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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.