Deposits

3 Months Ended

Mar. 31, 2021

Disclosure Text Block Abstract

Deposits

Note 14 – Deposits

Total interest bearing deposits as of the end of the periods presented consisted of:

(In thousands)		March 31, 2021		December 31, 2020
Savings accounts		$	14,599,535	$	14,031,736
NOW, money market and other interest bearing demand deposits			22,623,197		22,398,057
Total savings, NOW, money market and other interest bearing demand deposits			37,222,732		36,429,793
Certificates of deposit:
	Under $100,000		2,877,209		2,917,700
	$100,000 and over		4,379,312		4,390,148
Total certificates of deposit			7,256,521		7,307,848
Total interest bearing deposits		$	44,479,253	$	43,737,641

A summary of certificates of deposits by maturity at March 31, 2021 follows:

(In thousands)
2021	$	3,996,245
2022		1,166,193
2023		702,298
2024		609,922
2025		549,390
2026 and thereafter		232,473
Total certificates of deposit	$	7,256,521

At March 31, 2021, the Corporation had brokered deposits amounting to $ 0.8 billion (December 31, 2020 - $ 0.8 billion).

The aggregate amount of overdrafts in demand deposit accounts that were reclassified to loans was $3 million at March 31, 2021 (December 31, 2020 - $3 million)

At March 31, 2021, public sector deposits amounted to $15 billion. These balances are expected to decline over the long term, however, the receipt by the P.R. Government of additional COVID-19 and hurricane relief related Federal assistance, and seasonal tax collections, are likely to increase public deposit balances at BPPR in the near term. The rate at which public deposit balances will decline is uncertain and difficult to predict. The amount and timing of any such reduction is likely to be impacted by, for example, the timeline of current debt restructuring efforts under Title III of the Puerto Rico Oversight, Management, and Economic Stability Act (“PROMESA”) and the speed at which COVID-19 federal assistance is distributed.