Deposits

12 Months Ended

Dec. 31, 2019

The aggregate amount of time deposits in denominations of more than $250 thousand at December 31, 2019 and 2018, was $1.86 billion and $1.77 billion, respectively. Included in time deposits of more than $250 thousand were $300.0 million in California State Treasurer’s deposits at December 31, 2019 and 2018. The California State Treasurer’s deposits are subject to withdrawal based on the State’s periodic evaluations. The Company is required to pledge eligible collateral of at least 110% of outstanding deposits. At December 31, 2019 and 2018, securities with fair values of approximately $333.2 million and $336.8 million, respectively, were pledged as collateral for the California State Treasurer’s deposits.

The Company also utilizes brokered deposits as a secondary source of funds. Total brokered deposits at December 31, 2019 and December 31, 2018, totaled $1.48 billion and $1.57 billion, respectively. Brokered deposits at December 31, 2019 consisted of $538.2 million in money market and NOW accounts and $940.5 million in time deposits accounts. Brokered deposits at December 31, 2018 consisted of $370.4 million in money market and NOW accounts and $1.20 billion in time deposits accounts.

At December 31, 2019, the scheduled maturities for time deposits were as follows:



	December 31, 2019
	(Dollars in thousands)
Scheduled maturities in:
2020	$	5,050,023
2021	75,275
2022	14,110
2023	19,260
2024	302
Total	$	5,158,970

The following table presents the maturity schedules of time deposits in amounts of more than $250 thousand as of December 31, 2019:



	December 31, 2019
	(Dollars in thousands)
Three months or less	$	638,019
Over three months through six months	372,606
Over six months through twelve months	811,238
Over twelve months	34,852
Total	$	1,856,715

Interest expense on deposits for the periods indicated is summarized as follows:



	Year Ended December 31,
	2019		2018		2017
	(Dollars in thousands)
Money market and NOW	$	57,731	$	43,252	$	31,856
Savings deposits	2,596		1,889		1,354
Time deposits	129,831		89,817		41,692
Total deposit interest expense	$	190,158	$	134,958	$	74,902