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Deposits
 12 Months Ended
Dec. 31, 2018
Banking and Thrift [Abstract]  
Deposits

Note 10 – Deposits

 

The following table provides information regarding the Bank’s deposit composition at December 31, 2018, 2017, and 2016 as well as the average rate being paid on interest bearing deposits at December 31, 2018, 2017, and 2016.

 

   2018   2017   2016 
      Average       Average       Average 
(dollars in thousands)  Balance   Rate   Balance   Rate   Balance   Rate 
Noninterest bearing demand  $2,104,220    —   $1,982,912    —   $1,775,684    — 
Interest bearing transaction   593,107    0.81%   420,417    0.46%   289,122    0.16%
Savings and money market   2,949,559    1.68%   2,621,146    0.70%   2,902,560    0.54%
Time, $100,000 or more   801,957    2.25%   515,682    1.20%   464,842    0.95%
Other time   525,442    2.25%   313,827    1.17%   283,906    0.86%
Total  $6,974,285        $5,853,984        $5,716,114      

 

The remaining maturity of time deposits at December 31, 2018, 2017 and 2016 are as follows:

 

(dollars in thousands)  2018   2017   2016 
Three months or less  $230,360   $180,459   $120,238 
More than three months through six months   355,022    228,513    151,422 
More than six months through twelve months   308,063    208,554    207,141 
Over twelve months   433,954    211,983    269,947 
Total  $1,327,399   $829,509   $748,748 

 

Interest expense on deposits for the years ended December 31, 2018, 2017 and 2016 is as follows:

 

(dollars in thousands)  2018   2017   2016 
Interest bearing transaction  $3,348   $1,537   $646 
Savings and money market   35,534    17,284    12,038 
Time, $100,000 or more   17,138    7,294    6,487 
Other time   4,190    1,171    77 
    Total  $60,210   $27,286   $19,248 

 

Related Party Deposits totaled $141.4 million and $179.1 million at December 31, 2018 and 2017, respectively.

 

During 2018, we modified our analysis with respect to insider related parties and as a result included additional relationships such as those involving extended family members and trusts, resulting in an increase to the previously reported $84.3 million balance of related party deposits at December 31, 2017.

 

As of December 31, 2018 and December 31, 2017, time deposit accounts in excess of $250 thousand totaled $445.8 million and $279.7 million, respectively.