DEPOSITS

12 Months Ended

Dec. 31, 2021

Deposits [Abstract]

DEPOSITS [Text Block]

NOTE 16 – DEPOSITS AND RELATED INTEREST

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

December 31, 

2021

2020

(In thousands)

Type of account and interest rate:

Non-interest-bearing deposit accounts

$

7,027,513

$

4,546,123

Interest-bearing savings accounts

4,729,387

4,088,969

Interest-bearing checking accounts

3,492,645

3,651,806

Certificates of deposit

2,434,932

2,814,313

Brokered CDs

100,417

216,172

$

17,784,894

$

15,317,383

The weighted-average interest rate on total interest-bearing deposits as of December 31, 2021 and 2020 was

0.31

% and

0.55

%,

respectively. 

As of December 31, 2021, the aggregate amount of unplanned overdrafts of demand deposits that were reclassified as loans

amounted to $

1.6

 million (2020 - $

0.8

 million). Pre-arranged overdrafts lines of credit amounted to $

24.2

 million as of December 31,

2021 (2020 - $

26.0

 million).

The following table presents the contractual maturities of CDs, including brokered CDs, as of December 31, 2021:

Total 

(In thousands)

Three months or less

$

635,461

Over three months to six months

444,276

Over six months to one year

669,486

Over one year to two years 

427,993

Over two years to three years 

201,934

Over three years to four years 

63,193

Over four years to five years 

78,653

Over five years

14,353

 Total

$

2,535,349

Time deposits with balances of more than $250,000 amounted to $

1.0

 billion for each of the years ended December 31, 2021 and

2020. This amount does not include CDs issued to deposit brokers in the form of large certificates of deposits that are generally

participated out by brokers in shares of less than the FDIC insurance limit. As of December 31, 2021, unamortized broker placement

fees amounted to $

0.2

 million (2020 - $

0.4

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

interest method.

Brokered CDs mature as follows:

December 31, 

2021

(In thousands)

Three months or less

$

14,668

Over three months to six months

11,687

Over six months to one year

37,228

Over one year to three years

30,137

Over three years to five years 

6,697

 Total

$

100,417

As of December 31, 2021, deposit accounts issued to government agencies amounted to $

3.3

 billion (2020 - $

2.1

 billion). These

deposits are generally insured by the FDIC up to the applicable limits. The uninsured portions were collateralized by securities and

loans with an amortized cost of $

3.4

 billion (2020 - $

2.0

 billion) and an estimated market value of $

3.3

 billion (2020 - $

2.1

 billion).

As of December 31, 2021, the Corporation had $

2.7

 billion of government deposits in Puerto Rico (2020 - $

1.8

 billion), $

568.4

million in the Virgin Islands (2020 - $

280.2

 million) and $

9.6

 million in Florida (2020 - $

9.7

 million).

A table showing interest expense on deposits for the indicated periods follows:

Year Ended December 31,

2021

2020

2019

(In thousands)

Interest-bearing checking accounts

$

5,776

$

5,933

$

6,071

Savings

6,586

11,116

16,017

CDs

26,138

43,350

44,658

Brokered CDs

2,982

7,989

11,036

 Total

$

41,482

$

68,388

$

77,782

The total interest expense on deposits included the amortization of broker placement fees related to brokered CDs amounting to

$

0.2

 million, $

0.5

 million, and $

0.7

 million for 2021, 2020 and 2019, respectively. Total interest expense also included $

1.3

 million

and $

1.0

 million for 2021 and 2020, respectively, for the accretion of premiums related to time deposits assumed in the BSPR

acquisition. Refer to Note 2 – Business Combination, for additional information.