment expenses	0	0	0
Income before income taxes	265,248	244,105	214,603
Income tax expense	83,376	77,866	68,452
Net income	181,872	166,239	146,151
Total assets	11,344,453	9,818,780	9,899,720
Total
Segment Reporting Information [Line Items]
Interest income	663,314	522,153	449,477
Interest expense	(102,444)	(40,073)	(42,107)
Net interest income	560,870	482,080	407,370
Provision for credit losses	60,638	24,119	221
Non-interest income, net	128,381	131,690	133,210
Non-interest expenses	(363,365)	(345,546)	(325,756)
Income before income taxes	265,248	244,105	214,603
Income tax expense	83,376	77,866	68,452
Net income	181,872	166,239	146,151
Total assets	12,496,666	10,803,401	10,968,419
Total | Intersubsegment Eliminations
Segment Reporting Information [Line Items]
Intersegment revenue	1,641	2,187	2,355
Intersegment expenses	(1,641)	(2,187)	(2,355)
Eliminations
Segment Reporting Information [Line Items]
Interest income	(14,434)	(6,580)	(278)
Interest expense	14,434	6,580	278
Net interest income	0	0	0
Provision for credit losses	0	0	0
Non-interest income, net	0	0	0
Non-interest expenses	0	0	0
Intersegment revenue	(1,641)	(2,187)	(2,355)
Intersegment expenses	1,641	2,187	2,355
Income before income taxes	0	0	0
Income tax expense	0	0	0
Net income	0	0	0
Total assets	(1,152,213)	(984,621)	(1,068,699)
Banking | Total
Segment Reporting Information [Line Items]
Interest income	567,809	465,177	432,375
Interest expense	(73,480)	(31,926)	(38,711)
Net interest income	494,329	433,251	393,664
Provision for credit losses	60,255	24,111	1,342
Non-interest income, net	97,099	98,407	98,950
Non-interest expenses	(344,488)	(323,125)	(300,568)
Income before income taxes	188,326	186,609	193,059
Income tax expense	83,242	77,731	68,409
Net income	105,084	108,878	124,650
Total assets	9,154,201	8,347,767	8,041,725
Banking | Total | Intersubsegment Eliminations
Segment Reporting Information [Line Items]
Intersegment revenue	1,641	2,187	2,355
Intersegment expenses	0	0	0
Wealth Management | Total
Segment Reporting Information [Line Items]
Interest income	28	21	30
Interest expense	0	0	0
Net interest income	28	21	30
Provision for credit losses	0	0	0
Non-interest income, net	32,433	33,481	35,625
Non-interest expenses	(15,427)	(19,206)	(20,941)
Income before income taxes	16,023	12,799	13,445
Income tax expense	34	97	0
Net income	15,989	12,702	13,445
Total assets	38,261	23,085	32,082
Wealth Management | Total | Intersubsegment Eliminations
Segment Reporting Information [Line Items]
Intersegment revenue	0	0	0
Intersegment expenses	(1,011)	(1,497)	(1,269)
Treasury | Total
Segment Reporting Information [Line Items]
Interest income	95,477	56,955	17,072
Interest expense	(28,964)	(8,147)	(3,396)
Net interest income	66,513	48,808	13,676
Provision for credit losses	383	8	(1,121)
Non-interest income, net	(1,151)	(198)	(1,365)
Non-interest expenses	(3,450)	(3,215)	(4,247)
Income before income taxes	60,899	44,697	8,099
Income tax expense	100	38	43
Net income	60,799	44,659	8,056
Total assets	3,304,204	2,432,549	2,894,612
Treasury | Total | Intersubsegment Eliminations
Segment Reporting Information [Line Items]
Intersegment revenue	0	0	0
Intersegment expenses	$ (630)	$ (690)	$ (1,086)

BUSINESS SEGMENTS (Narrative) (

BUSINESS SEGMENTS (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Time Deposits	$ 1,623,639	$ 1,163,641
Eliminations | Treasury
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Time Deposits	$ 300,300	$ 470,200

