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Deposits and Related Interest | 6 Months Ended
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Jun. 30, 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 June 30, 2021 and December 31, 2020 consist of the following:
| June 30, |  | December 31,
| 2021 |  | 2020
| (In thousands)
Non-interest bearing demand deposits | $ | 2,678,799 |  | $ | 2,259,048
Interest-bearing savings and demand deposits |  | 4,936,188 |  |  | 4,274,586
Retail certificates of deposit |  | 1,215,897 |  |  | 1,540,406
Institutional certificates of deposit |  | 248,237 |  |  | 292,485
Total core deposits |  | 9,079,121 |  |  | 8,366,525
Brokered deposits |  | 11,371 |  |  | 49,115
Total deposits | $ | 9,090,492 |  | $ | 8,415,640
Brokered deposits include $11.4 million in certificates of deposits at June 30, 2021, and $25.0 million in certificates of deposits and $24.1 million in money market accounts at December 31, 2020. At June 30, 2021, money market accounts amounting to $23.8 million were reclassified from brokered deposits to interest-bearing savings accounts as a result of a FDIC exemption from the brokered deposit definition.The weighted average interest rate of OFG’s deposits was 0.60% and 0.80%, respectively, at June 30, 2021 and December 31, 2020. Interest expense for the quarters and six-month periods ended June 30, 2021 and 2020 was as follows:
| Quarter Ended June 30, |  | Six-Month Period Ended June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
| (In thousands)
Demand and savings deposits | $ | 6,209 |  | $ | 6,224 |  | $ | 12,580 |  | $ | 13,208
Certificates of deposit |  | 4,251 |  |  | 9,221 |  |  | 9,904 |  |  | 18,857
| $ | 10,460 |  | $ | 15,445 |  | $ | 22,484 |  | $ | 32,065
At June 30, 2021 and December 31, 2020, time deposits in denominations of $250 thousand or higher, excluding accrued interest and unamortized discounts, amounted to $478.6 million and $628.4 million, respectively. At June 30, 2021 and December 31, 2020, total public fund deposits from various Puerto Rico government municipalities, agencies and corporations amounted to $255.0 million and $218.9 million, respectively. These public funds were collateralized with commercial loans and securities amounting to $299.9 million and $242.8 million at June 30, 2021 and December 31, 2020, respectively. Excluding accrued interest of approximately $955 thousand and $1.5 million, the scheduled maturities of certificates of deposit at June 30, 2021 and December 31, 2020 are as follows:
| June 30, |  | December 31,
|  | 2021 |  |  | 2020
| (In thousands)
Within one year: |  |  |  |  |
Three (3) months or less | $ | 364,339 |  | $ | 379,563
Over 3 months through 1 year |  | 446,899 |  |  | 805,117
|  | 811,238 |  |  | 1,184,680
Over 1 through 2 years |  | 370,490 |  |  | 328,336
Over 2 through 3 years |  | 138,638 |  |  | 177,701
Over 3 through 4 years |  | 63,617 |  |  | 75,094
Over 4 through 5 years |  | 90,567 |  |  | 90,590
| $ | 1,474,550 |  | $ | 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 $840 thousand and $1.1 million as of June 30, 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 + Details
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