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DEPOSITS AND RELATED INTEREST | 12 Months Ended
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Dec. 31, 2023
Deposits and Related Interest [Abstract] |
DEPOSITS AND RELATED INTEREST | DEPOSITS AND RELATED INTEREST Total deposits, including related accrued interest payable, as of December 31, 2023 and 2022 consist of the following:
| December 31,
| 2023 |  | 2022
| (In thousands)
Non-interest-bearing demand deposits | $ | 2,537,431 |  |  | $ | 2,630,458 |
Interest-bearing savings and demand deposits | 5,601,099 |  |  | 4,774,265 |
Retail certificates of deposit | 1,083,316 |  |  | 979,545 |
Institutional certificates of deposit | 378,143 |  |  | 172,725 |
Total core deposits | 9,599,989 |  |  | 8,556,993 |
Brokered deposits | 162,180 |  |  | 11,371 |
Total deposits | $ | 9,762,169 |  |  | $ | 8,568,364 |
At December 31, 2023 and 2022, the aggregate amount of uninsured deposits was $4.885 billion (50% of total deposits), and $3.498 billion (41% of total deposits), respectively. The weighted average interest rate of OFG’s deposits was 0.88% and 0.41%, respectively, at December 31, 2023 and 2022. Interest expense for 2023, 2022 and 2021 was as follows:
|  | Year Ended December 31,
|  |  |  | 2023 |  | 2022 |  | 2021
|  |  |  | (In thousands)
Demand and savings deposits |  |  |  | $ | 48,722 |  |  | $ | 24,261 |  |  | $ | 23,713 |
Certificates of deposit |  |  |  | 27,243 |  |  | 7,978 |  |  | 15,301 |
|  |  |  | $ | 75,965 |  |  | $ | 32,239 |  |  | $ | 39,014 |
At December 31, 2023 and 2022, time deposits in denominations of $250 thousand or higher, excluding accrued interest and unamortized discounts, amounted to $747.2 million and $384.4 million, respectively. In December 2023, OFG received a $1.2 billion deposit in an interest-bearing checking account from an existing long-standing Puerto Rico government client who had an inflow of liquidity. At December 31, 2023 and 2022, total public fund deposits from various Puerto Rico government municipalities, agencies and corporations amounted to $1.616 billion and $284.2 million, respectively. These public funds were collateralized with securities and commercial loans amounting to $1.645 billion and $367.3 million at December 31, 2023 and 2022, respectively. Excluding accrued interest of approximately $3.0 million and $682 thousand, the scheduled maturities of certificates of deposit at December 31, 2023 and 2022 are as follows:
December 31, 2023 |
| Year-end amount |  | Uninsured amount
| (In thousands)
Within one year: |  |  |
Three months or less | $ | 457,533 |  |  | $ | 115,392 |
Over 3 months through 6 months | 195,902 |  |  | 61,245 |
Over 6 months through 1 year | 329,758 |  |  | 113,524 |
| 983,193 |  |  | 290,161 |
Over 1 through 2 years | 467,348 |  |  | 201,478 |
Over 2 through 3 years | 94,450 |  |  | 13,971 |
Over 3 through 4 years | 29,514 |  |  | 1,379 |
Over 4 through 5 years | 45,575 |  |  | 4,665 |
Over 5 years | 608 |  |  | — |
| $ | 1,620,688 |  |  | $ | 511,654 |
December 31, 2022 |  |  |
| Year-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 brokered-deposits and individual retirement accounts. The aggregate amount of overdrafts in demand deposit accounts that were reclassified to loans amounted to $564 thousand and $495 thousand as of December 31, 2023 and 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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