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DEPOSITS AND RELATED INTEREST | 3 Months Ended
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Mar. 31, 2022
Deposits and Related Interest [Abstract] |
DEPOSITS AND RELATED INTEREST | DEPOSITS AND RELATED INTEREST Total deposits, including related accrued interest payable, as of March 31, 2022 and December 31, 2021 consist of the following:
| March 31, |  | December 31,
| 2022 |  | 2021
| (In thousands)
Non-interest bearing demand deposits | $ | 2,667,508 |  |  | $ | 2,501,644 |
Interest-bearing savings and demand deposits | 5,132,245 |  |  | 4,880,476 |
Retail certificates of deposit | 966,567 |  |  | 1,007,577 |
Institutional certificates of deposit | 200,536 |  |  | 202,050 |
Total core deposits | 8,966,856 |  |  | 8,591,747 |
Brokered deposits | 11,366 |  |  | 11,371 |
Total deposits | $ | 8,978,222 |  |  | $ | 8,603,118 |
At March 31, 2022 and December 31, 2021, the aggregate amount of uninsured deposits was $3.626 billion and $3.270 billion, respectively. The weighted average interest rate of OFG’s deposits was 0.35% and 0.49%, respectively, at March 31, 2022 and December 31, 2021. Interest expense for the quarters ended March 31, 2022 and 2021 was as follows:
| Quarter Ended March 31, |
| 2022 |  | 2021 |  |  |  |  |
Demand and savings deposits | $ | 4,976 |  |  | $ | 6,371 |  |  |  |  |  |
Certificates of deposit | 2,065 |  |  | 5,653 |  |  |  |  |  |
| $ | 7,041 |  |  | $ | 12,024 |  |  |  |  |  |
At March 31, 2022 and December 31, 2021, time deposits in denominations of $250 thousand or higher, excluding accrued interest and unamortized discounts, amounted to $340.3 million and $360.8 million, respectively. At March 31, 2022 and December 31, 2021, total public fund deposits from various Puerto Rico government municipalities, agencies and corporations amounted to $248.3 million and $183.8 million, respectively. These public funds were collateralized with commercial loans and securities amounting to $284.9 million and $228.9 million at March 31, 2022 and December 31, 2021, respectively. Excluding accrued interest of approximately $578 thousand and $736 thousand, the scheduled maturities of certificates of deposit at March 31, 2022 and December 31, 2021 are as follows:
March 31, 2022 |
| Period-end amount |  | Uninsured amount
| (In thousands)
Within one year: |  |  |
Three months or less | $ | 245,840 |  |  | $ | 19,710 |
Over 3 months through 6 months | 149,348 |  |  | 28,222 |
Over 6 months through 1 year | 257,661 |  |  | 47,713 |
| 652,849 |  |  | 95,645 |
Over 1 through 2 years | 278,011 |  |  | 40,392 |
Over 2 through 3 years | 118,924 |  |  | 18,440 |
Over 3 through 4 years | 75,209 |  |  | 24,046 |
Over 4 through 5 years | 51,546 |  |  | 5,805 |
Over 5 years | 1,352 |  |  | — |
| $ | 1,177,891 |  |  | $ | 184,328 |
December 31, 2021 |  |  |
| Period-end amount |  | Uninsured amount
| (In thousands)
Within one year: |  |  |
Three months or less | $ | 252,513 |  |  | 25,003 |
Over 3 months through 6 months | 147,400 |  |  | 12,113 |
Over 6 months through 1 year | 239,830 |  |  | 45,280 |
| 639,743 |  |  | 82,396 |
Over 1 through 2 years | 328,177 |  |  | 60,108 |
Over 2 through 3 years | 114,403 |  |  | 18,578 |
Over 3 through 4 years | 77,604 |  |  | 22,536 |
Over 4 through 5 years | 58,918 |  |  | 8505
Over 5 years | 1,417 |  |  | — |
| $ | 1,220,262 |  |  | $ | 192,123 |
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 $392 thousand and $491 thousand as of March 31, 2022 and December 31, 2021, 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 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1406 -Paragraph (e) Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1406 + Details
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