XML 27 R16.htm IDEA: XBRL DOCUMENT
v3.7.0.1

Deposits and Related Interest | 6 Months Ended
--- | ---
Jun. 30, 2017
Deposits and Related Interest [Abstract] |
Deposit and Related Interest | NOTE 9— DEPOSITS AND RELATED INTEREST Total deposits, including related accrued interest payable, as of June 30, 2017 and December 31, 2016 consist of the following:
| June 30, |  | December 31,
| 2017 |  | 2016
| (In thousands)
Non-interest bearing demand deposits | $ | 845,375 |  | $ | 848,502
Interest-bearing savings and demand deposits |  | 2,115,290 |  |  | 2,219,452
Individual retirement accounts |  | 238,345 |  |  | 265,754
Retail certificates of deposit |  | 607,910 |  |  | 563,965
Institutional certificates of deposit |  | 206,855 |  |  | 190,419
Total core deposits |  | 4,013,775 |  |  | 4,088,092
Brokered deposits |  | 568,911 |  |  | 576,395
Total deposits | $ | 4,582,686 |  | $ | 4,664,487
Brokered deposits include $51 5.6 million in certificates of deposits and $5 3.3 million in money market accounts at June 30, 2017, and $508.4 million in certificates of deposits and $68.0 million in money market accounts at December 31, 2016. The weighted average interest rate of the Company’s deposits was 0.65% and 0.62% at June 30, 2017 and December 31, 2016 respectively. Interest expense for the quarters and six-month periods ended June 30, 2017 and 2016 was as follows:
| Quarter Ended June 30, | Six-Month Period Ended June 30,
| 2017 |  | 2016 |  | 2017 |  | 2016 |
| (In thousands) |  |  |  |  |  |
Demand and savings deposits | $ | 2,939 |  | $ | 3,184 |  | $ | 5,848 |  | $ | 6,026 |
Certificates of deposit |  | 4,713 |  |  | 4,183 |  |  | 9,157 |  |  | 8,465 |
| $ | 7,652 |  | $ | 7,367 |  | $ | 15,005 |  | $ | 14,491 |
At December 31, 2016, demand and interest-bearing deposits and certificates of deposit included uncollateralized deposits of Puerto Rico Cash & Money Market Fund, Inc. ("the Fund”), which amounted to $15.3 million, with a weighted average rate of 0.77%. On April 3, 2017, the Fund was liquidated in anticipation of its dissolution. At June 30, 2017 and December 31, 2016, time deposits in denominations of $250 thousand or higher, excluding accrued interest and unamortized discounts, amounted to $360.9 million and $344.0 million, respectively. Such amounts include public funds time deposits from various Puerto Rico government municipalities, agencies, and corporations of $16.8 million and $2.1 million at a weighted average rate of 0.63% and 0.50% at June 30, 2017 and December 31, 2016, respectively. At June 30, 2017 and December 31, 2016, total public fund deposits from various Puerto Rico government municipalities, agencies, and corporations amounted to $123.3 million and $170.7 million, respectively. These public funds were collateralized with commercial loans amoun ting to $215.8 million and $209.2 million at June 30, 2017 and December 31, 2016, respectively. Excluding accrued interest of approximately $1.9 million, the scheduled maturities of certificates of deposit at June 30, 2017 and December 31, 2016 are as follows:
| June 30, 2017 |  | December 31, 2016
| (In thousands)
Within one year: |  |  |  |  |
Three (3) months or less | $ | 262,406 |  | $ | 277,621
Over 3 months through 1 year |  | 590,861 |  |  | 534,548
|  | 853,267 |  |  | 812,169
Over 1 through 2 years |  | 444,176 |  |  | 488,440
Over 2 through 3 years |  | 195,287 |  |  | 154,545
Over 3 through 4 years |  | 38,872 |  |  | 29,701
Over 4 through 5 years |  | 35,145 |  |  | 41,949
| $ | 1,566,747 |  | $ | 1,526,804
The table of scheduled maturities of certificates of deposits above includes brokered-deposits and individual retirement accounts. The aggregate amount of overdrafts in demand deposit accounts that were reclassified to loans amounted to $761 thousand and $575 thousand as of June 30, 2017 and December 31, 2016, respectively.

X
- Definition Deposits and related interest. + References No definition available. + Details
Name: | ofg_DepositsAndRelatedInterestAbstract
Namespace Prefix: | ofg_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 405 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=50488274&loc=d3e64164-112818 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.12) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 + Details
Name: | us-gaap_DepositLiabilitiesDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration