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, 2020

Note 8 — Deposits

Time deposits at or exceeding the FDIC insurance limit of $250,000 at year-end 2020 and 2019 were $311.8 million and $299.9 million, respectively.

At December 31, 2020, 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)
2021	$	296,455	$	825,677	$	1,122,132
2022		14,315		115,832		130,148
2023		804		22,881		23,685
2024		—		5,382		5,382
2025 & thereafter		264		2,089		2,352
Total	$	311,838	$	971,861	$	1,283,699

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

	Year Ended December 31,
	2020		2019		2018
	(in thousands)
Demand: interest-bearing	$	70	$	116	$	106
Money market and savings		11,016		23,556		16,182
Time deposits of $250,000 or more		3,521		6,338		9,598
Other time deposits		19,387		33,095		17,194
Total interest expense on deposits	$	33,994	$	63,105	$	43,080

Accrued interest payable on deposits was $4.6 million and $11.2 million at December 31, 2020 and 2019, respectively. Total deposits reclassified to loans due to overdrafts at December 31, 2020 and 2019 were $241,000 and $1.5 million, respectively.