Deposits

12 Months Ended

Dec. 31, 2024

The following table summarizes total deposits at December 31, 2024 and 2023.


As of December 31, (dollars in thousands)	2024		2023
Deposits - interest-bearing	$	21,066,752	$	21,651,657
Deposits - non-interest-bearing	1,816		1,531
Total deposits	$	21,068,568	$	21,653,188

Our total deposits of $21.1 billion were comprised of $9.5 billion in brokered deposits and $11.6 billion in retail and other deposits at December 31, 2024, compared with total deposits of $21.7 billion, which were comprised of $10.3 billion in brokered deposits and $11.4 billion in retail and other deposits, at December 31, 2023.

Interest-bearing deposits as of December 31, 2024 and 2023 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 $7.0 billion of our deposit total as of December 31, 2024, compared with $7.6 billion at December 31, 2023. The 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.

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 $11 million, $12 million, and $13 million in the years ended December 31, 2024, 2023, and 2022, respectively. Fees paid to third-party brokers related to brokered CDs were $8 million, $8 million, and $13 million during the years ended December 31, 2024, 2023, and 2022, respectively.

Interest bearing deposits at December 31, 2024 and 2023 are summarized as follows:


	2024				2023
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	$	9,582,290	4.27	%	$	10,258,292	4.85	%
Savings	944,034		4.02		945,000		4.35
Certificates of deposit	10,540,428		4.20		10,448,365		3.69
Deposits - interest-bearing	$	21,066,752			$	21,651,657

(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)	2024		2023
One year or less	$	6,569,872	$	3,937,766
After one year to two years	2,074,849		4,112,902
After two years to three years	986,262		1,881,371
After three years to four years	189,421		327,295
After four years to five years	720,005		188,802
After five years	19		229
Total	$	10,540,428	$	10,448,365

As of December 31, 2024 and 2023, there were $567 million and $478 million, respectively, of deposits exceeding FDIC insurance limits. Accrued interest on deposits was $92 million and $91 million at December 31, 2024 and 2023, respectively.