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Deposits and Related Interest | 9 Months Ended
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Sep. 30, 2014
Deposits and Related Interest [Abstract] |
Deposit and Related Interest | NOTE 9— DEPOSITS AND RELATED INTEREST Total deposits as of September 30, 2014 and December 31, 2013 consist of the following:
| September 30, |  | December 31,
| 2014 |  | 2013
| (In thousands)
Non-interest bearing demand deposits | $ | 734,449 |  | $ | 744,327
Interest-bearing savings and demand deposits |  | 2,566,952 |  |  | 2,489,971
Individual retirement accounts |  | 314,813 |  |  | 347,262
Retail certificates of deposit |  | 455,286 |  |  | 568,367
Institutional certificates of deposit |  | 328,031 |  |  | 405,224
Total core deposits |  | 4,399,531 |  |  | 4,555,151
Brokered deposits |  | 669,644 |  |  | 828,114
Total deposits | $ | 5,069,175 |  | $ | 5,383,265
Brokered deposits include $575.8 million in certificates of deposits and $93.7 million in money market accounts at September 30, 2014, and $729.8 million in certificates of deposits and $98.3 million in money market accounts at December 31, 2013. T he weighted average interest rate of the Company's deposits was 0.75% at September 30, 2014 and 0.7 3% at December 31, 2013, inclusive of non-interest bearing deposits of $7 34.4 million and $744.3 million, respectively. Interest expense for the quarters and nine-month period s ended September 30, 2014 and 2013 was as follows:
| Quarter Ended September 30, |  | Nine-Month Period Ended September 30,
| 2014 |  | 2013 |  |  | 2014 |  |  | 2013
| (In thousands)
Demand and savings deposits | $ | 4,003 |  | $ | 5,596 |  | $ | 13,834 |  | $ | 16,994
Certificates of deposit |  | 3,658 |  |  | 5,738 |  |  | 11,970 |  |  | 13,763
| $ | 7,661 |  | $ | 11,334 |  | $ | 25,804 |  | $ | 30,757
A t September 30, 2014 and December 31, 201 3, demand and interest-bearing de posits and certificates of deposit included d eposits of Puerto Rico Cash & Money Market Fund, Inc., which amounted to $10 8.9 million and $93.1 million, respectively, with a weighted average rate of 0.7 8% in both years, and were collateralized with investment securities with a fair value of $8 3.4 million and $67.5 million, respectively. At September 30, 2014 and December 31, 2013, time deposits in denominations of $100 thousand or higher, excluding accrued interest and unamortized discounts, amounted to $681.6 m illion and $845.8 m illion, including public fund time deposits from various Puerto Rico government municipalities, agencies, and corporations of $2 0.8 million and $26.7 million, respectively, at a weighted average rate of 0.53% at September 30, 2014 and 0.3 2% at December 31, 201 3. At September 30, 2014 and December 31, 201 3, total public fund deposits from various Puerto Rico government municipalities, agencies, and corporations amounted to $3 59.2 million and $328.6 million, respectively. These public funds were collateralized with commercial loans amounting to $4 16.0 million at September 30, 2014, and with investment securities with a fair value of $97.8 million and commercial loans amounting to $549.0 million at December 31, 201 3. Excluding equity indexed options in the amount of $4.4 million, which are used by the Company to manage its exposure to the S&P 500 Index, and also excluding accrued interest of $1.3 million and unamortized deposit discount in the amount of $1.1 million, t he scheduled maturities of certificates of deposit at September 30, 2014 are as follows:
| September 30, 2014
| (In thousands)
Within one year: |  |
Three (3) months or less | $ | 342,429
Over 3 months through 1 year |  | 590,965
|  | 933,394
Over 1 through 2 years |  | 454,186
Over 2 through 3 years |  | 210,567
Over 3 through 4 years |  | 50,067
Over 4 through 5 years |  | 18,926
| $ | 1,667,140
The table of scheduled maturities of certificates of deposits above includes brokered deposits. The aggregate amount of overdraft s in demand deposit accounts that were reclassified to loans amounted to $8 90 thousand and $1.8 million as of September 30, 2014 and December 31, 201 3, respectively.

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- Definition The entire disclosure for deposit liabilities including data and tables. It may include a description of the entity's deposit liabilities, the aggregate amount of time deposits (including certificates of deposit) in denominations of $100,000 or more at the balance sheet date; the aggregate amount of any demand deposits that have been reclassified as loan balances, such as overdrafts, at the balance sheet date; deposits that are received on terms other than those in the normal course of business, the amount of accrued interest on deposit liabilities; securities, mortgage loans or other financial instruments that serve as collateral for deposits; for time deposits having a remaining term of more than one year, the aggregate amount of maturities for each of the five years following the balance sheet date; and the weighted average interest rate for all deposit liabilities held by the entity. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 405 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6479006&loc=d3e64164-112818 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.12) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 + Details
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