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DEPOSITS AND RELATED INTEREST | 3 Months Ended
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Mar. 31, 2025
Deposits and Related Interest [Abstract] |
DEPOSITS AND RELATED INTEREST | DEPOSITS AND RELATED INTEREST Total deposits, including related accrued interest payable, as of March 31, 2025 and December 31, 2024 consist of the following:
| March 31, |  | December 31,
| 2025 |  | 2024
| (In thousands)
Non-interest-bearing demand deposits | $ | 2,600,555 |  |  | $ | 2,493,860 |
Interest-bearing savings and demand deposits | 5,348,484 |  |  | 5,198,462 |
Retail certificates of deposit | 1,184,359 |  |  | 1,170,560 |
Institutional certificates of deposit | 623,759 |  |  | 585,829 |
Total core deposits | 9,757,157 |  |  | 9,448,711 |
Brokered deposits | 165,812 |  |  | 156,075 |
Total deposits | $ | 9,922,969 |  |  | $ | 9,604,786 |
At March 31, 2025 and December 31, 2024, the aggregate amount of uninsured deposits was $5.176 billion (52.16% of total deposits) and $4.915 billion (51.17% of total deposits), respectively. The weighted average interest rate of OFG’s deposits was 1.50% and 1.56%, respectively, at March 31, 2025 and December 31, 2024. Interest expense for the quarters ended March 31, 2025 and 2024 was as follows:
| Quarter Ended March 31, |  |  |  |
| 2025 |  | 2024 |  |  |  |  |  |
Demand and savings deposits | $ | 20,868 |  |  | $ | 26,065 |  |  |  |  |  |  |
Certificates of deposit | 15,424 |  |  | 10,727 |  |  |  |  |  |  |
| $ | 36,292 |  |  | $ | 36,792 |  |  |  |  |  |  |
At March 31, 2025 and December 31, 2024, time deposits in denominations of $250 thousand or higher, excluding accrued interest and unamortized discounts, amounted to $1.103 billion and $1.049 billion, respectively. At March 31, 2025 and December 31, 2024, total public fund deposits from various Puerto Rico government municipalities, agencies and corporations amounted to $1.537 billion and $1.445 billion, respectively. These public funds were collateralized with securities and commercial loans amounting to $1.591 billion and $1.507 billion at March 31, 2025 and December 31, 2024, respectively. Excluding accrued interest of approximately $2.9 million and $3.1 million, the scheduled maturities of certificates of deposit at March 31, 2025 and December 31, 2024 are as follows:
March 31, 2025 |
| Period-end amount |  | Uninsured amount
| (In thousands)
Within one year: |  |  |
Three months or less | $ | 525,810 |  |  | $ | 183,525 |
Over 3 months through 6 months | 393,324 |  |  | 222,565 |
Over 6 months through 1 year | 559,574 |  |  | 263,959 |
| 1,478,708 |  |  | 670,049 |
Over 1 through 2 years | 354,648 |  |  | 107,400 |
Over 2 through 3 years | 69,189 |  |  | 9,402 |
Over 3 through 4 years | 37,175 |  |  | 4,894 |
Over 4 through 5 years | 31,004 |  |  | 3,645 |
Over 5 years | 270 |  |  | — |
| $ | 1,970,994 |  |  | $ | 795,390 |
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 |
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 $879 thousand and $3.2 million, as of March 31, 2025 and December 31, 2024, respectively. December 31, 2024 included $2.5 million from two commercial clients that were repaid during the quarter ended March 31, 2025.

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