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DEPOSITS | 12 Months Ended
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Dec. 31, 2024
DEPOSITS [Abstract] |
DEPOSITS | NOTE 11 – DEPOSITS The following table summarizes deposit balances as of the indicated dates: December 31, 2024 December 31, 2023 (In thousands) Type of account: Non-interest-bearing deposit accounts $ 5,547,538 $ 5,404,121 Interest-bearing checking accounts 4,308,116 3,937,945 Interest-bearing saving accounts 3,530,382 3,596,855 Time deposits 3,007,144 2,833,730 Brokered certificates of deposits (“CDs”) 478,118 783,334 Total $ 16,871,298 $ 16,555,985 The weighted-average interest rate on total interest-bearing deposits as of December 31, 2024 and 2023 was 2.18 % and 2.24 %, respectively. As of December 31, 2024, the aggregate amount of unplanned overdrafts of demand deposits that were reclassified as loans amounted to $ 2.0 million (2023 - $ 1.4 million). Pre-arranged overdrafts lines of credit, also reported as loans, amounted to $ 25.6 million as of December 31, 2024 (2023 - $ 23.8 million). The following table presents the remaining contractual maturities of time deposits, including brokered CDs, as of December 31, 2024: Total (In thousands) Three months or less $ 1,030,064 Over three months to six months 542,847 Over six months to one year 1,038,620 Over one year to two years 580,075 Over two years to three years 117,792 Over three years to four years 101,693 Over four years to five years 52,281 Over five years 21,890 Total $ 3,485,262 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 December 31, 2024 and 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 December 31, 2024, unamortized broker placement fees amounted to $ 1.1 million (2023 - $ 1.0 million), which are amortized over the contractual maturity of the brokered CDs under the interest method. As of December 31, 2024, deposit accounts issued to government agencies amounted to $ 3.5 billion (2023 – $ 3.2 billion). These deposits are insured by the FDIC up to the applicable limits. The uninsured portions were collateralized by securities and loans with an amortized cost of $ 3.7 billion (2023 – $ 3.5 billion) and an estimated market value of $ 3.3 billion (2023 – $ 3.1 billion). In addition to securities and loans, as of both December 31, 2024 and 2023, the Corporation used $ 175.0 million in letters of credit issued by the FHLB as pledges for public deposits in the Virgin Islands. As of December 31, 2024, the Corporation had $ 3.1 billion of government deposits in Puerto Rico (2023 – $ 2.7 billion), $ 424.2 million in the Virgin Islands (2023 – $ 449.4 million) and $ 21.3 million in Florida (2023 – $ 10.2 million). A table showing interest expense on interest-bearing deposits for the indicated periods follows: Year Ended December 31, 2024 2023 2022 (In thousands) Checking accounts $ 86,537 $ 74,271 $ 15,568 Saving accounts 29,025 25,955 11,191 Time deposits 105,712 68,605 18,102 Brokered CDs 31,833 16,630 1,500 Total $ 253,107 $ 185,461 $ 46,361

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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/1943274/2147478353/942-405-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(12)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1406 -Paragraph e -Publisher SEC Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1406 -Publisher SEC + Details
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