BANKING AND FINANCIAL SERVICE_3

BANKING AND FINANCIAL SERVICE REVENUES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Banking service revenues:
Electronic banking fees	$ 54,109	$ 54,639	$ 55,968
Checking accounts fees	8,924	8,933	8,593
Savings accounts fees	1,334	1,265	1,141
Credit life commissions	318	724	469
Branch service commissions	1,538	1,456	1,467
Servicing and other loan fees	3,120	3,222	3,256
International fees	720	902	794
Miscellaneous income	15	20	18
Total banking service revenues	70,078	71,161	71,706
Wealth management revenue:
Insurance income	17,178	15,084	14,647
Broker fees	7,375	6,793	8,213
Trust fees	8,402	10,013	11,303
Retirement plan and administration fees	35	745	881
Total wealth management revenue	32,990	32,635	35,044
Mortgage banking activities:
Net servicing fees	15,077	18,258	16,818
Net gains on sale of mortgage loans and valuation	2,993	3,786	10,119
Net gain (loss) on repurchased loans and other	717	(115)	(4,429)
Total mortgage banking activities	18,787	21,929	22,508
Total banking and financial service revenues	$ 121,855	$ 125,725	$ 129,258

OFG BANCORP (HOLDING COMPANY _3

OFG BANCORP (HOLDING COMPANY ONLY) FINANCIAL INFORMATION (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Oriental Bank
Subsidiary or Equity Method Investee [Line Items]
Dividends and interest paid	$ 45	$ 140	$ 197
Oriental Reinsurance
Subsidiary or Equity Method Investee [Line Items]
Dividends and interest paid	$ 4
Oriental Insurance
Subsidiary or Equity Method Investee [Line Items]
Dividends and interest paid		$ 9.5	$ 11

OFG BANCORP (HOLDING COMPANY _4

OFG BANCORP (HOLDING COMPANY ONLY) FINANCIAL INFORMATION (Condensed Statements of Financial Information) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Cash and due from banks	$ 743,550	$ 546,146	$ 2,014,523
Deferred tax assets, net	4,923	55,485
Other assets	114,931	120,912
Total assets	11,344,453	9,818,780	9,899,720
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accrued expenses and other liabilities	115,985	124,999
Total liabilities	10,150,973	8,776,374
Stockholders’ equity	1,193,480	1,042,406	1,069,160
Total liabilities and stockholders’ equity	11,344,453	9,818,780
Parent Company
ASSETS
Cash and due from banks	73,121	82,045	$ 46,484	$ 26,529
Investment in bank subsidiary, equity method	1,094,581	938,306
Investment in nonbank subsidiaries, equity method	40,145	32,525
Advance to investment dealers	0	6
Deferred tax assets, net	293	924
Due from bank subsidiary, net	56	44
Other assets	371	356
Total assets	1,208,567	1,054,206
LIABILITIES AND STOCKHOLDERS’ EQUITY
Dividends payable	10,355	9,513
Accrued expenses and other liabilities	4,729	2,287
Subordinated capital notes	3	0
Total liabilities	15,087	11,800
Stockholders’ equity	1,193,480	1,042,406
Total liabilities and stockholders’ equity	$ 1,208,567	$ 1,054,206

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Income:
Total income	$ 0	$ 0	$ 0
Expenses:
Net interest expense	88,010	33,493	41,829
Total expenses	0	0	0
Net income	181,872	166,239	146,151
Parent Company
Income:
Interest income	3,712	977	55
Investment trading activities, net and other	7,040	6,022	6,765
Total income	10,752	6,999	6,820
Expenses:
Net interest expense	0	521	1,174
Operating expenses	8,230	7,992	8,397
Total expenses	8,230	8,513	9,571
Income (loss) before income taxes	2,522	(1,514)	(2,751)
Income tax expense	3,846	2,782	1,813
Loss before earnings of subsidiaries	(1,324)	(4,296)	(4,564)
Net income	181,872	166,239	146,151
Bank subsidiary
Expenses:
Net income	170,658	162,236	144,089
Nonbank subsidiaries
Expenses:
Net income	$ 12,538	$ 8,299	$ 6,626

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Condensed Statement of Income Captions [Line Items]
Net income	$ 181,872	$ 166,239	$ 146,151
Other comprehensive income (loss) before tax:
Other comprehensive income (loss) before taxes	31,133	(116,118)	(6,062)
Income tax effect	(4,737)	17,549	200
Other comprehensive income (loss) after taxes	26,396	(98,569)	(5,862)
Comprehensive income	208,268	67,670	140,289
Parent Company
Condensed Statement of Income Captions [Line Items]
Net income	181,872	166,239	146,151
Other comprehensive income (loss) before tax:
Other comprehensive income (loss) from bank subsidiary	26,396	(98,569)	(5,862)
Other comprehensive income (loss) before taxes	26,396	(98,569)	(5,862)
Income tax effect	0	0	0
Other comprehensive income (loss) after taxes	26,396	(98,569)	(5,862)
Comprehensive income	$ 208,268	$ 67,670	$ 140,289

