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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.

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- Definition

Deposits and related interest.

+ References

No definition available.

+ Details

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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

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