Deposits

3 Months Ended

Mar. 31, 2022

Banking and Thrift, Other Disclosures [Abstract]

The following table summarizes total deposits at March 31, 2022 and December 31, 2021.


	March 31,		December 31,
(Dollars in thousands)	2022		2021
Deposits - interest bearing	$	21,192,004	$	20,826,692
Deposits - non-interest bearing	2,022		1,432
Total deposits	$	21,194,026	$	20,828,124

Our total deposits of $21.2 billion were comprised of $10.0 billion in brokered deposits and $11.2 billion in retail and other deposits at March 31, 2022, compared to total deposits of $20.8 billion, which were comprised of $10.1 billion in brokered deposits and $10.7 billion in retail and other deposits, at December 31, 2021.

Interest bearing deposits as of March 31, 2022 and December 31, 2021 consisted of retail and brokered non-maturity savings deposits, retail and brokered non-maturity money market deposits (“MMDAs”), and retail and brokered certificates of deposit (“CDs”). Interest bearing deposits include deposits from Educational 529 and Health Savings plans that diversify our funding sources and additional deposits we consider to be core. These and other large omnibus accounts, aggregating the deposits of many individual depositors, represented $7.8 billion and $7.3 billion of our deposit total as of March 31, 2022 and December 31, 2021, respectively.

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 $3 million and $4 million in the three months ended March 31, 2022 and 2021, respectively. Fees paid to third-party brokers related to brokered CDs were $2 million for the three months ended March 31, 2022. There were no related fees paid in the three months ended March 31, 2021.

Interest bearing deposits at March 31, 2022 and December 31, 2021 are summarized as follows:


	March 31, 2022				December 31, 2021
(Dollars in thousands)	Amount		Qtr.-End Weighted Average Stated Rate(1)		Amount		Year-End Weighted Average Stated Rate(1)

Money market	$	10,984,116	0.79	%	$	10,473,569	0.69	%
Savings	968,059		0.43		959,122		0.43
Certificates of deposit	9,239,829		1.37		9,394,001		1.20
Deposits - interest bearing	$	21,192,004			$	20,826,692

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

As of March 31, 2022, and December 31, 2021, there were $532 million and $743 million, respectively, of deposits exceeding Federal Deposit Insurance Corporation (“FDIC”) insurance limits. Accrued interest on deposits was $42 million and $35 million at March 31, 2022 and December 31, 2021, respectively.