DEPOSITS

3 Months Ended

Mar. 31, 2024

DEPOSITS [Abstract]

DEPOSITS

NOTE 8 – DEPOSITS

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

March 31,2024

December 31, 2023

(In thousands)

Type of account:

Non-interest-bearing deposit accounts

$

5,346,326

$

5,404,121

Interest-bearing checking accounts

3,934,508

3,937,945

Interest-bearing saving accounts

3,577,465

3,596,855

Time deposits

2,961,526

2,833,730

Brokered certificates of deposits ("CDs")

725,686

783,334

 Total

$

16,545,511

$

16,555,985

The following table presents the contractual maturities of time deposits, including brokered CDs, as of March 31,2024:

Total 

(In thousands)

Three months or less

$

902,766

Over three months to six months

692,302

Over six months to one year

1,360,319

Over one year to two years 

446,607

Over two years to three years 

68,684

Over three years to four years 

118,387

Over four years to five years 

76,502

Over five years

21,645

 Total

$

3,687,212

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

Quarter Ended March 31,

2024

2023

(In thousands)

Interest expense on deposits

$

62,929

$

29,924

Accretion of premiums from acquisitions

(34)

(83)

Amortization of broker placement fees

130

44

 Total

$

63,025

$

29,885

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

1.5

 billion and $

1.4

 billion as of

March 31, 2024 and December 31, 2023, 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 March 31, 2024 and December 31, 2023, unamortized broker

placement fees amounted to $

1.2

 million and $

1.0

 million, respectively, which are amortized over the contractual maturity of the

brokered CDs under the interest method.