v3.25.2
DEPOSITS AND RELATED INTEREST
 6 Months Ended
Jun. 30, 2025
Deposits and Related Interest [Abstract]  
DEPOSITS AND RELATED INTEREST DEPOSITS AND RELATED INTEREST
Total deposits, including related accrued interest payable, as of June 30, 2025 and December 31, 2024 consist of the following:
June 30,December 31,
20252024
(In thousands)
Non-interest-bearing demand deposits$2,586,734 $2,493,860 
Interest-bearing savings and demand deposits5,345,742 5,198,462 
Retail certificates of deposit1,182,213 1,170,560 
Institutional certificates of deposit781,123 585,829 
Total core deposits9,895,812 9,448,711 
Brokered deposits248,353 156,075 
Total deposits$10,144,165 $9,604,786 
At June 30, 2025 and December 31, 2024, the aggregate amount of uninsured deposits was $5.351 billion (52.75% of total deposits) and $4.915 billion (51.17% of total deposits), respectively.
The weighted average interest rate of OFG’s deposits was 1.51% and 1.56%, respectively, at June 30, 2025 and December 31, 2024.
Interest expense for the quarters and six-month periods ended June 30, 2025 and 2024 was as follows:
Quarter Ended June 30,Six-Month Period Ended June 30,
2025202420252024
(In thousands)(In thousands)
Demand and savings deposits$21,567 $26,682 $42,434 $52,748 
Certificates of deposit16,312 11,130 31,737 21,856 
$37,879 $37,812 $74,171 $74,604 
At June 30, 2025 and December 31, 2024, time deposits in denominations of $250 thousand or higher, excluding accrued interest and unamortized discounts, amounted to $1.268 billion and $1.049 billion, respectively.
At June 30, 2025 and December 31, 2024, total public fund deposits from various Puerto Rico government municipalities, agencies and corporations amounted to $1.622 billion and $1.445 billion, respectively. These public funds were collateralized with securities and commercial loans amounting to $1.697 billion and $1.507 billion at June 30, 2025 and December 31, 2024, respectively.
Excluding accrued interest of approximately $4.2 million and $3.1 million, the scheduled maturities of certificates of deposit at June 30, 2025 and December 31, 2024 are as follows:
June 30, 2025December 31, 2024
Period-end amount
Uninsured amount
Period-end amount
Uninsured amount
(In thousands)
Within one year:
Three months or less$719,944 $431,322 $645,919 $336,912 
Over 3 months through 6 months303,478 151,582 293,693 99,596 
Over 6 months through 1 year687,601 288,499 492,799 201,877 
1,711,023 871,403 1,432,411 638,385 
Over 1 through 2 years360,444 58,910 340,176 95,690 
Over 2 through 3 years73,091 9,915 63,044 9,017 
Over 3 through 4 years32,738 3,783 39,462 4,176 
Over 4 through 5 years29,857 4,727 33,549 4,084 
Over 5 years293 — 722 115 
$2,207,446 $948,738 $1,909,364 $751,467 
The tables of scheduled maturities of certificates of deposit above includes brokered-deposits and individual retirement accounts.
The aggregate amount of overdrafts in demand deposit accounts that were reclassified to loans amounted to $666 thousand and $3.2 million, as of June 30, 2025 and December 31, 2024, respectively. December 31, 2024 included $2.5 million overdrafts from two commercial clients that were repaid during the six-month period ended June 30, 2025.