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Deposits
 3 Months Ended
Mar. 31, 2023
Deposits [Abstract]  
Deposits
Note 15 – Deposits
Total deposits as of the end of the periods presented consisted of:
(In thousands)
March 31, 2023
December 31, 2022
Savings accounts
$
15,168,450
$
14,746,329
NOW, money market and other interest
 
bearing demand deposits
22,438,462
23,738,940
Total savings, NOW,
 
money market and other interest bearing demand
 
deposits
37,606,912
38,485,269
Certificates of deposit:
Under $250,000
4,690,631
4,235,651
$250,000 and over
2,715,495
2,545,750
 
Total certificates
 
of deposit
7,406,126
6,781,401
Total interest bearing
 
deposits
$
45,013,038
$
45,266,670
Non- interest bearing deposits
$
15,940,850
$
15,960,557
Total deposits
$
60,953,888
$
61,227,227
A summary of certificates of deposits by maturity at
 
March 31, 2023 follows:
(In thousands)
2023
$
3,522,720
2024
1,753,093
2025
818,396
2026
512,800
2027
456,013
2028 and thereafter
343,104
Total certificates of
 
deposit
$
7,406,126
At March 31, 2023, the Corporation had brokered
 
deposits amounting to $
1.2
 
billion (December 31, 2022 - $
1.1
 
billion).
The aggregate amount of overdrafts in demand
 
deposit accounts that were reclassified to loans was
 
$
5.4
 
million at March 31, 2023
(December 31, 2022 - $
6.3
 
million).
At March
 
31, 2023,
 
Puerto Rico
 
public sector
 
deposits amounted
 
to
 
$
15.5
 
billion. Puerto
 
Rico public
 
sector deposits
 
are interest
bearing
 
accounts.
 
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”).
 
Generally,
 
these
 
deposits
require
 
that
 
the
 
bank
 
pledge
 
high
 
credit
 
quality
 
securities
 
as
 
collateral, therefore,
 
liquidity
 
risk
 
arising from
 
public sector
 
deposit
outflows are lower.