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Deposits
 3 Months Ended
Mar. 31, 2022
Deposits [Abstract]  
Deposits

Note 14 – Deposits

Total interest bearing deposits as of the end of the periods presented consisted of:

(In thousands)

March 31, 2022

December 31, 2021

Savings accounts

$

16,209,748

$

15,871,998

NOW, money market and other interest bearing demand deposits

 

23,465,192

 

28,736,459

Total savings, NOW, money market and other interest bearing demand deposits

 

39,674,940

 

44,608,457

Certificates of deposit:

 

 

 

 

 

Under $250,000

 

4,116,459

 

4,086,059

 

$250,000 and over

 

2,974,230

 

2,626,090

Total certificates of deposit

 

7,090,689

 

6,712,149

Total interest bearing deposits

$

46,765,629

$

51,320,606

A summary of certificates of deposits by maturity at March 31, 2022 follows:

(In thousands)

 

 

2022

$

3,914,729

2023

 

1,112,216

2024

 

747,887

2025

 

573,506

2026

 

508,775

2027 and thereafter

 

233,576

Total certificates of deposit

$

7,090,689

At March 31, 2022, the Corporation had brokered deposits amounting to $ 0.9 billion (December 31, 2021 - $ 0.8 billion).

 

The aggregate amount of overdrafts in demand deposit accounts that were reclassified to loans was $6 million at March 31, 2022 (December 31, 2021 - $6 million)

 

At March 31, 2022, public sector deposits amounted to $14.8 billion. The receipt by the Puerto Rico Government of additional COVID-19 pandemic and hurricane recovery related Federal assistance, and seasonal tax collections, could increase public deposit balances at BPPR in the near term. However, the rate at which public deposit balances may decline is uncertain and difficult to predict. The amount and timing of any such reduction is likely to be impacted by, for example, the speed at which COVID-19 pandemic and hurricane recovery federal assistance is distributed and the financial condition, liquidity and cash management practices of the Puerto Rico Government and its instrumentalities. During the quarter ended March 31, 2022, approximately $10.1 billion were withdrawn from the public sector deposits held by the Bank to make debt service payments and other administrative payments pursuant to the Plan of Adjustment for Puerto Rico.