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Deposits and Related Interest
 6 Months Ended
Jun. 30, 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 June 30, 2020 and December 31, 2019 consist of the following:

 

June 30,

 

December 31,

 

2020

 

2019

 

(In thousands)

Non-interest bearing demand deposits

$

2,216,306

 

$

1,675,315

Interest-bearing savings and demand deposits

 

4,132,228

 

 

3,718,846

Retail certificates of deposit

 

1,705,236

 

 

1,781,237

Institutional certificates of deposit

 

269,990

 

 

279,714

Total core deposits

 

8,323,760

 

 

7,455,112

Brokered deposits

 

218,166

 

 

243,498

Total deposits

$

8,541,926

 

$

7,698,610

Brokered deposits include $179.1 million in certificates of deposits and $39.1 million in money market accounts at June 30, 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 0.82% and 0.86%, respectively, at June 30, 2020 and December 31, 2019. Interest expense for the quarters and six-month periods ended June 30, 2020 and 2019 was as follows:

 

Quarter Ended June 30,

 

Six-Month Period Ended June 30,

 

2020

 

2019

 

2020

 

2019

 

(In thousands)

Demand and savings deposits

$

6,224

 

$

3,948

 

$

13,208

 

$

7,359

Certificates of deposit

 

9,221

 

 

6,043

 

 

18,857

 

 

11,681

 

$

15,445

 

$

9,991

 

$

32,065

 

$

19,040

At June 30, 2020 and December 31, 2019, time deposits in denominations of $250 thousand or higher, excluding accrued interest and unamortized discounts, amounted to $672.9 million and $692.1 million, respectively.

 

At June 30, 2020 and December 31, 2019, total public fund deposits from various Puerto Rico government municipalities, agencies and corporations amounted to $275.3 million and $278.7 million, respectively. These public funds were collateralized with commercial loans and securities amounting to $314.2 million and $320.8 million at June 30, 2020 and December 31, 2019, respectively.

Excluding accrued interest of approximately $10.8 million and $11.7 million, the scheduled maturities of certificates of deposit at June 30, 2020 and December 31, 2019 are as follows:

 

June 30,

 

December 31,

 

 

2020

 

 

2019

 

(In thousands)

Within one year:

 

 

 

 

 

Three (3) months or less

$

348,687

 

$

314,796

Over 3 months through 1 year

 

1,036,210

 

 

881,183

 

 

1,384,897

 

 

1,195,979

Over 1 through 2 years

 

421,764

 

 

732,421

Over 2 through 3 years

 

184,688

 

 

175,032

Over 3 through 4 years

 

79,867

 

 

89,148

Over 4 through 5 years

 

72,346

 

 

78,706

 

$

2,143,562

 

$

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 $798 thousand and $1.0 million as of June 30, 2020 and December 31, 2019, respectively.