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Deposits
9 Months Ended
Sep. 30, 2024
Deposits [Abstract]  
Deposits
Note 14 – Deposits
Total deposits as of the end of the periods presented consisted of:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
September 30, 2024
December 31, 2023
Savings accounts
$
14,149,122
$
14,602,411
NOW, money market and other interest
 
bearing demand deposits
25,162,318
25,094,316
Total savings, NOW,
 
money market and other interest bearing demand
 
deposits
39,311,440
39,696,727
Certificates of deposit:
Under $250,000
5,619,851
5,443,062
$250,000 and over
3,461,139
3,058,830
 
Total certificates
 
of deposit
9,080,990
8,501,892
Total interest bearing
 
deposits
$
48,392,430
$
48,198,619
Non- interest bearing deposits
$
15,276,071
$
15,419,624
Total deposits
$
63,668,501
$
63,618,243
A summary of certificates of deposits by maturity at
 
September 30, 2024 follows:
 
 
 
 
 
 
 
 
 
 
(In thousands)
2024
$
3,258,241
2025
3,214,257
2026
903,183
2027
640,857
2028
596,378
2029 and thereafter
468,074
Total certificates of
 
deposit
$
9,080,990
At September 30, 2024, the Corporation had brokered
 
deposits amounting to $
1.7
 
billion (December 31, 2023 - $
1.7
 
billion).
The aggregate amount of overdrafts in demand deposit accounts that were reclassified to
 
loans was $
16.2
 
million at September 30,
2024 (December 31, 2023 - $
9.1
 
million).
At September 30, 2024,
 
Puerto Rico government deposits amounted
 
to $
18.7
 
billion. Puerto Rico government deposits
 
are interest
bearing accounts.
 
These government
 
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
government deposit outflows are lower.