Time Deposits

12 Months Ended

Dec. 31, 2019

TIME DEPOSITS

Time deposits included approximately $2.15 billion and $1.44 billion of certificates of deposit of $100,000 or more, at December 31, 2019 and 2018, respectively. Of this total approximately $837.3 million and $753.2 million of certificates of deposit were over $250,000 at December 31, 2019 and 2018, respectively.

Brokered time deposits were $1.06 billion and $1.39 billion at December 31, 2019 and 2018, respectively. Maturities of all time deposits are as follows: 2020 – $2.60 billion; 2021 – $492.43 million; 2022 – $112.03 million; 2023 – $47.20 million; 2024 – $16.82 million; thereafter – $4.47 million.

Deposits are the Company’s primary funding source for loans and investment securities. The mix and repricing alternatives can significantly affect the cost of this source of funds and, therefore, impact the interest margin.