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DEPOSITS AND RELATED INTEREST | 3 Months Ended
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Mar. 31, 2023
Deposits and Related Interest [Abstract] |
DEPOSITS AND RELATED INTEREST | DEPOSITS AND RELATED INTEREST Total deposits, including related accrued interest payable, as of March 31, 2023 and December 31, 2022 consist of the following:
| March 31, |  | December 31,
| 2023 |  | 2022
| (In thousands)
Non-interest-bearing demand deposits | $ | 2,640,546 |  |  | $ | 2,630,458 |
Interest-bearing savings and demand deposits | 4,669,350 |  |  | 4,774,265 |
Retail certificates of deposit | 1,080,080 |  |  | 979,545 |
Institutional certificates of deposit | 175,445 |  |  | 172,725 |
Total core deposits | 8,565,421 |  |  | 8,556,993 |
Brokered deposits | — |  |  | 11,371 |
Total deposits | $ | 8,565,421 |  |  | $ | 8,568,364 |
At March 31, 2023 and December 31, 2022, the aggregate amount of uninsured deposits was $3.571 billion and $3.498 billion, respectively. The weighted average interest rate of OFG’s deposits was 0.53% and 0.41%, respectively, at March 31, 2023 and December 31, 2022. Interest expense for the quarters ended March 31, 2023 and 2022 was as follows:
| Quarter Ended March 31, |
| 2023 |  | 2022 |  |  |  |  |
Demand and savings deposits | $ | 8,668 |  |  | $ | 4,976 |  |  |  |  |  |
Certificates of deposit | 3,829 |  |  | 2,065 |  |  |  |  |  |
| $ | 12,497 |  |  | $ | 7,041 |  |  |  |  |  |
At March 31, 2023 and December 31, 2022, time deposits in denominations of $250 thousand or higher, excluding accrued interest and unamortized discounts, amounted to $500.1 million and $384.4 million, respectively. At March 31, 2023 and December 31, 2022, total public fund deposits from various Puerto Rico government municipalities, agencies and corporations amounted to $231.6 million and $284.2 million, respectively. These public funds were collateralized with commercial loans and securities amounting to $338.9 million and $367.3 million at March 31, 2023 and December 31, 2022, respectively. Excluding accrued interest of approximately $808 thousand and $682 thousand, the scheduled maturities of certificates of deposit at March 31, 2023 and December 31, 2022 are as follows:
March 31, 2023 |
| Period-end amount |  | Uninsured amount
| (In thousands)
Within one year: |  |  |
Three months or less | $ | 225,381 |  |  | $ | 20,858 |
Over 3 months through 6 months | 111,283 |  |  | 9,393 |
Over 6 months through 1 year | 286,429 |  |  | 75,141 |
| 623,093 |  |  | 105,392 |
Over 1 through 2 years | 414,441 |  |  | 169,739 |
Over 2 through 3 years | 129,329 |  |  | 21,695 |
Over 3 through 4 years | 44,015 |  |  | 7,026 |
Over 4 through 5 years | 42,467 |  |  | 2,456 |
Over 5 years | 1,372 |  |  | — |
| $ | 1,254,717 |  |  | $ | 306,308 |
December 31, 2022 |  |  |
| Period-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 |
The tables of scheduled maturities of certificates of deposits above includes individual retirement accounts and, for the December 31, 2022 period-end, brokered deposits. The aggregate amount of overdrafts in demand deposit accounts that were reclassified to loans amounted to $1.2 million and $495 thousand as of March 31, 2023 and December 31, 2022, 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 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 405 -Topic 942 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481047/942-405-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1406 -Paragraph (e) -Publisher SEC Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1406 -Publisher SEC Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.12) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1 + Details
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