Deposits

6 Months Ended

Jun. 30, 2023

Banking and Thrift, Other Disclosure [Abstract]

The following table summarizes total deposits at June 30, 2023 and December 31, 2022.


	June 30,		December 31,
(Dollars in thousands)	2023		2022
Deposits - interest-bearing	$	20,358,961	$	21,446,647
Deposits - non-interest-bearing	2,524		1,424
Total deposits	$	20,361,485	$	21,448,071

Our total deposits of $20.4 billion were comprised of $8.7 billion in brokered deposits and $11.7 billion in retail and other deposits at June 30, 2023, compared to total deposits of $21.4 billion, which were comprised of $9.9 billion in brokered deposits and $11.5 billion in retail and other deposits, at December 31, 2022.

Interest-bearing deposits as of June 30, 2023 and December 31, 2022 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 $7.6 billion and $8.0 billion of our deposit total as of June 30, 2023 and December 31, 2022, 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 June 30, 2023 and 2022, respectively, and placement fee expense of $6 million and $7 million in the six months ended June 30, 2023 and 2022, respectively. There were no fees paid to third-party brokers related to brokered CDs for the three months ended June 30, 2023 and $2 million in fees were paid for the three months ended June 30, 2022. Fees paid to third-party brokers related to brokered CDs were $3 million and $4 million for the six months ended June 30, 2023 and 2022, respectively.

Interest bearing deposits at June 30, 2023 and December 31, 2022 are summarized as follows:


	June 30, 2023				December 31, 2022
(Dollars in thousands)	Amount		Qtr.-End Weighted Average Stated Rate(1)		Amount		Year-End Weighted Average Stated Rate(1)

Money market	$	10,246,170	4.54	%	$	10,977,242	3.75	%
Savings	923,330		3.95		982,586		3.15
Certificates of deposit	9,189,461		3.03		9,486,819		2.57
Deposits - interest bearing	$	20,358,961			$	21,446,647

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

Certificates of deposit remaining maturities are summarized as follows:


(Dollars in thousands)	June 30, 2023		December 31, 2022
One year or less	$	2,501,856	$	3,224,573
After one year to two years	3,405,039		2,954,257
After two years to three years	1,944,330		1,904,919
After three years to four years	1,078,804		1,031,881
After four years to five years	255,357		324,375
After five years	4,075		46,814
Total	$	9,189,461	$	9,486,819

As of June 30, 2023 and December 31, 2022, there were $457 million and $615 million, respectively, of deposits exceeding Federal Deposit Insurance Corporation (“FDIC”) insurance limits. These omnibus accounts are structured in such a way that entitles the individual depositor pass-through deposit insurance (subject to FDIC rules and limitations), and the majority of these deposits have contractual minimum balances and maturity terms. Accrued interest on deposits was $69 million and $59 million at June 30, 2023 and December 31, 2022, respectively.