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Deposits
3 Months Ended
Mar. 31, 2024
Deposits [Abstract]  
Deposits
Note 14 – Deposits
Total deposits as of the end of the periods presented consisted of:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
March 31, 2024
December 31, 2023
Savings accounts
$
14,797,976
$
14,602,411
NOW, money market and other interest
 
bearing demand deposits
24,763,686
25,094,316
Total savings, NOW,
 
money market and other interest bearing demand
 
deposits
39,561,662
39,696,727
Certificates of deposit:
Under $250,000
5,420,905
5,443,062
$250,000 and over
3,334,167
3,058,830
 
Total certificates
 
of deposit
8,755,072
8,501,892
Total interest bearing
 
deposits
$
48,316,734
$
48,198,619
Non- interest bearing deposits
$
15,492,050
$
15,419,624
Total deposits
$
63,808,784
$
63,618,243
A summary of certificates of deposits by maturity at
 
March 31, 2024 follows:
 
 
 
 
 
 
 
 
 
 
(In thousands)
2024
$
4,649,279
2025
1,915,324
2026
838,041
2027
470,438
2028
625,629
2029 and thereafter
256,361
Total certificates of
 
deposit
$
8,755,072
At March 31, 2024, the Corporation had brokered
 
deposits amounting to $
1.6
 
billion (December 31, 2023 - $
1.7
 
billion).
The aggregate amount of overdrafts in demand deposit accounts
 
that were reclassified to loans was $
12.2
 
million at March 31, 2024
(December 31, 2023 - $
9.1
 
million).
At March
 
31, 2024,
 
Puerto Rico
 
public sector
 
deposits amounted
 
to
 
$
18.0
 
billion. Puerto
 
Rico public
 
sector deposits
 
are interest
bearing accounts. These
 
public sector deposits
 
are indexed to
 
short-term market rates
 
and fluctuate in
 
cost with changes
 
in those
rates, in
 
accordance with contractual
 
terms. 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.