Deposits >. Borrowings >. Total deposits amounted to $4,099 million at December 31, 2001, as com- pared to $3,346 million and $2,565 million at December 31, 2000 and 1999, respectively. The following table presents the composition of total deposits. Total deposits are composed of branch-based deposits, brokered deposits and to a lesser extent of institutional deposits. Institutional deposits include certificates issued to agencies of the Government of Puerto Rico. Total interest bearing deposits increased by $745 million at December 31, 2001 when compared to December 31, 2000. This fluctuation was mainly due to: (1) an increase in branch-based deposits of $92 million; (2) an increase of $691 million in brokered certificates of deposits; net of (3) a decrease of $38 million in certificates issued to the agencies of the Government of Puerto Rico. Non-interest bearing deposits increased by $8 million in 2001. At December 31, 2001 total borrowings amounted to $3,425 million as compared to $2,069 million and $1,804 million at December 31, 2000 and 1999, respectively. The increase in borrowings of $1,356 million was nec- essary to finance the growth in the investment portfolio of $1,483 million. The following table presents the composition of borrowings. December 31, 2001 2000 1999 (Dollars in thousands) Federal funds purchased and securities sold under agreements to repurchase $2,997,174 $1,856,436 $1,452,151 Advances from FHLB 343,700 67,000 50,000 Subordinated notes 84,362 90,548 93,594 Notes payable 55,500 55,500 Other short term borrowings 152,484 Total $3,425,236 $2,069,484 $1,803,729 Weighted average rate during the period 5.02% 6.27% 5.34% December 31, 2001 2000 1999 (Dollars in thousands) Savings accounts $ 469,452 $ 430,298 $ 447,946 Interest bearing checking accounts 205,760 170,631 162,601 Certificates of deposit 3,183,491 2,512,891 1,742,978 Interest bearing deposits 3,858,703 3,113,820 2,353,525 Non-interest bearing deposits 239,851 232,164 211,896 Total $4,098,554 $3,345,984 $2,565,421 Weighted average rate during the period on interest bearing deposit 4.62% 5.53% 4.69% Interest bearing deposits: Average balance outstanding  $3,481,887 $2,769,637 $1,927,614 Non-interest bearing deposits: Average balance outstanding  233,254 213,728 179,478 0 39 First BanCorp.> 2001