DEPOSITS AND RELATED INTEREST

3 Months Ended

Mar. 31, 2025

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.

OFG BANCORP 10-Q