Deposits

The following table summarizes total deposits at June 30, 2016 and December 31, 2015.



	June 30,		December 31,
	2016		2015
Deposits - interest bearing	$	11,898,925	$	11,487,006
Deposits - non-interest bearing	1,158		701
Total deposits	$	11,900,083	$	11,487,707

Interest Bearing

Interest bearing deposits as of June 30, 2016 and December 31, 2015 consisted of non-maturity savings and money market deposits (“MMDAs”), brokered and retail certificates of deposit (“CDs”), and brokered 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 June 30, 2016 and 2015, respectively, and placement fee expense of $5.2 million and $5.4 million in the six months ended June 30, 2016 and 2015, respectively. Fees paid to third-party brokers related to brokered CDs were $0.1 million for the three months ended June 30, 2016 and $2.9 million for the six months ended June 30, 2016. There were no such fees paid in the three and six months ended June 30, 2015.

Interest bearing deposits at June 30, 2016 and December 31, 2015 are summarized as follows:



	June 30, 2016				December 31, 2015
	Amount		Qtr.-End Weighted Average Stated Rate⁽¹⁾		Amount		Year-End Weighted Average Stated Rate⁽¹⁾

Money market	$	5,216,901	1.23	%	$	4,886,299	1.19	%
Savings	666,918		0.82		669,254		0.82
Certificates of deposit	6,015,106		1.19		5,931,453		0.98
Deposits - interest bearing	$	11,898,925			$	11,487,006

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

As of June 30, 2016 and December 31, 2015, there were $306.2 million and $709.9 million, respectively, of deposits exceeding Federal Deposit Insurance Corporation (“FDIC”) insurance limits. Accrued interest on deposits was $17.8 million and $15.7 million at June 30, 2016 and December 31, 2015, respectively.

Non-Interest Bearing

Non-interest bearing deposits were $1.2 million and $0.7 million as of June 30, 2016 and December 31, 2015, respectively. For both periods, these were comprised of money market accounts related to our Employee Stock Purchase Plan account.