XML 36 R23.htm IDEA: XBRL DOCUMENT
v3.22.4

DEPOSITS AND RELATED INTEREST | 12 Months Ended
--- | ---
Dec. 31, 2022
Deposits and Related Interest [Abstract] |
DEPOSITS AND RELATED INTEREST | DEPOSITS AND RELATED INTEREST Total deposits, including related accrued interest payable, as of December 31, 2022 and 2021 consist of the following:
| December 31,
| 2022 |  | 2021
| (In thousands)
Non-interest-bearing demand deposits | $ | 2,630,458 |  |  | $ | 2,501,644 |
Interest-bearing savings and demand deposits | 4,774,265 |  |  | 4,880,476 |
Retail certificates of deposit | 979,545 |  |  | 1,007,577 |
Institutional certificates of deposit | 172,725 |  |  | 202,050 |
Total core deposits | 8,556,993 |  |  | 8,591,747 |
Brokered deposits | 11,371 |  |  | 11,371 |
Total deposits | $ | 8,568,364 |  |  | $ | 8,603,118 |
At December 31, 2022 and 2021, the aggregate amount of uninsured deposits was $3.498 billion and $3.270 billion, respectively. The weighted average interest rate of OFG’s deposits was 0.41% and 0.49%, respectively, at December 31, 2022 and 2021. Interest expense for 2022, 2021 and 2020 was as follows:
|  | Year Ended December 31,
|  |  |  | 2022 |  | 2021 |  | 2020
|  |  |  | (In thousands)
Demand and savings deposits |  |  |  | $ | 24,261 |  |  | $ | 23,713 |  |  | $ | 25,798 |
Certificates of deposit |  |  |  | 7,978 |  |  | 15,301 |  |  | 34,400 |
|  |  |  | $ | 32,239 |  |  | $ | 39,014 |  |  | $ | 60,198 |
At December 31, 2022 and 2021, time deposits in denominations of $250 thousand or higher, excluding accrued interest and unamortized discounts, amounted to $384.4 million and $360.8 million, respectively. At December 31, 2022 and 2021, total public fund deposits from various Puerto Rico government municipalities, agencies and corporations amounted to $284.2 million and $183.8 million, respectively. These public funds were collateralized with commercial loans and securities amounting to $367.3 million and $228.9 million at December 31, 2022 and 2021, respectively. Excluding accrued interest of approximately $682 thousand and $736 thousand, the scheduled maturities of certificates of deposit at December 31, 2022 and 2021 are as follows:
December 31, 2022 |
| Year-end amount |  | Uninsured amount
| (In thousands)
Within one year: |  |  |
Three months or less | $ | 238,776 |  |  | $ | 29,503 |
Over 3 months through 6 months | 152,940 |  |  | 18,238 |
Over 6 months through 1 year | 262,976 |  |  | 59,093 |
| 654,692 |  |  | 106,834 |
Over 1 through 2 years | 279,034 |  |  | 64,109 |
Over 2 through 3 years | 136,732 |  |  | 26,481 |
Over 3 through 4 years | 51,505 |  |  | 8,276 |
Over 4 through 5 years | 39,888 |  |  | 2,230 |
Over 5 years | 1,108 |  |  | — |
| $ | 1,162,959 |  |  | $ | 207,930 |
December 31, 2021 |  |  |
| Year-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 |  |  | 8,505 |
Over 5 years | 1,417 |  |  | — |
| $ | 1,220,262 |  |  | $ | 192,123 |
The tables 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 $495 thousand and $491 thousand as of December 31, 2022 and 2021, respectively.

X
- Definition Deposits and related interest. + References No definition available. + Details
Name: | ofg_DepositsAndRelatedInterestAbstract
Namespace Prefix: | ofg_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 https://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 https://asc.fasb.org/extlink&oid=126897435&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
Name: | us-gaap_DepositLiabilitiesDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration