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DEPOSITS AND RELATED INTEREST

3 Months Ended

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.

X

- 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
-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

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