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DEPOSITS
 12 Months Ended
Dec. 31, 2024
DEPOSITS [Abstract]  
DEPOSITS
NOTE 11 – DEPOSITS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The following table summarizes deposit balances as of the indicated dates:
December 31, 2024
December 31, 2023
(In thousands)
Type of account:
Non-interest-bearing deposit accounts
$
5,547,538
$
5,404,121
Interest-bearing checking accounts
4,308,116
3,937,945
Interest-bearing saving accounts
3,530,382
3,596,855
Time deposits
3,007,144
2,833,730
Brokered certificates of deposits (“CDs”)
478,118
783,334
 
Total
$
16,871,298
$
16,555,985
The
 
weighted-average
 
interest
 
rate
 
on
 
total
 
interest-bearing
 
deposits
 
as
 
of
 
December 31,
 
2024
 
and
 
2023
 
was
2.18
%
 
and
2.24
%,
respectively.
 
As
 
of
 
December 31,
 
2024,
 
the
 
aggregate
 
amount
 
of
 
unplanned
 
overdrafts
 
of
 
demand
 
deposits
 
that
 
were
 
reclassified
 
as
 
loans
amounted
 
to
 
$
2.0
 
million
 
(2023
 
-
 
$
1.4
 
million).
 
Pre-arranged
 
overdrafts
 
lines
 
of
 
credit,
 
also
 
reported
 
as
 
loans,
 
amounted
 
to
 
$
25.6
million as of December 31, 2024 (2023 - $
23.8
 
million).
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The following
 
table presents
 
the
 
remaining
 
contractual
 
maturities
 
of
 
time deposits,
 
including
 
brokered
 
CDs, as
 
of December
 
31,
2024:
Total
 
(In thousands)
Three months or less
$
1,030,064
Over three months to six months
542,847
Over six months to one year
1,038,620
Over one year to two years
 
580,075
Over two years to three years
 
117,792
Over three years to four years
 
101,693
Over four years to five years
 
52,281
Over five years
21,890
 
Total
$
3,485,262
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
December 31, 2024
 
and 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
 
December 31,
 
2024,
 
unamortized
 
broker
 
placement
 
fees
 
amounted
 
to
 
$
1.1
million (2023 - $
1.0
 
million), which are amortized over the contractual maturity of the brokered CDs under
 
the interest method.
As of
 
December 31,
 
2024, deposit
 
accounts
 
issued to
 
government
 
agencies amounted
 
to $
3.5
 
billion (2023
 
– $
3.2
 
billion). These
deposits are insured by the FDIC up to the applicable limits. The uninsured
 
portions were collateralized by securities and loans with an
amortized cost
 
of $
3.7
 
billion (2023 –
 
$
3.5
 
billion) and an
 
estimated market value
 
of $
3.3
 
billion (2023
 
– $
3.1
 
billion). In addition
 
to
securities and
 
loans, as
 
of both
 
December 31,
 
2024 and
 
2023,
 
the Corporation
 
used $
175.0
 
million
 
in letters
 
of credit
 
issued by
 
the
FHLB as pledges
 
for public deposits
 
in the Virgin
 
Islands. As of
 
December 31, 2024,
 
the Corporation had
 
$
3.1
 
billion of government
deposits in Puerto Rico (2023 – $
2.7
 
billion), $
424.2
 
million in the Virgin Islands
 
(2023 – $
449.4
 
million) and $
21.3
 
million in Florida
(2023 – $
10.2
 
million).
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
A table showing interest expense on interest-bearing deposits for
 
the indicated periods follows:
Year Ended
 
December 31,
2024
2023
2022
(In thousands)
Checking accounts
$
86,537
$
74,271
$
15,568
Saving accounts
29,025
25,955
11,191
Time deposits
105,712
68,605
18,102
Brokered CDs
31,833
16,630
1,500
 
Total
$
253,107
$
185,461
$
46,361