Note 9: Interest Bearing Deposits

Interest-bearing time deposits in denominations of $250,000 or more were $11.1 million on December 31, 2016 and $7.4 million on December 31, 2015. Certificates of Deposit obtained from brokers totaled approximately $12.7 million and $5.2 million at December 31, 2016 and 2015, respectively, and mature between 2017 and 2021.

At December 31, 2016, the scheduled maturities of time deposits were as follows:

Included in time deposits at December 31, 2016 and 2015 were $61.6 million and $37.1 million, respectively, of deposits which were obtained through the Certificate of Deposit Account Registry Service (CDARS). This service allows deposit customers to maintain fully insured balances in excess of the $250,000 FDIC limit without the inconvenience of having multi-banking relationships. Under the reciprocal program that State Bank is currently participating in, customers agree to allow State Bank to place their deposits with other participating banks in the CDARS program in insurable amounts under $250,000. In exchange, other banks in the program agree to place their deposits with State Bank also in insurable amounts under $250,000.