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Deposits
 9 Months Ended
Sep. 30, 2023
Deposits [Abstract]  
Deposits
Note 15 – Deposits
Total deposits as of the end of the periods presented consisted of:
(In thousands)
September 30, 2023
December 31, 2022
Savings accounts
$
15,305,838
$
14,746,329
NOW, money market and other interest
 
bearing demand deposits
24,622,430
23,738,940
Total savings, NOW,
 
money market and other interest bearing demand
 
deposits
39,928,268
38,485,269
Certificates of deposit:
Under $250,000
5,263,696
4,235,651
$250,000 and over
2,944,262
2,545,750
 
Total certificates
 
of deposit
8,207,958
6,781,401
Total interest bearing
 
deposits
$
48,136,226
$
45,266,670
Non- interest bearing deposits
$
15,201,374
$
15,960,557
Total deposits
$
63,337,600
$
61,227,227
A summary of certificates of deposits by maturity at
 
September 30, 2023 follows:
(In thousands)
2023
$
2,635,150
2024
2,819,295
2025
975,844
2026
752,202
2027
406,993
2028 and thereafter
618,474
Total certificates of
 
deposit
$
8,207,958
At September 30, 2023, the Corporation had brokered
 
deposits amounting to $
1.7
 
billion (December 31, 2022 - $
1.1
 
billion).
The aggregate amount
 
of overdrafts in
 
demand deposit accounts that
 
were reclassified to loans
 
was $
3.5
 
million at September
 
30,
2023 (December 31, 2022 - $
6.3
 
million).
At September 30, 2023, Puerto Rico public sector deposits amounted to $
17.8
 
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.