Deposits

The following table summarizes total deposits at March 31, 2016 and December 31, 2015.



	March 31,		December 31,
	2016		2015
Deposits - interest bearing	$	11,542,392	$	11,487,006
Deposits - non-interest bearing	963		701
Total deposits	$	11,543,355	$	11,487,707

Interest Bearing

Interest bearing deposits as of March 31, 2016 and December 31, 2015 consisted of non-maturity savings and money market deposits, brokered and retail certificates of deposit (“CDs”), and brokered money market deposits (“MMDAs”). Included in these accounts are what we consider to be core deposits from various sources. Our deposit products are serviced by third-party providers. Placement fees associated with the brokered CDs are amortized into interest expense using the effective interest rate method. We recognized placement fee expense of $2.6 million and $2.7 million in the three months ended March 31, 2016 and 2015, respectively. Fees paid to third-party brokers related to these CDs were $2.8 million for the three months ended March 31, 2016. There were no such fees paid in the three months ended March 31, 2015.

Interest bearing deposits at March 31, 2016 and December 31, 2015 are summarized as follows:



	March 31, 2016				December 31, 2015
	Amount		Qtr.-End Weighted Average Stated Rate⁽¹⁾		Amount		Year-End Weighted Average Stated Rate⁽¹⁾

Money market	$	5,125,507	1.22	%	$	4,886,299	1.19	%
Savings	679,511		0.82		669,254		0.82
Certificates of deposit	5,737,374		1.19		5,931,453		0.98
Deposits - interest bearing	$	11,542,392			$	11,487,006

____________

⁽¹⁾ Includes the effect of interest rate swaps in effective hedge relationships.

As of March 31, 2016 and December 31, 2015, there were $251.5 million and $709.9 million, respectively, of deposits exceeding Federal Deposit Insurance Corporation (“FDIC”) insurance limits. Accrued interest on deposits was $24.6 million and $15.7 million at March 31, 2016 and December 31, 2015, respectively.

Non-Interest Bearing

Non-interest bearing deposits were $1.0 million and $0.7 million as of March 31, 2016 and December 31, 2015, respectively. For both periods, these were comprised of money market accounts related to our Employee Stock Purchase Plan account.