Note 13 Deposits

Total deposits were $3.8 billion at both December 31, 2015 and 2014. Time deposits decreased from $1.4 billion at December 31, 2014 to $1.2 billion at December 31, 2015. The following table summarizes the Company’s time deposits, based upon contractual maturity, at December 31, 2015 and 2014, by remaining maturity:


	December 31, 2015				December 31, 2014
			Weighted				Weighted
			Average				Average
	Balance		Rate		Balance		Rate
Three months or less	$	214,724	0.53	%	$	256,091	0.46	%
Over 3 months through 6 months		200,771	0.52	%		255,301	0.56	%
Over 6 months through 12 months		391,750	0.68	%		423,329	0.71	%
Over 12 months through 24 months		271,353	0.81	%		321,073	0.89	%
Over 24 months through 36 months		65,306	1.25	%		63,806	1.05	%
Over 36 months through 48 months		36,955	1.39	%		24,467	1.24	%
Over 48 months through 60 months		7,942	1.08	%		7,748	1.22	%
Thereafter		5,082	1.48	%		5,236	1.47	%
Total time deposits	$	1,193,883	0.72	%	$	1,357,051	0.71	%

The Company incurred interest expense on deposits as follows during the periods indicated:


	For the years ended December 31,
	2015		2014		2013
Interest bearing demand deposits	$	315	$	317	$	620
Money market accounts		3,372		3,467		3,424
Savings accounts		837		539		227
Time deposits		9,085		9,797		12,122
Total	$	13,609	$	14,120	$	16,393

The Federal Reserve System requires cash balances to be maintained at the Federal Reserve Bank based on certain deposit levels. The minimum reserve requirement for the Bank at December 31, 2015 was $10.3 million. The aggregate amount of certificates of deposit in denominations that meet or exceed the FDIC insurance limit was $86.9 million and $98.9 million at December 31, 2015 and 2014, respectively.