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Deposits and Related Interest | 12 Months Ended
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Dec. 31, 2015
Deposits and Related Interest [Abstract] |
Deposit and Related Interest | NOTE 12— DEPOSITS AND RELATED INTEREST Total deposits, including related accrued interest payable, as of December 31, 2015 and 2014 consist of the following:
| December 31,
| 2015 |  | 2014
| (In thousands)
Non-interest bearing demand deposits | $ | 761,117 |  | $ | 745,142
Interest-bearing savings and demand deposits |  | 2,208,180 |  |  | 2,544,665
Individual retirement accounts |  | 268,799 |  |  | 303,049
Retail certificates of deposit |  | 441,998 |  |  | 452,150
Institutional certificates of deposit |  | 253,791 |  |  | 260,090
Total core deposits |  | 3,933,885 |  |  | 4,305,096
Brokered deposits |  | 782,974 |  |  | 619,310
Total deposits | $ | 4,716,859 |  | $ | 4,924,406
Brokered deposits include $711.4 million in certificates of deposits and $71.6 million in money market accounts at December 31, 2015, and $526.2 million in certificates of deposits and $93.1 million in money market accounts at December 31, 2014. T he weighted average interest rate of the Company’s deposits was 0.57% and 0.66% at December 31, 2015, and 2014 respectively, inclusive of non-interest bearing deposits of $761.1 million and $745.1 million, respectively. Interest expense for years ended Dec ember 31, 2015, 2014 and 2013 was as follows:
| Year Ended December 31,
| 2015 |  | 2014 |  | 2013 |
| (In thousands)
Demand and savings deposits | $ | 12,414 |  | $ | 17,724 |  | $ | 22,498 |
Certificates of deposit |  | 14,620 |  |  | 16,230 |  |  | 18,479 |
| $ | 27,034 |  | $ | 33,954 |  | $ | 40,977 |
At December 31, 2015 and 2014, demand and interest-bearing deposits and certificates of deposit included deposits of Puerto Rico Cash & Money Market Fund, Inc., which amounted to $103.7 million and $96.8 million, respectively, with a weighted average rate of 0.77% and 0.78%, and, as required pursuant to an OCFI ruling, were collateralized with investment securities with a fair value of $81.6 million and $76.3 million, respectively. At December 31, 2015 and 2014, time deposits in denominations of $100 thousand or higher, excluding accrued interest and unamortized discounts, amounted to $597.6 million and $608.1 million, respectively. Such amounts include public fund time deposits from various Puerto Rico government municipalities, agencies, and corporations of $7.7 million and $6.9 million at a weighted average rate of 0.49% and 0.50% at December 31, 2015 and 2014, respectively. At December 31, 2015 and 2014, total public fund deposits from various Puerto Rico government municipalities, agencies, and corporations amounted to $99.0 million and $3 18.5 million, respectively. These public funds were collateralized with commercial loans amounting to $410.9 million at Dec ember 31, 2015 and with investment securities with a fair value of $97.8 million at such date, and commercial loans amounting to $414.5 million at December 31, 2014 Excluding equity indexed options in the amount of $1.1 million, which are used by the Company to manage its exposure to the S&P 500 Index, and also excluding accrued interest of $1.5 million and unamortized deposit discount in the amount of $311 thousand, the scheduled maturities of certificates of deposit at December 31, 2015 are as follows:
| December 31, 2015
| (In thousands)
Within one year: |  |
Three (3) months or less | $ | 474,051
Over 3 months through 1 year |  | 501,551
|  | 975,602
Over 1 through 2 years |  | 454,906
Over 2 through 3 years |  | 176,406
Over 3 through 4 years |  | 32,396
Over 4 through 5 years |  | 33,715
| $ | 1,673,025
The table of scheduled maturities of certificates of deposits above includes brokered-deposits and individual retirement accounts. The aggregate amount of overdrafts in demand deposit accounts that were reclassified to loans amounted to $1.5 million and $845 thousand as of December 31, 2015 and 2014, 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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