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Deposits
 9 Months Ended
Sep. 30, 2022
Deposits [Abstract]  
Deposits

Note 15 – Deposits

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

(In thousands)

September 30, 2022

December 31, 2021

Savings accounts

$

15,818,260

$

15,871,998

NOW, money market and other interest bearing demand deposits

 

24,466,437

 

28,736,459

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

 

40,284,697

 

44,608,457

Certificates of deposit:

 

 

 

 

 

Under $250,000

 

4,108,397

 

4,086,059

 

$250,000 and over

 

2,820,894

 

2,626,090

Total certificates of deposit

 

6,929,291

 

6,712,149

Total interest bearing deposits

$

47,213,988

$

51,320,606

A summary of certificates of deposits by maturity at September 30, 2022 follows:

(In thousands)

 

 

2022

$

2,384,127

2023

 

2,060,978

2024

 

889,589

2025

 

652,629

2026

 

449,915

2027 and thereafter

 

492,053

Total certificates of deposit

$

6,929,291

At September 30, 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 $16.4 million at September 30, 2022 (December 31, 2021 - $6 million).

 

At September 30, 2022, public sector deposits amounted to $17.5 billion. These include $1.4 billion transferred out of BPPR at the beginning of October and exclude $727 million in deposits managed by the Corporation’s Fiduciary Services Division, where it acts as custodian or escrow agent. Public deposit balances are difficult to predict. For example, the receipt by the Puerto Rico Government of hurricane recovery related Federal assistance, and seasonal tax collections, could increase public deposit balances at BPPR. On the other hand, the amount and timing of reductions in balances are likely to be impacted by, for example, the speed at which COVID-19 pandemic and hurricane recovery federal assistance is distributed, the financial condition, liquidity and cash management practices of the Puerto Rico Government and its instrumentalities and the implementation of fiscal and debt adjustment plans approved pursuant to PROMESA or other actions mandated by the Fiscal Oversight and Management Board for Puerto Rico (the “Oversight Board”).