XML 26 R16.htm IDEA: XBRL DOCUMENT v3.22.2.2
Deposits
 9 Months Ended
Sep. 30, 2022
Banking and Thrift, Other Disclosure [Abstract]  
Deposits Deposits
The following table summarizes total deposits at September 30, 2022 and December 31, 2021.

September 30,December 31,
(Dollars in thousands)20222021
Deposits - interest-bearing$21,276,181 $20,826,692 
Deposits - non-interest-bearing567 1,432 
Total deposits$21,276,748 $20,828,124 

Our total deposits of $21.3 billion were comprised of $10.2 billion in brokered deposits and $11.1 billion in retail and other deposits at September 30, 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 September 30, 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 $8.0 billion and $7.3 billion of our deposit total as of September 30, 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 September 30, 2022 and 2021, respectively, and placement fee expense of $10 million and $12 million in the nine months ended September 30, 2022 and 2021, respectively. Fees paid to third-party brokers related to brokered CDs were $4 million and $10 million for the three months ended September 30, 2022 and 2021, respectively, and fees paid to third-party brokers related to brokered CDs were $8 million and $11 million for the nine months ended September 30, 2022 and 2021, respectively.

Interest bearing deposits at September 30, 2022 and December 31, 2021 are summarized as follows:
 
 September 30, 2022December 31, 2021
(Dollars in thousands)Amount
Qtr.-End Weighted Average Stated Rate(1)
Amount
Year-End Weighted Average Stated Rate(1)
Money market$11,053,370 2.57 %$10,473,569 0.69 %
Savings947,870 2.14 959,122 0.43 
Certificates of deposit9,274,941 2.29 9,394,001 1.20 
Deposits - interest bearing$21,276,181 $20,826,692 
    (1) Includes the effect of interest rate swaps in effective hedge relationships.
As of September 30, 2022 and December 31, 2021, there were $538 million and $743 million, respectively, of deposits exceeding Federal Deposit Insurance Corporation (“FDIC”) insurance limits. Accrued interest on deposits was $48 million and $35 million at September 30, 2022 and December 31, 2021, respectively.