Deposits

9 Months Ended

Sep. 30, 2021

Deposits [Abstract]

Deposits

Note 14 – Deposits

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

(In thousands)		September 30, 2021		December 31, 2020
Savings accounts		$	15,767,861	$	14,031,736
NOW, money market and other interest bearing demand deposits			28,166,013		22,398,057
Total savings, NOW, money market and other interest bearing demand deposits			43,933,874		36,429,793
Certificates of deposit:
	Under $100,000		2,776,214		2,917,700
	$100,000 and over		4,155,906		4,390,148
Total certificates of deposit			6,932,120		7,307,848
Total interest bearing deposits		$	50,865,994	$	43,737,641

A summary of certificates of deposits by maturity at September 30, 2021 follows:

(In thousands)
2021	$	2,581,033
2022		1,835,519
2023		808,046
2024		670,978
2025		518,878
2026 and thereafter		517,666
Total certificates of deposit	$	6,932,120

At September 30, 2021, the Corporation had brokered deposits amounting to $0.7 billion (December 31, 2020 - $ 0.8 billion).

The aggregate amount of overdrafts in demand deposit accounts that were reclassified to loans was $4 million at September 30, 2021 (December 31, 2020 - $3 million)

At September 30, 2021, public sector deposits amounted to $20 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 recovery related Federal assistance, and seasonal tax collections, could 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.