DEPOSITS AND RELATED INTEREST

9 Months Ended

Sep. 30, 2023

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.