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Deposits and Related Interest
 6 Months Ended
Jun. 30, 2017
Deposits and Related Interest [Abstract]  
Deposit and Related Interest

NOTE 9— DEPOSITS AND RELATED INTEREST

Total deposits, including related accrued interest payable, as of June 30, 2017 and December 31, 2016 consist of the following:

June 30,December 31,
20172016
(In thousands)
Non-interest bearing demand deposits$845,375 $ 848,502
Interest-bearing savings and demand deposits2,115,2902,219,452
Individual retirement accounts238,345265,754
Retail certificates of deposit607,910563,965
Institutional certificates of deposit206,855190,419
Total core deposits4,013,7754,088,092
Brokered deposits568,911576,395
Total deposits$4,582,686$4,664,487

Brokered deposits include $515.6 million in certificates of deposits and $53.3 million in money market accounts at June 30, 2017, and $508.4 million in certificates of deposits and $68.0 million in money market accounts at December 31, 2016.

The weighted average interest rate of the Company’s deposits was 0.65% and 0.62% at June 30, 2017 and December 31, 2016 respectively. Interest expense for the quarters and six-month periods ended June 30, 2017 and 2016 was as follows:

Quarter Ended June 30,Six-Month Period Ended June 30,
2017201620172016
(In thousands)
Demand and savings deposits$2,939$3,184$5,848$6,026
Certificates of deposit4,7134,1839,1578,465
$7,652$7,367$15,005$14,491

At December 31, 2016, demand and interest-bearing deposits and certificates of deposit included uncollateralized deposits of Puerto Rico Cash & Money Market Fund, Inc. ("the Fund”), which amounted to $15.3 million, with a weighted average rate of 0.77%. On April 3, 2017, the Fund was liquidated in anticipation of its dissolution.

At June 30, 2017 and December 31, 2016, time deposits in denominations of $250 thousand or higher, excluding accrued interest and unamortized discounts, amounted to $360.9 million and $344.0 million, respectively. Such amounts include public funds time deposits from various Puerto Rico government municipalities, agencies, and corporations of $16.8 million and $2.1 million at a weighted average rate of 0.63% and 0.50% at June 30, 2017 and December 31, 2016, respectively.

At June 30, 2017 and December 31, 2016, total public fund deposits from various Puerto Rico government municipalities, agencies, and corporations amounted to $123.3 million and $170.7 million, respectively. These public funds were collateralized with commercial loans amounting to $215.8 million and $209.2 million at June 30, 2017 and December 31, 2016, respectively.

Excluding accrued interest of approximately $1.9 million, the scheduled maturities of certificates of deposit at June 30, 2017 and December 31, 2016 are as follows:

June 30, 2017December 31, 2016
(In thousands)
Within one year:
Three (3) months or less$262,406$277,621
Over 3 months through 1 year590,861534,548
853,267812,169
Over 1 through 2 years444,176488,440
Over 2 through 3 years195,287154,545
Over 3 through 4 years38,87229,701
Over 4 through 5 years35,14541,949
$1,566,747$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 $761 thousand and $575 thousand as of June 30, 2017 and December 31, 2016, respectively.