(7) Deposits

The aggregate amount of time deposits with balances that met or exceeded the Federal Deposit Insurance Corporation (FDIC) insurance limit of $250,000 was $104.3 million and $104.9 million at December 31, 2019 and 2018, respectively. The Company had brokered deposits totaling $45.2 million and $39.8 million at December 31, 2019 and 2018, respectively.

The scheduled maturities of total time deposits at December 31, 2019 were as follows:


(in thousands)
Due within:
2020	$	201,397
2021		60,286
2022		33,300
2023		15,302
2024		739
Thereafter		—
Total	$	311,024

The Federal Reserve Bank required the Bank to maintain cash or balances of $1.3 million at December 31, 2019 compared to $1.8 million at December 31, 2018 to satisfy reserve requirements. Average compensating balances held at correspondent banks were $1.5 million and $787,000 at December 31, 2019 and 2018, respectively. The Bank maintains such compensating balances with correspondent banks to offset charges for services rendered by those banks.