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DEPOSITS AND RELATED INTEREST
 6 Months Ended
Jun. 30, 2022
Deposits and Related Interest [Abstract]  
DEPOSITS AND RELATED INTEREST DEPOSITS AND RELATED INTEREST
Total deposits, including related accrued interest payable, as of June 30, 2022 and December 31, 2021 consist of the following:
June 30,December 31,
20222021
(In thousands)
Non-interest bearing demand deposits$2,707,504 $2,501,644 
Interest-bearing savings and demand deposits5,185,419 4,880,476 
Retail certificates of deposit928,178 1,007,577 
Institutional certificates of deposit197,098 202,050 
Total core deposits9,018,199 8,591,747 
Brokered deposits11,371 11,371 
Total deposits$9,029,570 $8,603,118 
At June 30, 2022 and December 31, 2021, the aggregate amount of uninsured deposits was $3.753 billion and $3.270 billion, respectively.
The weighted average interest rate of OFG’s deposits was 0.34% and 0.49%, respectively, at June 30, 2022 and December 31, 2021. Interest expense for the quarters and six-month periods ended June 30, 2022 and 2021 was as follows:
Quarter Ended June 30,Six-Month Period Ended June 30,
2022202120222021
(In thousands)
Demand and savings deposits$5,101 $6,209 $10,077 $12,580 
Certificates of deposit1,843 4,251 3,908 9,904 
$6,944 $10,460 $13,985 $22,484 
At June 30, 2022 and December 31, 2021, time deposits in denominations of $250 thousand or higher, excluding accrued interest and unamortized discounts, amounted to $329.5 million and $360.8 million, respectively.
At June 30, 2022 and December 31, 2021, total public fund deposits from various Puerto Rico government municipalities, agencies and corporations amounted to $239.9 million and $183.8 million, respectively. These public funds were collateralized with commercial loans and securities amounting to $316.4 million and $228.9 million at June 30, 2022 and December 31, 2021, respectively.
Excluding accrued interest of approximately $580 thousand and $736 thousand, the scheduled maturities of certificates of deposit at June 30, 2022 and December 31, 2021 are as follows:
June 30, 2022
Period-end amountUninsured amount
(In thousands)
Within one year:
Three months or less$242,135 $34,571 
Over 3 months through 6 months110,671 19,968 
Over 6 months through 1 year310,192 47,591 
662,998 102,130 
Over 1 through 2 years239,730 36,483 
Over 2 through 3 years111,306 16,166 
Over 3 through 4 years79,182 23,596 
Over 4 through 5 years41,822 3,149 
Over 5 years1,029 — 
$1,136,067 $181,524 
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 8505
Over 5 years1,417 — 
$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 $605 thousand and $491 thousand as of June 30, 2022 and December 31, 2021, respectively.