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Deposits and Related Interest
 6 Months Ended
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.