DEPOSITS

9 Months Ended

Sep. 30, 2023

DEPOSITS [Abstract]

DEPOSITS

NOTE 8 – DEPOSITS

The following table summarizes deposit balances as of the indicated dates:

September 30, 2023

December 31, 2022

(In thousands)

Type of account:

Non-interest-bearing deposit accounts

$

5,440,247

$

6,112,884

Interest-bearing saving accounts

3,687,203

3,902,888

Interest-bearing checking accounts

4,242,672

3,770,993

Certificates of deposit (“CDs”)

2,754,776

2,250,876

Brokered CDs

310,339

105,826

 Total

$

16,435,237

$

16,143,467

The following table presents the contractual maturities of CDs, including brokered CDs, as of September 30, 2023:

Total 

(In thousands)

Three months or less

$

786,211

Over three months to six months

496,333

Over six months to one year

785,367

Over one year to two years 

716,417

Over two years to three years 

113,932

Over three years to four years 

49,303

Over four years to five years 

110,325

Over five years

7,227

 Total

$

3,065,115

The following were the components of interest expense on deposits for the indicated periods:

Quarter Ended September 30, 

Nine-Month Period Ended September 30, 

2023

2022

2023

2022

(In thousands)

Interest expense on deposits

$

54,243

$

10,045

$

125,720

$

25,619

Accretion of premiums from acquisitions

(33)

(92)

(149)

(384)

Amortization of broker placement fees

88

25

216

89

 Total

$

54,298

$

9,978

$

125,787

$

25,324

Total Puerto Rico and U.S. time deposits with balances of more than $250,000 amounted to $

1.4

 billion and $

1.0

 billion as of

September 30, 2023 and December 31, 2022, respectively. This amount does not include brokered CDs that are generally participated

out by brokers in shares of less than the FDIC insurance limit. As of each of September 30, 2023 and December 31, 2022,

unamortized broker placement fees amounted to $

0.3

 million, which are amortized over the contractual maturity of the brokered CDs

under the interest method.