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Deposits and Related Interest

3 Months Ended

Mar. 31, 2021

Deposits and Related Interest [Abstract]

Deposits and Related Interest

NOTE 11— DEPOSITS AND RELATED INTEREST

Total deposits, including related accrued interest payable, as of March 31, 2021 and December 31, 2020 consist of the following:

	March 31,			December 31,
	2021			2020
	(In thousands)
Non-interest bearing demand deposits	$	2,451,987		$	2,259,048
Interest-bearing savings and demand deposits		4,575,897			4,274,586
Retail certificates of deposit		1,422,472			1,540,406
Institutional certificates of deposit		271,452			292,485
Total core deposits		8,721,808			8,366,525
Brokered deposits		34,954			49,115
Total deposits	$	8,756,762		$	8,415,640

Brokered deposits include $11.4 million in certificates of deposits and $23.6 million in money market accounts at March 31, 2021, and $25.0 million in certificates of deposits and $24.1 million in money market accounts at December 31, 2020.The weighted average interest rate of OFG’s deposits was 0.66% and 0.80%, respectively, at March 31, 2021 and December 31, 2020. Interest expense for the quarters ended March 31, 2021 and 2020 was as follows:

	Quarter Ended March 31,
	2021			2020
	(In thousands)
Demand and savings deposits	$	6,371		$	6,985
Certificates of deposit		5,653			9,635
	$	12,024		$	16,620

At March 31, 2021 and December 31, 2020, time deposits in denominations of $250 thousand or higher, excluding accrued interest and unamortized discounts, amounted to $573.3 million and $628.4 million, respectively.

At March 31, 2021 and December 31, 2020, total public fund deposits from various Puerto Rico government municipalities, agencies and corporations amounted to $217.8 million and $218.9 million, respectively. These public funds were collateralized with commercial loans and securities amounting to $246.9 million and $242.8 million at March 31, 2021 and December 31, 2020, respectively.

Excluding accrued interest of approximately $1.2 million and $1.5 million, the scheduled maturities of certificates of deposit at March 31, 2021 and December 31, 2020 are as follows:

	March 31,			December 31,
		2021			2020
	(In thousands)
Within one year:
Three (3) months or less	$	493,880		$	379,563
Over 3 months through 1 year		564,934			805,117
		1,058,814			1,184,680
Over 1 through 2 years		337,488			328,336
Over 2 through 3 years		146,596			177,701
Over 3 through 4 years		69,511			75,094
Over 4 through 5 years		91,675			90,590
	$	1,704,084		$	1,856,401

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 $1.3 million and $1.1 million as of March 31, 2021 and December 31, 2020, respectively.

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- Definition

Deposits and related interest.

+ References

No definition available.

+ Details

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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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 405
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=116652737&loc=d3e64164-112818

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-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=120398452&loc=d3e534808-122878

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