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DEPOSITS AND RELATED INTEREST

3 Months Ended

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

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