DEPOSITS AND RELATED INTEREST

3 Months Ended

Mar. 31, 2022

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.