Deposits and Related Interest

3 Months Ended

Mar. 31, 2019

NOTE 9— DEPOSITS AND RELATED INTEREST

Total deposits, including related accrued interest payable, as of March 31, 2019 and December 31, 2018 consist of the following:

	March 31,		December 31,
	2019		2018
	(In thousands)
Non-interest bearing demand deposits	$	1,092,488	$	1,105,324
Interest-bearing savings and demand deposits		2,356,868		2,274,423
Retail certificates of deposit		810,670		805,712
Institutional certificates of deposit		185,849		197,559
Total core deposits		4,445,875		4,383,018
Brokered deposits		451,226		525,097
Total deposits	$	4,897,101	$	4,908,115

Brokered deposits include $430.2 million in certificates of deposits and $21.0 million in money market accounts at March 31, 2019, and $500.8 million in certificates of deposits and $24.3 million in money market accounts at December 31, 2018.

The weighted average interest rate of Oriental’s deposits was 0.74% and 0.67%, respectively, at March 31, 2019 and December 31, 2018. Interest expense for the quarters ended March 31, 2019 and 2018 was as follows:

	Quarter Ended March 31,
	2019		2018
	(In thousands)
Demand and savings deposits	$	3,411	$	2,812
Certificates of deposit		5,638		4,486
	$	9,049	$	7,298

At March 31, 2019 and December 31, 2018, time deposits in denominations of $250 thousand or higher, excluding accrued interest and unamortized discounts, amounted to $338.5 million and $346.0 million, respectively. Such amounts include public funds time deposits from various Puerto Rico government municipalities, agencies and corporations of $14.1 million and $19.6 million at a weighted average rate of 127.0% and 116.4% at March 31, 2019 and December 31, 2018, respectively.

At March 31, 2019 and December 31, 2018, total public fund deposits from various Puerto Rico government municipalities, agencies and corporations amounted to $228.8 million and $207.4 million, respectively. These public funds were collateralized with commercial loans and securities amounting to $278.2 million and $281.2 million at March 31, 2019 and December 31, 2018, respectively.

Excluding accrued interest of approximately $2.2 million, the scheduled maturities of certificates of deposit at March 31, 2019 and December 31, 2018 are as follows:

	March 31,		December 31,
		2019		2018
	(In thousands)
Within one year:
Three (3) months or less	$	275,976	$	305,088
Over 3 months through 1 year		469,477		545,363
		745,453		850,451
Over 1 through 2 years		508,568		484,197
Over 2 through 3 years		94,306		89,340
Over 3 through 4 years		33,099		34,018
Over 4 through 5 years		43,117		42,998
	$	1,424,543	$	1,501,004

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 $578 thousand and $1.1 million as of March 31, 2019 and December 31, 2018, respectively.