XML 29 R18.htm IDEA: XBRL DOCUMENT v3.24.3
DEPOSITS AND RELATED INTEREST
 9 Months Ended
Sep. 30, 2024
Deposits and Related Interest [Abstract]  
DEPOSITS AND RELATED INTEREST DEPOSITS AND RELATED INTEREST
Total deposits, including related accrued interest payable, as of September 30, 2024 and December 31, 2023 consist of the following:
September 30, 2024December 31, 2023
(In thousands)
Non-interest-bearing demand deposits$2,534,363 $2,537,431 
Interest-bearing savings and demand deposits5,345,256 5,601,099 
Retail certificates of deposit1,162,870 1,083,316 
Institutional certificates of deposit490,532 378,143 
Total core deposits9,533,021 9,599,989 
Brokered deposits75,631 162,180 
Total deposits$9,608,652 $9,762,169 
At September 30, 2024 and December 31, 2023, the aggregate amount of uninsured deposits was $5.005 billion (52% of total deposits) and $4.885 billion (50.0% of total deposits), respectively.
The weighted average interest rate of OFG’s deposits was 1.51% and 0.88%, respectively, at September 30, 2024 and December 31, 2023.
Interest expense for the quarters and nine-month periods ended September 30, 2024 and 2023 was as follows:
Quarter Ended September 30,Nine-Month Period Ended September 30,
2024202320242023
(In thousands)
Demand and savings deposits$25,921 $13,772 $78,668 $32,864 
Certificates of deposit12,423 7,047 34,280 16,368 
$38,344 $20,819 $112,948 $49,232 
At September 30, 2024 and December 31, 2023, time deposits in denominations of $250 thousand or higher, excluding accrued interest and unamortized discounts, amounted to $937.7 million and $747.2 million, respectively.
At September 30, 2024 and December 31, 2023, total public fund deposits from various Puerto Rico government municipalities, agencies and corporations amounted to $1.574 billion and $1.616 billion, respectively. These public funds were collateralized with securities and commercial loans amounting to $1.672 billion and $1.645 billion at September 30, 2024 and December 31, 2023, respectively.
Excluding accrued interest of approximately $2.0 million and $3.0 million, the scheduled maturities of certificates of deposit at September 30, 2024 and December 31, 2023 are as follows:
September 30, 2024
Period-end amount
Uninsured amount
(In thousands)
Within one year:
Three months or less$327,472 $134,086 
Over 3 months through 6 months415,505 247,212 
Over 6 months through 1 year511,131 183,129 
1,254,108 564,427 
Over 1 through 2 years325,694 62,099 
Over 2 through 3 years69,395 14,263 
Over 3 through 4 years40,191 2,751 
Over 4 through 5 years37,111 5,439 
Over 5 years487 — 
$1,726,986 $648,979 
December 31, 2023
Period-end amount
Uninsured amount
(In thousands)
Within one year:
Three months or less$457,533 $115,392 
Over 3 months through 6 months195,902 61,245 
Over 6 months through 1 year329,758 113,524 
983,193 290,161 
Over 1 through 2 years467,348 201,478 
Over 2 through 3 years94,450 13,971 
Over 3 through 4 years29,514 1,379 
Over 4 through 5 years45,575 4,665 
Over 5 years608 — 
$1,620,688 $511,654 
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 $678 thousand and $564 thousand as of September 30, 2024 and December 31, 2023, respectively.