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DEPOSITS | 3 Months Ended
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Mar. 31, 2024
DEPOSITS [Abstract] |
DEPOSITS | NOTE 8 – DEPOSITS The following table summarizes deposit balances as of the indicated dates: March 31,2024 December 31, 2023 (In thousands) Type of account: Non-interest-bearing deposit accounts $ 5,346,326 $ 5,404,121 Interest-bearing checking accounts 3,934,508 3,937,945 Interest-bearing saving accounts 3,577,465 3,596,855 Time deposits 2,961,526 2,833,730 Brokered certificates of deposits ("CDs") 725,686 783,334 Total $ 16,545,511 $ 16,555,985 The following table presents the contractual maturities of time deposits, including brokered CDs, as of March 31,2024: Total (In thousands) Three months or less $ 902,766 Over three months to six months 692,302 Over six months to one year 1,360,319 Over one year to two years 446,607 Over two years to three years 68,684 Over three years to four years 118,387 Over four years to five years 76,502 Over five years 21,645 Total $ 3,687,212 The following were the components of interest expense on deposits for the indicated periods: Quarter Ended March 31, 2024 2023 (In thousands) Interest expense on deposits $ 62,929 $ 29,924 Accretion of premiums from acquisitions (34) (83) Amortization of broker placement fees 130 44 Total $ 63,025 $ 29,885 Total Puerto Rico and U.S. time deposits with balances of more than $250,000 amounted to $ 1.5 billion and $ 1.4 billion as of March 31, 2024 and December 31, 2023, 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 March 31, 2024 and December 31, 2023, unamortized broker placement fees amounted to $ 1.2 million and $ 1.0 million, respectively, 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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