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DEPOSITS AND RELATED INTEREST

12 Months Ended

Dec. 31, 2024

Deposits and Related Interest [Abstract]

DEPOSITS AND RELATED INTEREST

DEPOSITS AND RELATED INTEREST

Total deposits, including related accrued interest payable, as of December 31, 2024 and 2023 consist of the following:

			December 31,
			2024						2023
			(In thousands)
Non-interest-bearing demand deposits			$	2,493,860					$	2,537,431
Interest-bearing savings and demand deposits			5,198,462						5,601,099
Retail certificates of deposit			1,170,560						1,083,316
Institutional certificates of deposit			585,829						378,143
Total core deposits			9,448,711						9,599,989
Brokered deposits			156,075						162,180
Total deposits			$	9,604,786					$	9,762,169

At December 31, 2024 and 2023, the aggregate amount of uninsured deposits was $4.915 billion (51.17% of total deposits) and $4.885 billion (50.04% of total deposits), respectively.

The weighted average interest rate of OFG’s deposits was 1.56% and 0.88%, respectively, at December 31, 2024 and 2023.

Interest expense for 2024, 2023 and 2022 was as follows:

									Year Ended December 31,
															2024						2023						2022
															(In thousands)
Demand and savings deposits															$	101,733					$	48,722					$	24,261
Certificates of deposit															48,547						27,243						7,978
															$	150,280					$	75,965					$	32,239

At December 31, 2024 and 2023, time deposits in denominations of $250 thousand or higher, excluding accrued interest and unamortized discounts, amounted to $1.049 billion and $747.2 million, respectively.

At December 31, 2024 and 2023, total public fund deposits from various Puerto Rico government municipalities, agencies and corporations amounted to $1.445 billion and $1.618 billion, respectively. These public funds were collateralized with securities and commercial loans amounting to $1.507 billion and $1.645 billion at December 31, 2024 and 2023, respectively.

Excluding accrued interest of approximately $3.1 million and $3.0 million, the scheduled maturities of certificates of deposit at December 31, 2024 and 2023 are as follows:

December 31, 2024
			Period-end amount						Uninsured amount
			(In thousands)
Within one year:
Three months or less			$	645,919					$	336,912
Over 3 months through 6 months			293,693						99,596
Over 6 months through 1 year			492,799						201,877
			1,432,411						638,385
Over 1 through 2 years			340,176						95,690
Over 2 through 3 years			63,044						9,017
Over 3 through 4 years			39,462						4,176
Over 4 through 5 years			33,549						4,084
Over 5 years			722						115
			$	1,909,364					$	751,467
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 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

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 as of December 31, 2024 amounted to $3.2 million, which included $2.5 million from two commercial clients and were repaid subsequently, and $564 thousand as of December 31, 2023.

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- Definition

Deposits and related interest.

+ References

No definition available.

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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/1943274/2147478353/942-405-50-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(12))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph e
-Publisher SEC

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Publisher SEC

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