Deposits

12 Months Ended

Dec. 31, 2021

The following table summarizes total deposits at December 31, 2021 and 2020.


As of December 31, (dollars in thousands)	2021		2020
Deposits - interest bearing	$	20,826,692	$	22,664,899
Deposits - non-interest bearing	1,432		1,140
Total deposits	$	20,828,124	$	22,666,039

Our total deposits of $20.8 billion were comprised of $10.1 billion in brokered deposits and $10.7 billion in retail and other deposits at December 31, 2021, compared with total deposits of $22.7 billion, which were comprised of $11.9 billion in brokered deposits and $10.8 billion in retail and other deposits, at December 31, 2020.

Interest bearing deposits as of December 31, 2021 and 2020 consisted of retail and brokered non-maturity savings deposits, retail and brokered non-maturity MMDAs and retail and brokered CDs. Interest bearing deposits include deposits from Educational 529 and Health Savings plans that diversify our funding sources and add deposits we consider to be core. These and other large omnibus accounts, aggregating the deposits of many individual depositors, represented $7.3 billion of our deposit total as of December 31, 2021, compared with $7.1 billion at December 31, 2020.

Some of 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 $16 million, $19 million, and $18 million in the years ended December 31, 2021, 2020, and 2019, respectively. Fees paid to third-party brokers related to these CDs were $13 million, $5 million, and $28 million during the years ended December 31, 2021, 2020, and 2019, respectively.

Interest bearing deposits at December 31, 2021 and 2020 are summarized as follows:


	2021				2020
As of December 31, (dollars in thousands)	Amount		Year-End Weighted Average Stated Rate(1)		Amount		Year-End Weighted Average Stated Rate(1)

Money market	$	10,473,569	0.69	%	$	10,159,657	0.83	%
Savings	959,122		0.43		907,976		0.55
Certificates of deposit	9,394,001		1.20		11,597,266		1.34
Deposits - interest bearing	$	20,826,692			$	22,664,899

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

Certificates of deposit remaining maturities are summarized as follows:


As of December 31, (dollars in thousands)	2021		2020
One year or less	$	4,407,370	$	5,728,556
After one year to two years	2,297,955		3,363,022
After two years to three years	1,299,461		1,603,229
After three years to four years	299,737		553,911
After four years to five years	1,042,065		300,346
After five years	47,413		48,202
Total	$	9,394,001	$	11,597,266

As of December 31, 2021 and 2020, there were $743 million and $571 million, respectively, of deposits exceeding FDIC insurance limits. Accrued interest on deposits was $35 million and $50 million at December 31, 2021 and 2020, respectively.