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Deposits and Related Interest
 12 Months Ended
Dec. 31, 2021
Deposits and Related Interest [Abstract]  
Deposits and Related Interest DEPOSITS AND RELATED INTEREST
Total deposits, including related accrued interest payable, as of December 31, 2021 and 2020 consist of the following:
December 31,
20212020
(In thousands)
Non-interest bearing demand deposits$2,501,644 $2,259,048 
Interest-bearing savings and demand deposits4,880,476 4,274,586 
Retail certificates of deposit1,007,577 1,540,406 
Institutional certificates of deposit202,050 292,485 
Total core deposits8,591,747 8,366,525 
Brokered deposits11,371 49,115 
Total deposits$8,603,118 $8,415,640 
Brokered deposits include $11.4 million in certificates of deposits at December 31, 2021, and $25.0 million in certificates of deposits and $24.1 million in money market accounts at December 31, 2020. During the year ended December 31, 2021, money market accounts were reclassified from brokered deposits to interest-bearing savings accounts as a result of an FDIC exemption from the brokered deposits definition. At December 31, 2021, these money market amounted to $22.5 million.
At December 31, 2021 and 2020, the aggregate amount of uninsured deposits was $3.270 billion and $3.179 billion, respectively.
The weighted average interest rate of OFG’s deposits was 0.49% and 0.80%, respectively, at December 31, 2021 and 2020. Interest expense for the years ended December 31, 2021, 2020 and 2019 was as follows:
Year Ended December 31,
202120202019
(In thousands)
Demand and savings deposits$23,713 $25,798 $14,925 
Certificates of deposit15,301 34,400 24,430 
$39,014 $60,198 $39,355 
At December 31, 2021 and 2020, time deposits in denominations of $250 thousand or higher, excluding accrued interest and unamortized discounts, amounted to $360.8 million and $628.4 million, respectively.
At December 31, 2021 and 2020, total public fund deposits from various Puerto Rico government municipalities, agencies and corporations amounted to $183.8 million and $218.9 million, respectively. These public funds were collateralized with commercial loans and securities amounting to $228.9 million and $242.7 million at December 31, 2021 and 2020, respectively.
Excluding accrued interest of approximately $736 thousand and $1.5 million, the scheduled maturities of certificates of deposit at December 31, 2021 and 2020 are as follows:
December 31, 2021
Period-end amountUninsured amount
(In thousands)
Within one year:
Three months or less$252,513 $25,003 
Over 3 months through 6 months147,400 12,113 
Over 6 months through 1 year239,830 45,280 
639,743 82,396 
Over 1 through 2 years328,177 60,108 
Over 2 through 3 years114,403 18,578 
Over 3 through 4 years77,604 22,536 
Over 4 through 5 years58,918 8,505 
Over 5 years1,417 — 
$1,220,262 $192,123 
December 31, 2020
Period-end amountUninsured amount
(In thousands)
Within one year:
Three months or less$379,563 51,172 
Over 3 months through 6 months403,873 79,297 
Over 6 months through 1 year401,244 82,070 
1,184,680 212,539 
Over 1 through 2 years328,336 52,263 
Over 2 through 3 years177,701 37,351 
Over 3 through 4 years75,094 16,412 
Over 4 through 5 years84,390 23799
Over 5 years6,199 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 $491 thousand and $1.1 million as of December 31, 2021 and 2020, respectively.