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income	$ 181,872	$ 166,239	$ 146,151
Adjustments to reconcile net income to net cash provided by operating activities:
Early extinguishment of debt	0	(42)	1,481
Stock-based compensation	5,001	4,185	6,245
Deferred income tax, net	67,349	61,126	63,616
Net decrease (increase) in other assets	4,971	35,371	(9,051)
Net increase (decrease) in accrued expenses and other liabilities	279	(34,151)	18,383
Net cash provided by operating activities	295,657	164,456	100,044
Cash flows from investing activities:
Premises and equipment	38	4,784	570
Additions to premises and equipment	(17,857)	(30,999)	(23,053)
Net cash used in investing activities	(1,404,745)	(1,512,937)	(182,934)
Cash flows from financing activities:
Subordinated capital notes	0	(34,958)	0
Exercise of stock options and restricted units lapsed, net	(1,689)	(906)	283
Redemption of preferred stock	0	0	(92,000)
Net cash provided by (used in ) financing activities	1,306,797	(124,705)	(49,037)
Net change in cash, cash equivalents and restricted cash	197,709	(1,473,186)	(131,927)
Cash and cash equivalents at beginning of year	546,146	2,014,523
Cash and cash equivalents at end of year	743,550	546,146	2,014,523
Parent Company
Cash flows from operating activities:
Net income	181,872	166,239	146,151
Adjustments to reconcile net income to net cash provided by operating activities:
Early extinguishment of debt	0	(42)	0
Stock-based compensation	731	652	940
Deferred income tax, net	630	1,703	10
Net decrease (increase) in other assets	1,270	18,829	(13,471)
Net increase (decrease) in accrued expenses and other liabilities	2,149	(488)	950
Net cash provided by operating activities	52,459	165,858	191,865
Cash flows from investing activities:
Premises and equipment	0	0	240
Additions to premises and equipment	(30)	(233)	(288)
Net cash used in investing activities	(30)	(233)	(9,348)
Cash flows from financing activities:
Subordinated capital notes	0	(34,958)	0
Exercise of stock options and restricted units lapsed, net	(1,689)	(906)	283
Purchase of treasury stock	(18,653)	(64,110)	(49,872)
Redemption of preferred stock	0	0	(92,000)
Dividends paid	(41,011)	(30,090)	(20,973)
Net decrease in due to non-bank subsidiary, net	3	0	0
Net cash provided by (used in ) financing activities	(61,353)	(130,064)	(162,562)
Net change in cash, cash equivalents and restricted cash	(8,924)	35,561	19,955
Cash and cash equivalents at beginning of year	82,045	46,484	26,529
Cash and cash equivalents at end of year	73,121	82,045	46,484
Bank subsidiary
Cash flows from operating activities:
Net income	170,658	162,236	144,089
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in earnings	(170,658)	(162,236)	(144,089)
Dividends from subsidiary	45,000	140,000	197,000
Nonbank subsidiaries
Cash flows from operating activities:
Net income	12,538	8,299	6,626
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in earnings	(12,538)	(8,299)	(6,626)
Dividends from subsidiary	4,000	9,500	11,000
Cash flows from investing activities:
Capital contribution to non-banking subsidiary	$ 0	$ 0	$ 9,300

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended			12 Months Ended
	Jan. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 31, 2022
Subsequent Event [Line Items]
Quarterly common stock cash dividend (in dollars per share)		$ 0.22	$ 0.22	$ 0.20	$ 0.88	$ 0.70	$ 0.40
Stock repurchase authorization plan		$ 100			$ 100		$ 50	$ 100
Subsequent Event
Subsequent Event [Line Items]
Percentage increase in common stock cash dividend	13.60%
Quarterly common stock cash dividend (in dollars per share)	$ 0.25
Stock repurchase authorization plan	$ 50
Stock repurchase program, remaining authorized repurchase amount	$ 17.2

Uncategorized Items - ofg-20231

Label	Element	Value
Wealth Management [Member]
Goodwill	us-gaap_Goodwill	$ 178,000
Banking Segment [Member]
Goodwill	us-gaap_Goodwill	84,063,000
Treasury Segment [Member]
Goodwill	us-gaap_Goodwill	$ 0