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Deposits and Related Interest

9 Months Ended

Sep. 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 September 30, 2021 and December 31, 2020 consist of the following:

	September 30,			December 31,
	2021			2020
	(In thousands)
Non-interest bearing demand deposits	$	2,695,993		$	2,259,048
Interest-bearing savings and demand deposits		5,213,342			4,274,586
Retail certificates of deposit		1,087,160			1,540,406
Institutional certificates of deposit		236,528			292,485
Total core deposits		9,233,023			8,366,525
Brokered deposits		11,366			49,115
Total deposits	$	9,244,389		$	8,415,640

Brokered deposits include $11.4 million in certificates of deposits at September 30, 2021, and $25.0 million in certificates of deposits and $24.1 million in money market accounts at December 31, 2020. During the nine-month period ended on September 30, 2021, money market accounts were reclassified from brokered deposits to interest-bearing savings accounts as a result of an FDIC exemption from the brokered deposit definition. At September 30, 2021, these money market accounts amounted to $23.3 million.

At September 30, 2021 and December 31, 2020, the aggregate amount of uninsured deposits was $3.896 billion and $3.179 billion, respectively.

The weighted average interest rate of OFG’s deposits was 0.54% and 0.80%, respectively, at September 30, 2021 and December 31, 2020. Interest expense for the quarters and nine-month periods ended September 30, 2021 and 2020 was as follows:

	Quarter Ended September 30,						Nine-Month Period Ended September 30,
	2021			2020			2021			2020
	(In thousands)
Demand and savings deposits	$	5,767		$	6,320		$	18,347		$	19,528
Certificates of deposit		2,924			8,300			12,828			27,157
	$	8,691		$	14,620		$	31,175		$	46,685

At September 30, 2021 and December 31, 2020, time deposits in denominations of $250 thousand or higher, excluding accrued interest and unamortized discounts, amounted to $413.7 million and $628.4 million, respectively.

At September 30, 2021 and December 31, 2020, total public fund deposits from various Puerto Rico government municipalities, agencies and corporations amounted to $281.7 million and $218.9 million, respectively. These public funds were collateralized with commercial loans and securities amounting to $290.7 million and $242.8 million at September 30, 2021 and December 31, 2020, respectively.

Excluding accrued interest of approximately $731 thousand and $1.5 million, the scheduled maturities and uninsured amount of certificates of deposit at September 30, 2021 and December 31, 2020 are as follows:

September 30, 2021	Period-end			Uninsured
		amount			amount
	(In thousands)
Within one year:
Three months or less	$	260,058		$	30,995
Over 3 months through 6 months		169,483			26,898
Over 6 months through 1 year		291,306			49,311
		720,847			107,204
Over 1 through 2 years		341,319			59,694
Over 2 through 3 years		125,072			27,930
Over 3 through 4 years		74,835			20,121
Over 4 through 5 years		70,841			13,365
Over 5 years		1,409			-
	$	1,334,323		$	228,314


December 31, 2020	Period-end			Uninsured
		amount			amount
	(In thousands)
Within one year:
Three months or less	$	379,563		$	51,172
Over 3 months through 6 months		403,873			79,297
Over 6 months through 1 year		401,244			82,070
		1,184,680			212,539
Over 1 through 2 years		328,336			52,263
Over 2 through 3 years		177,701			37,351
Over 3 through 4 years		75,094			16,412
Over 4 through 5 years		84,390			23,799
Over 5 years		6,199			3,500
	$	1,856,400		$	345,864

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 $475 thousand and $1.1 million as of September 30, 2021 and December 31, 2020, respectively.