Deposits

12 Months Ended

Dec. 31, 2022

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


As of December 31, (dollars in thousands)	2022		2021
Deposits - interest bearing	$	21,446,647	$	20,826,692
Deposits - non-interest bearing	1,424		1,432
Total deposits	$	21,448,071	$	20,828,124

Our total deposits of $21.4 billion were comprised of $9.9 billion in brokered deposits and $11.5 billion in retail and other deposits at December 31, 2022, compared with 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 December 31, 2022 and 2021 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 $8.0 billion of our deposit total as of December 31, 2022, compared with $7.3 billion at December 31, 2021.

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 $13 million, $16 million, and $19 million in the years ended December 31, 2022, 2021, and 2020, respectively. Fees paid to third-party brokers related to brokered CDs were $13 million, $13 million, and $5 million during the years ended December 31, 2022, 2021, and 2020, respectively.

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


	2022				2021
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	$	10,977,242	3.75	%	$	10,473,569	0.69	%
Savings	982,586		3.15		959,122		0.43
Certificates of deposit	9,486,819		2.57		9,394,001		1.20
Deposits - interest bearing	$	21,446,647			$	20,826,692

(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)	2022		2021
One year or less	$	3,224,573	$	4,407,370
After one year to two years	2,954,257		2,297,955
After two years to three years	1,904,919		1,299,461
After three years to four years	1,031,881		299,737
After four years to five years	324,375		1,042,065
After five years	46,814		47,413
Total	$	9,486,819	$	9,394,001

As of December 31, 2022 and 2021, there were $615 million and $743 million, respectively, of deposits exceeding FDIC insurance limits. Accrued interest on deposits was $59 million and $35 million at December 31, 2022 and 2021, respectively.