Statement of Financial Position, Unclassified - Deposit Based Operations

12 Months Ended

Dec. 31, 2021

Statement of Financial Position [Abstract]

Deposits [Abstract]

10. DEPOSITS

The table below summarizes deposits by type: 

	December 31,
	2021		2020
	(in millions)
Non-interest-bearing demand deposits	$	21,353.4	$	13,463.3
Interest-bearing transaction accounts	6,924.0		4,396.4
Savings and money market accounts	17,278.6		12,413.4
Time certificates of deposit ($250,000 or more)	523.0		602.0
Other time deposits	1,533.0		1,055.4
Total deposits	$	47,612.0	$	31,930.5

The summary of the contractual maturities for all time deposits as of December 31, 2021 is as follows: 

	December 31,
	(in millions)
2022	$	1,932.4
2023	102.2
2024	17.4
2025	2.9
2026	1.1
Total	$	2,056.0

WAB is a participant in the Promontory Interfinancial Network, a network that offers deposit placement services such as CDARS and ICS, which offer products that qualify large deposits for FDIC insurance. Federal banking law and regulation places restrictions on depository institutions regarding brokered deposits because of the general concern that these deposits are not relationship-based and are at a greater risk of being withdrawn, thus posing liquidity risk for institutions that gather brokered deposits in significant amounts. At December 31, 2021 and 2020, the Company had $729.2 million and $496.4 million, respectively, of reciprocal CDARS deposits and $1.8 billion and $1.3 billion, respectively, of ICS deposits. The Company also had $1.8 billion and $554.8 million of wholesale brokered deposits at December 31, 2021 and 2020, respectively.

In addition, deposits for which the Company provides account holders with earnings credits or referral fees totaled $10.8 billion and $5.9 billion at December 31, 2021 and 2020, respectively. The Company incurred $27.4 million and $17.0 million in deposit related costs on these deposits during the years ended December 31, 2021 and 2020, respectively.