XML 29 R19.htm IDEA: XBRL DOCUMENT
v3.23.2

DEPOSITS AND RELATED INTEREST | 6 Months Ended
--- | ---
Jun. 30, 2023
Deposits and Related Interest [Abstract] |
DEPOSITS AND RELATED INTEREST | DEPOSITS AND RELATED INTEREST Total deposits, including related accrued interest payable, as of June 30, 2023 and December 31, 2022 consist of the following:
| June 30, |  | December 31,
| 2023 |  | 2022
| (In thousands)
Non-interest-bearing demand deposits | $ | 2,559,576 |  |  | $ | 2,630,458 |
Interest-bearing savings and demand deposits | 4,671,271 |  |  | 4,774,265 |
Retail certificates of deposit | 1,064,766 |  |  | 979,545 |
Institutional certificates of deposit | 242,413 |  |  | 172,725 |
Total core deposits | 8,538,026 |  |  | 8,556,993 |
Brokered deposits | — |  |  | 11,371 |
Total deposits | $ | 8,538,026 |  |  | $ | 8,568,364 |
At June 30, 2023 and December 31, 2022, the aggregate amount of uninsured deposits was $3.655 billion and $3.498 billion, respectively. The weighted average interest rate of OFG’s deposits was 0.61% and 0.41%, respectively, at June 30, 2023 and December 31, 2022. Interest expense for the quarters and six month periods ended June 30, 2023 and 2022 was as follows:
| Quarter Ended June 30, | Six-Month Period Ended June 30,
| 2023 |  | 2022 | 2023 |  | 2022 |  |
|  |  |  | (In thousands)
Demand and savings deposits | $ | 10,423 |  |  | $ | 5,101 |  | $ | 19,092 |  |  | $ | 10,077 |  |  |
Certificates of deposit | 5,493 |  |  | 1,843 |  | 9,321 |  |  | 3,908 |  |  |
| $ | 15,916 |  |  | $ | 6,944 |  | $ | 28,413 |  |  | $ | 13,985 |  |  |
At June 30, 2023 and December 31, 2022, time deposits in denominations of $250 thousand or higher, excluding accrued interest and unamortized discounts, amounted to $568.8 million and $384.4 million, respectively. At June 30, 2023 and December 31, 2022, total public fund deposits from various Puerto Rico government municipalities, agencies and corporations amounted to $361.0 million and $284.2 million, respectively. These public funds were collateralized with commercial loans and securities amounting to $394.5 million and $367.3 million at June 30, 2023 and December 31, 2022, respectively. Excluding accrued interest of approximately $981 thousand and $682 thousand, the scheduled maturities of certificates of deposit at June 30, 2023 and December 31, 2022 are as follows:
June 30, 2023 |
| Period-end amount |  | Uninsured amount
| (In thousands)
Within one year: |  |  |
Three months or less | $ | 187,529 |  |  | $ | 15,557 |
Over 3 months through 6 months | 156,305 |  |  | 48,541 |
Over 6 months through 1 year | 317,407 |  |  | 83,665 |
| 661,241 |  |  | 147,763 |
Over 1 through 2 years | 436,645 |  |  | 181,660 |
Over 2 through 3 years | 126,491 |  |  | 17,268 |
Over 3 through 4 years | 33,355 |  |  | 3,839 |
Over 4 through 5 years | 47,128 |  |  | 2,286 |
Over 5 years | 1,338 |  |  | — |
| $ | 1,306,198 |  |  | $ | 352,816 |
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 $542 thousand and $495 thousand as of June 30, 2023 and December 31, 2022, 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 -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
Name: | us-gaap_DepositLiabilitiesDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration