Deposits

6 Months Ended

Jun. 30, 2022

Deposits [Abstract]

Deposits

Note 14 – Deposits

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

(In thousands)		June 30, 2022		December 31, 2021
Savings accounts		$	15,796,175	$	15,871,998
NOW, money market and other interest bearing demand deposits			25,772,708		28,736,459
Total savings, NOW, money market and other interest bearing demand deposits			41,568,883		44,608,457
Certificates of deposit:
	Under $250,000		4,143,611		4,086,059
	$250,000 and over		2,951,911		2,626,090
Total certificates of deposit			7,095,522		6,712,149
Total interest bearing deposits		$	48,664,405	$	51,320,606

A summary of certificates of deposits by maturity at June 30, 2022 follows:

(In thousands)
2022	$	3,357,467
2023		1,378,319
2024		842,853
2025		641,308
2026		484,722
2027 and thereafter		390,853
Total certificates of deposit	$	7,095,522

At June 30, 2022, the Corporation had brokered deposits amounting to $1.0 billion (December 31, 2021 - $ 0.8 billion).

The aggregate amount of overdrafts in demand deposit accounts that were reclassified to loans was $8 million at June 30, 2022 (December 31, 2021 - $6 million)

At June 30, 2022, public sector deposits amounted to $17.1 billion. 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 COVID-19 pandemic and hurricane recovery federal assistance is distributed, 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”).