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DEPOSITS AND RELATED INTEREST | 9 Months Ended
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Sep. 30, 2023
Deposits and Related Interest [Abstract] |
DEPOSITS AND RELATED INTEREST | DEPOSITS AND RELATED INTEREST Total deposits, including related accrued interest payable, as of September 30, 2023 and December 31, 2022 consist of the following:
| September 30, |  | December 31,
| 2023 |  | 2022
| (In thousands)
Non-interest-bearing demand deposits | $ | 2,571,068 |  |  | $ | 2,630,458 |
Interest-bearing savings and demand deposits | 4,540,052 |  |  | 4,774,265 |
Retail certificates of deposit | 1,075,238 |  |  | 979,545 |
Institutional certificates of deposit | 352,259 |  |  | 172,725 |
Total core deposits | 8,538,617 |  |  | 8,556,993 |
Brokered deposits | 2,936 |  |  | 11,371 |
Total deposits | $ | 8,541,553 |  |  | $ | 8,568,364 |
At September 30, 2023 and December 31, 2022, the aggregate amount of uninsured deposits was $3.747 billion and $3.498 billion, respectively. The weighted average interest rate of OFG’s deposits was 0.70% and 0.41%, respectively, at September 30, 2023 and December 31, 2022. Interest expense for the quarters and nine-month periods ended September 30, 2023 and 2022 was as follows:
| Quarter Ended September 30, | Nine-Month Period Ended September 30,
| 2023 |  | 2022 | 2023 |  | 2022 |  |
|  |  |  | (In thousands)
Demand and savings deposits | $ | 13,772 |  |  | $ | 6,299 |  | $ | 32,864 |  |  | $ | 16,376 |  |  |
Certificates of deposit | 7,047 |  |  | 1,688 |  | 16,368 |  |  | 5,596 |  |  |
| $ | 20,819 |  |  | $ | 7,987 |  | $ | 49,232 |  |  | $ | 21,972 |  |  |
At September 30, 2023 and December 31, 2022, time deposits in denominations of $250 thousand or higher, excluding accrued interest and unamortized discounts, amounted to $702.0 million and $384.4 million, respectively. At September 30, 2023 and December 31, 2022, total public fund deposits from various Puerto Rico government municipalities, agencies and corporations amounted to $390.6 million and $284.2 million, respectively. These public funds were collateralized with commercial loans and securities amounting to $491.0 million and $367.3 million at September 30, 2023 and December 31, 2022, respectively. Excluding accrued interest of approximately $1.3 million and $682 thousand, the scheduled maturities of certificates of deposit at September 30, 2023 and December 31, 2022 are as follows:
September 30, 2023 |
| Period-end amount |  | Uninsured amount
| (In thousands)
Within one year: |  |  |
Three months or less | $ | 260,003 |  |  | $ | 81,888 |
Over 3 months through 6 months | 196,868 |  |  | 81,844 |
Over 6 months through 1 year | 311,164 |  |  | 88,901 |
| 768,035 |  |  | 252,633 |
Over 1 through 2 years | 476,048 |  |  | 203,379 |
Over 2 through 3 years | 107,977 |  |  | 12,130 |
Over 3 through 4 years | 29,362 |  |  | 2,657 |
Over 4 through 5 years | 46,117 |  |  | 2,939 |
Over 5 years | 1,625 |  |  | — |
| $ | 1,429,164 |  |  | $ | 473,738 |
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 include individual retirement accounts and brokered deposits. The aggregate amount of overdrafts in demand deposit accounts that were reclassified to loans amounted to $606 thousand and $495 thousand as of September 30, 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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