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Deposits
 12 Months Ended
Dec. 31, 2022
Deposits [Abstract]  
Deposits
Note 16 – Deposits
Total interest bearing deposits as of the end of the periods presented consisted of:
(In thousands)
December 31, 2022
December 31, 2021
Savings accounts
$
14,746,329
$
15,871,998
NOW, money market and other interest
 
bearing demand deposits
23,738,940
28,736,459
Total savings, NOW,
 
money market and other interest bearing demand
 
deposits
38,485,269
44,608,457
Certificates of deposit:
Under $250,000
4,235,651
4,086,059
$250,000 and over
2,545,750
2,626,090
 
Total certificates
 
of deposit
6,781,401
6,712,149
Total interest bearing
 
deposits
$
45,266,670
$
51,320,606
A summary of certificates of deposits by maturity at
 
December 31, 2022 follows:
(In thousands)
2023
$
3,949,235
2024
1,102,195
2025
743,799
2026
416,106
2027
486,738
2028 and thereafter
83,328
Total certificates of
 
deposit
$
6,781,401
At December 31, 2022, the Corporation had brokered
 
deposits amounting to $
1.1
 
billion (December 31, 2021 - $
0.8
 
billion).
The aggregate amount
 
of overdrafts in
 
demand deposit accounts
 
that were reclassified
 
to loans
 
was $
6.3
 
million at
 
December 31,
2022 (December 31, 2021 - $
6.0
 
million).
At
 
December
 
31,
 
2022,
 
public
 
sector
 
deposits
 
amounted
 
to
 
$
15.2
 
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
 
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”).