Deposits

12 Months Ended

Dec. 31, 2023

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


As of December 31, (dollars in thousands)	2023		2022
Deposits - interest bearing	$	21,651,657	$	21,446,647
Deposits - non-interest bearing	1,531		1,424
Total deposits	$	21,653,188	$	21,448,071

Our total deposits of $21.7 billion were comprised of $10.3 billion in brokered deposits and $11.4 billion in retail and other deposits at December 31, 2023, compared with 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 December 31, 2023 and 2022 consisted of retail and brokered non-maturity savings deposits, retail and brokered non-maturity MMDAs, and retail and brokered CDs. Interest bearing deposits also include deposits from Educational 529 and Health Savings plans that diversify our funding sources and that we consider to be core. These and other large omnibus accounts, aggregating the deposits of many individual depositors, represented $7.6 billion of our deposit total as of December 31, 2023, compared with $8.0 billion at December 31, 2022.

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 $12 million, $13 million, and $16 million in the years ended December 31, 2023, 2022, and 2021, respectively. Fees paid to third-party brokers related to brokered CDs were $8 million, $13 million, and $13 million during the years ended December 31, 2023, 2022, and 2021, respectively.

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


	2023				2022
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	$	10,258,292	4.85	%	$	10,977,242	3.75	%
Savings	945,000		4.35		982,586		3.15
Certificates of deposit	10,448,365		3.69		9,486,819		2.57
Deposits - interest bearing	$	21,651,657			$	21,446,647

(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)	2023		2022
One year or less	$	3,937,766	$	3,224,573
After one year to two years	4,112,902		2,954,257
After two years to three years	1,881,371		1,904,919
After three years to four years	327,295		1,031,881
After four years to five years	188,802		324,375
After five years	229		46,814
Total	$	10,448,365	$	9,486,819

As of December 31, 2023 and 2022, there were $478 million and $615 million, respectively, of deposits exceeding FDIC insurance limits. Accrued interest on deposits was $91 million and $59 million at December 31, 2023 and 2022, respectively.