Time Certificates of Deposit

3 Months Ended

Mar. 31, 2014

Time certificates of deposit amounted to $836.9 million and $790.8 million, respectively, at March 31, 2014 and December 31, 2013. These amounts included wholesale brokered time certificates of deposit of $171.3 million and $98.0 million, respectively, at March 31, 2014 and December 31, 2013. In the first quarter of 2014, wholesale brokered time deposits of $80.0 million were utilized as replacement funding for the prepayment of certain FHLBB advances. These brokered time deposits had an initial weighted average cost of 0.93% and a weighted average maturity of thirty-five months. See Note 8.

The following table presents scheduled maturities of time certificates of deposit outstanding at March 31, 2014:



(Dollars in thousands)	Scheduled Maturity		Weighted Average Rate
April 1, 2014 through December 31, 2014		$388,536	0.76	%
2015	185,138		1.50	%
2016	119,632		1.28	%
2017	65,007		1.27	%
2018	52,355		1.37	%
Thereafter	26,199		1.60	%
Balance at March 31, 2014		$836,867	1.10	%

The following table presents the amount of time certificates of deposit in denominations of $100 thousand or more at March 31, 2014, maturing during the periods indicated:



(Dollars in thousands)	Scheduled Maturity
April 1, 2014 to June 30, 2014		$142,908
July 1, 2014 to September 30, 2014	43,975
October 1, 2014 to March 31, 2015	63,771
April 1, 2015 and beyond	96,302
Balance at March 31, 2014		$346,956

- Definition

The entire disclosure for deposit liabilities including data and tables. It may include a description of the entity's deposit liabilities, the aggregate amount of time deposits (including certificates of deposit) in denominations of $100,000 or more at the balance sheet date; the aggregate amount of any demand deposits that have been reclassified as loan balances, such as overdrafts, at the balance sheet date; deposits that are received on terms other than those in the normal course of business, the amount of accrued interest on deposit liabilities; securities, mortgage loans or other financial instruments that serve as collateral for deposits; for time deposits having a remaining term of more than one year, the aggregate amount of maturities for each of the five years following the balance sheet date; and the weighted average interest rate for all deposit liabilities held by the entity.

+ References+ Details