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Deposits and Related Interest
 9 Months Ended
Sep. 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 September 30, 2020 and December 31, 2019 consist of the following:

 

September 30,

 

December 31,

 

2020

 

2019

 

(In thousands)

Non-interest bearing demand deposits

$

2,333,489

 

$

1,675,315

Interest-bearing savings and demand deposits

 

4,269,360

 

 

3,718,846

Retail certificates of deposit

 

1,642,779

 

 

1,781,237

Institutional certificates of deposit

 

290,739

 

 

279,714

Total core deposits

 

8,536,367

 

 

7,455,112

Brokered deposits

 

96,090

 

 

243,498

Total deposits

$

8,632,457

 

$

7,698,610

Brokered deposits include $66.6 million in certificates of deposits and $29.5 million in money market accounts at September 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 0.77% and 0.86%, respectively, at September 30, 2020 and December 31, 2019. Interest expense for the quarters and nine-month periods ended September 30, 2020 and 2019 was as follows:

 

Quarter Ended September 30,

 

Nine-Month Period Ended September 30,

 

2020

 

2019

 

2020

 

2019

 

(In thousands)

Demand and savings deposits

$

6,320

 

$

3,949

 

$

19,528

 

$

11,308

Certificates of deposit

 

8,300

 

 

6,605

 

 

27,157

 

 

18,286

 

$

14,620

 

$

10,554

 

$

46,685

 

$

29,594

At September 30, 2020 and December 31, 2019, time deposits in denominations of $250 thousand or higher, excluding accrued interest and unamortized discounts, amounted to $670.4 million and $692.1 million, respectively.

 

At September 30, 2020 and December 31, 2019, total public fund deposits from various Puerto Rico government municipalities, agencies and corporations amounted to $308.2 million and $278.7 million, respectively. These public funds were collateralized with commercial loans and securities amounting to $322.2 million and $320.8 million at September 30, 2020 and December 31, 2019, respectively.

Excluding accrued interest of approximately $8.0 million and $11.7 million, the scheduled maturities of certificates of deposit at September 30, 2020 and December 31, 2019 are as follows:

 

September 30,

 

December 31,

 

 

2020

 

 

2019

 

(In thousands)

Within one year:

 

 

 

 

 

Three (3) months or less

$

254,168

 

$

314,796

Over 3 months through 1 year

 

1,044,051

 

 

881,183

 

 

1,298,219

 

 

1,195,979

Over 1 through 2 years

 

343,518

 

 

732,421

Over 2 through 3 years

 

178,202

 

 

175,032

Over 3 through 4 years

 

77,949

 

 

89,148

Over 4 through 5 years

 

94,204

 

 

78,706

 

$

1,992,092

 

$

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 $1.3 million and and $1.0 million as of September 30, 2020 and December 31, 2019, respectively.