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DEPOSITS | 9 Months Ended
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Sep. 30, 2023
DEPOSITS [Abstract] |
DEPOSITS | NOTE 8 – DEPOSITS The following table summarizes deposit balances as of the indicated dates: September 30, 2023 December 31, 2022 (In thousands) Type of account: Non-interest-bearing deposit accounts $ 5,440,247 $ 6,112,884 Interest-bearing saving accounts 3,687,203 3,902,888 Interest-bearing checking accounts 4,242,672 3,770,993 Certificates of deposit (“CDs”) 2,754,776 2,250,876 Brokered CDs 310,339 105,826 Total $ 16,435,237 $ 16,143,467 The following table presents the contractual maturities of CDs, including brokered CDs, as of September 30, 2023: Total (In thousands) Three months or less $ 786,211 Over three months to six months 496,333 Over six months to one year 785,367 Over one year to two years 716,417 Over two years to three years 113,932 Over three years to four years 49,303 Over four years to five years 110,325 Over five years 7,227 Total $ 3,065,115 The following were the components of interest expense on deposits for the indicated periods: Quarter Ended September 30, Nine-Month Period Ended September 30, 2023 2022 2023 2022 (In thousands) Interest expense on deposits $ 54,243 $ 10,045 $ 125,720 $ 25,619 Accretion of premiums from acquisitions (33) (92) (149) (384) Amortization of broker placement fees 88 25 216 89 Total $ 54,298 $ 9,978 $ 125,787 $ 25,324 Total Puerto Rico and U.S. time deposits with balances of more than $250,000 amounted to $ 1.4 billion and $ 1.0 billion as of September 30, 2023 and December 31, 2022, respectively. This amount does not include brokered CDs that are generally participated out by brokers in shares of less than the FDIC insurance limit. As of each of September 30, 2023 and December 31, 2022, unamortized broker placement fees amounted to $ 0.3 million, which are amortized over the contractual maturity of the brokered CDs under the interest method.

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- Definition The entire disclosure for deposit liabilities including data and tables. It may include a description of the entity's deposit liabilities, the aggregate amount of time deposits (including certificates of deposit) in denominations of $100,000 or more at the balance sheet date; the aggregate amount of any demand deposits that have been reclassified as loan balances, such as overdrafts, at the balance sheet date; deposits that are received on terms other than those in the normal course of business, the amount of accrued interest on deposit liabilities; securities, mortgage loans or other financial instruments that serve as collateral for deposits; for time deposits having a remaining term of more than one year, the aggregate amount of maturities for each of the five years following the balance sheet date; and the weighted average interest rate for all deposit liabilities held by the entity. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 405 -Topic 942 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481047/942-405-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1406 -Paragraph (e) -Publisher SEC Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1406 -Publisher SEC Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.12) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1 + Details
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