Hanmi Financial Corporation Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Deposits

Deposits

12 Months Ended

Dec. 31, 2019

Note 8 — Deposits

Time deposits at or exceeding the FDIC insurance limit of $250,000 at year-end 2019 and 2018 were $299.9 million and $288.6 million, respectively.

At December 31, 2019, the scheduled maturities of time deposits are as follows:

Year Ending December 31,	Time Deposits of $250,000 or More		Other Time Deposits		Total
	(in thousands)
2020	$	291,940	$	1,098,666	$	1,390,606
2021		7,186		130,331		137,517
2022		—		25,155		25,155
2023		789		1,185		1,974
2024		—		669		669
Total	$	299,914	$	1,256,005	$	1,555,919

A summary of interest expense on deposits was as follows for the periods indicated:

	Year Ended December 31,
	2019		2018		2017
	(in thousands)
Demand: interest-bearing	$	116	$	106	$	74
Money market and savings		23,556		16,182		12,515
Time deposits of $100,000 or more		36,867		24,309		10,471
Other time deposits		2,566		2,483		3,029
Total interest expense on deposits	$	63,105	$	43,080	$	26,089

Accrued interest payable on deposits was $11.2 million and $11.4 million at December 31, 2019 and 2018, respectively. Total deposits reclassified to loans due to overdrafts at December 31, 2019 and 2018 were $1.5 million, respectively.