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Deposits
 12 Months Ended
Dec. 31, 2024
Deposits [Abstract]  
Deposits
Note 15 – Deposits
Total deposits as of the end of the periods presented consisted of:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
December 31, 2024
December 31, 2023
Savings accounts
$
14,224,271
$
14,602,411
NOW, money market and other interest
 
bearing demand deposits
26,507,637
25,094,316
Total savings, NOW,
 
money market and other interest bearing demand
 
deposits
40,731,908
39,696,727
Certificates of deposit:
Under $250,000
5,383,331
5,443,062
$250,000 and over
3,629,551
3,058,830
 
Total certificates
 
of deposit
9,012,882
8,501,892
Total interest bearing
 
deposits
$
49,744,790
$
48,198,619
Non- interest bearing deposits
$
15,139,555
$
15,419,624
Total deposits
$
64,884,345
$
63,618,243
A summary of certificates of deposits by maturity at
 
December 31, 2024 follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
2025
$
6,221,048
2026
972,395
2027
669,740
2028
589,225
2029
476,258
2030 and thereafter
84,216
Total certificates of
 
deposit
$
9,012,882
At December 31, 2024, the Corporation had brokered
 
deposits amounting to $
1.6
 
billion (December 31, 2023 - $
1.7
 
billion).
The aggregate amount of overdrafts
 
in demand deposit accounts that
 
were reclassified to loans was $
10.4
 
million at December 31,
2024 (December 31, 2023 - $
9.1
 
million).
At December 31,
 
2024, Puerto Rico
 
government deposits amounted to
 
$
19.5
 
billion. Puerto Rico
 
government deposits are interest
bearing accounts.
 
These government
 
deposits are
 
indexed to
 
short-term market
 
rates and
 
fluctuate in
 
cost with
 
changes in
 
those
rates, in
 
accordance with contractual
 
terms. Public
 
deposit balances are
 
difficult to
 
predict. For example,
 
the receipt
 
by the Puerto
Rico
 
Government
 
of
 
hurricane
 
recovery
 
related
 
Federal
 
assistance
 
and
 
seasonal
 
tax
 
collections
 
could
 
increase
 
public
 
deposit
balances at BPPR.
 
On the other hand,
 
the amount and
 
timing of reductions
 
in balances are
 
likely to be
 
impacted by,
 
for example,
the
 
speed
 
at
 
which
 
federal
 
assistance
 
is
 
distributed,
 
reductions
 
in
 
federal
 
funding,
 
the
 
financial
 
condition,
 
liquidity
 
and
 
cash
management
 
practices
 
of
 
the
 
Puerto
 
Rico
 
Government
 
and
 
its
 
instrumentalities
 
and
 
the
 
implementation
 
of
 
fiscal
 
and
 
debt
adjustment plans approved
 
pursuant to PROMESA
 
or other actions
 
mandated by the
 
Fiscal Oversight and
 
Management Board for
Puerto
 
Rico
 
(the
 
“Oversight
 
Board”).
 
Generally,
 
these
 
deposits
 
require
 
that
 
the
 
bank
 
pledge
 
high
 
credit
 
quality
 
securities
 
as
collateral, therefore, liquidity risk arising from government
 
deposit outflows are lower.