v3.26.1
OPERATING LEASES
 6 Months Ended
Jun. 30, 2026
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 2028 with one additional extension through 2030; all are operating leases.
Operating Lease Cost
Quarter Ended June 30,Six-Month Period Ended June 30,Statement of Operations
2026202520262025Classification
(In thousands)
Lease costs$2,146 $2,238 $4,306 $4,478 Occupancy and equipment
Variable lease costs$468 414 $883 796 Occupancy and equipment
Short-term lease costs$432 101 $656 201 Occupancy and equipment
Lease income$(13)(8)$(26)(21)Occupancy and equipment
Total lease costs$3,033 $2,745 $5,819 $5,454 
Operating Lease Assets and Liabilities
June 30,December 31,Statement of Financial Condition
20262025Classification
(In thousands)
Right-of-use assets$19,640 $21,261 Operating lease right-of-use assets
Lease Liabilities$21,376 $23,157 Operating leases liabilities
June 30,December 31,
20262025
(In thousands)
Weighted-average remaining lease term4.1 years4.4 years
Weighted-average discount rate7.3 %7.4 %
Future minimum payments for operating leases with initial or remaining terms of one year or more as of June 30, 2026, were as follows:
Minimum Rent
As of June 30, 2026(In thousands)
2026$3,915 
20276,921 
20285,517 
20293,767 
20302,225 
Thereafter2,423 
Total lease payments$24,768 
Less imputed interest3,392 
Present value of lease liabilities$21,376 
OFG, as lessor, leases or subleases real property to tenants under operating leases. As of June 30, 2026, no material lease concessions have been granted to tenants. As of June 30, 2026, OFG, as lessee, has not requested any lease concessions.