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Deposits and Related Interest
 12 Months Ended
Dec. 31, 2016
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, 2016 and 2015 consist of the following:

December 31,
20162015
(In thousands)
Non-interest bearing demand deposits$848,502$762,009
Interest-bearing savings and demand deposits2,219,4522,208,180
Individual retirement accounts265,754268,799
Retail certificates of deposit563,965441,998
Institutional certificates of deposit190,419253,791
Total core deposits4,088,0923,934,777
Brokered deposits576,395782,974
Total deposits$4,664,487$4,717,751

Brokered deposits include $508.4 million in certificates of deposits and $68.0 million in money market accounts at December 31, 2016, and $711.4 million in certificates of deposits and $71.6 million in money market accounts at December 31, 2015.

The weighted average interest rate of the Company’s deposits was 0.62% and 0.57% at December 31, 2016, and 2015 respectively. Interest expense for the years ended December 31, 2016, 2015 and 2014 was as follows:

Year Ended December 31,
201620152014
(In thousands)
Demand and savings deposits$12,004$12,414$17,724
Certificates of deposit17,24914,62016,230
$29,253$27,034$33,954

At December 31, 2016 and 2015, demand and interest-bearing deposits and certificates of deposit included deposits of Puerto Rico Cash & Money Market Fund, Inc., which amounted to $15.3 million and $103.7 million, respectively, with a weighted average rate of 0.77% for both periods. As of December 31, 2015 deposits were collateralized with investment securities with a fair value of $81.6 million. As of December 31, 2016, these deposits were not collateralized.

The Puerto Rico Cash & Money Market Fund, Inc.("the Fund") has commenced a process for its eventual dissolution and liquidation, as set forth in the no-objection letter issued by the OCFI on June 21, 2016.

At December 31, 2016 and 2015, time deposits in denominations of $250 thousand or higher, excluding accrued interest and unamortized discounts, amounted to $344.0 million and $376.8 million, respectively. Such amounts include public fund time deposits from various Puerto Rico government municipalities, agencies, and corporations of $2.1 million and $7.6 million at a weighted average rate of 0.50% and 0.49% at December 31, 2016 and 2015, respectively.

At December 31, 2016 and 2015, total public fund deposits from various Puerto Rico government municipalities, agencies, and corporations amounted to $170.7 million and $99.0 million, respectively. These public funds were collateralized with commercial loans amounting to $209.2 million at December 31, 2016 and $410.9 million at December 31, 2015

Excluding accrued interest of $1.7 million, the scheduled maturities of certificates of deposit at December 31, 2016 are as follows:

December 31, 2016
(In thousands)
Within one year:
Three (3) months or less$277,621
Over 3 months through 1 year534,548
812,169
Over 1 through 2 years488,440
Over 2 through 3 years154,545
Over 3 through 4 years29,701
Over 4 through 5 years41,949
$1,526,804

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 $575 thousand and $1.5 million as of December 31, 2016 and 2015, respectively.