TIME DEPOSITS

Time deposits included approximately $1.443 billion and $736.0 million of certificates of deposit of $100,000 or more, at December 31, 2018 and 2017, respectively. Of this total approximately $753.2 million and $396.8 million of certificates of deposit were over $250,000 at December 31, 2018 and 2017, respectively.

Brokered time deposits were $1.386 billion and $442.0 million at December 31, 2018 and 2017, respectively. Maturities of all time deposits are as follows: 2019 – $2.384 billion; 2020 – $407.92 million; 2021 – $83.74 million; 2022 – $13.47 million; 2023 – $6.94 million; thereafter – $85,000.

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.