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Deposits and Related Interest
 3 Months Ended
Mar. 31, 2018
Deposits and Related Interest [Abstract]  
Deposit and Related Interest

NOTE 11— DEPOSITS AND RELATED INTEREST

Total deposits, including related accrued interest payable, as of March 31, 2018 and December 31, 2017 consist of the following:

March 31,December 31,
20182017
(In thousands)
Non-interest bearing demand deposits$1,071,648 $ 969,525
Interest-bearing savings and demand deposits2,274,8552,274,116
Individual retirement accounts219,427231,376
Retail certificates of deposit592,307595,983
Institutional certificates of deposit200,595209,951
Total core deposits4,358,8324,280,951
Brokered deposits474,596518,531
Total deposits$4,833,428$4,799,482

Brokered deposits include $428.8 million in certificates of deposits and $45.8 million in money market accounts at March 31, 2018, and $471.6 million in certificates of deposits and $46.9 million in money market accounts at December 31, 2017.

The weighted average interest rate of Oriental’s deposits was 0.62% and 0.65% at March 31, 2018 and December 31, 2017, respectively. Interest expense for the quarters ended March 31, 2018 and 2017 was as follows:

Quarter Ended March 31,
20182017
(In thousands)
Demand and savings deposits$2,812$2,909
Certificates of deposit4,4864,444
$7,298$7,353

At March 31, 2018 and December 31, 2017, time deposits in denominations of $250 thousand or higher, excluding accrued interest and unamortized discounts, amounted to $352.5 million and $359.6 million, respectively. Such amounts include public funds time deposits from various Puerto Rico government municipalities, agencies, and corporations of $2.3 million and $3.5 million at a weighted average rate of 0.30% and 0.28% at March 31, 2018 and December 31, 2017, respectively.

At March 31, 2018 and December 31, 2017, total public fund deposits from various Puerto Rico government municipalities, agencies, and corporations amounted to $127.3 million and $153.1 million, respectively. These public funds were collateralized with commercial loans amounting to $172.0 million and $173.0 million at March 31, 2018 and December 31, 2017, respectively.

Excluding accrued interest of approximately $1.7 million, the scheduled maturities of certificates of deposit at March 31, 2018 and 2017 are as follows:

March 31,December 31,
20182017
(In thousands)
Within one year:
Three (3) months or less$318,599$316,382
Over 3 months through 1 year462,655508,285
781,254824,667
Over 1 through 2 years462,528470,670
Over 2 through 3 years121,506137,016
Over 3 through 4 years36,93636,125
Over 4 through 5 years37,24738,623
$1,439,471$1,507,101

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 $1.1 million and $2.2 million as of March 31, 2018 and December 31, 2017, respectively.