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Deposits and Related Interest
 3 Months Ended
Mar. 31, 2020
Deposits and Related Interest [Abstract]  
Deposits and Related Interest

NOTE 12— DEPOSITS AND RELATED INTEREST

 

Total deposits, including related accrued interest payable, as of March 31, 2020 and December 31, 2019 consist of the following:

 

March 31,

 

December 31,

 

2020

 

2019

 

(In thousands)

Non-interest bearing demand deposits

$

1,712,943

 

$

1,675,315

Interest-bearing savings and demand deposits

 

3,827,602

 

 

3,718,846

Retail certificates of deposit

 

1,759,487

 

 

1,781,237

Institutional certificates of deposit

 

263,725

 

 

279,714

Total core deposits

 

7,563,757

 

 

7,455,112

Brokered deposits

 

255,514

 

 

243,498

Total deposits

$

7,819,271

 

$

7,698,610

Brokered deposits include $212.8 million in certificates of deposits and $42.7 million in money market accounts at March 31, 2020, and $222.1 million in certificates of deposits and $21.4 million in money market accounts at December 31, 2019.The weighted average interest rate of Oriental’s deposits was 0.90% and 0.86%, respectively, at March 31, 2020 and December 31, 2019. Interest expense for the quarters ended March 31, 2020 and 2019 was as follows:

 

Quarter Ended March 31,

 

2020

 

2019

 

(In thousands)

Demand and savings deposits

$

6,985

 

$

3,411

Certificates of deposit

 

9,635

 

 

5,638

 

$

16,620

 

$

9,049

At March 31, 2020 and December 31, 2019, time deposits in denominations of $250 thousand or higher, excluding accrued interest and unamortized discounts, amounted to $683.6 million and $692.1 million, respectively. Such amounts include public funds time deposits from various Puerto Rico government municipalities, agencies and corporations of $243.4 million and $257.2 million at a weighted average rate of 58.0% and 67.0% at March 31, 2020 and December 31, 2019, respectively.

 

At March 31, 2020 and December 31, 2019, total public fund deposits from various Puerto Rico government municipalities, agencies and corporations amounted to $264.4 million and $278.7 million, respectively. These public funds were collateralized with commercial loans and securities amounting to $325.8 million and $320.8 million at March 31, 2020 and December 31, 2019, respectively.

Excluding accrued interest of approximately $10.8 million, the scheduled maturities of certificates of deposit at March 31, 2020 and December 31, 2019 are as follows:

 

March 31,

 

December 31,

 

 

2020

 

 

2019

 

(In thousands)

Within one year:

 

 

 

 

 

Three (3) months or less

$

253,498

 

$

314,796

Over 3 months through 1 year

 

984,807

 

 

881,183

 

 

1,238,305

 

 

1,195,979

Over 1 through 2 years

 

641,084

 

 

732,421

Over 2 through 3 years

 

183,694

 

 

175,032

Over 3 through 4 years

 

87,391

 

 

89,148

Over 4 through 5 years

 

74,803

 

 

78,706

 

$

2,225,277

 

$

2,271,286

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 $709 thousand and $1.0 million as of March 31, 2020 and December 31, 2019, respectively.