Deposits

12 Months Ended

Dec. 31, 2019


NOTE 10 – Deposits

The following is an analysis of People’s United’s total deposits by product type:


	2019						2018
As of December 31 (dollars in millions)	Amount		Weighted- Average Rate		Amount		Weighted- Average Rate
Non-interest-bearing	$	9,803.7	—	%	$	8,543.0	—	%
Savings	4,987.7		0.23		4,116.5		0.09
Interest-bearing checking and money market	19,592.6		0.92		16,583.3		1.04
Time deposits maturing:
Within 3 months	$	3,984.7	1.90		1,480.0		1.66
After 3 but within 6 months	2,659.3		2.12		1,375.6		1.67
After 6 months but within 1 year	1,354.8		1.77		2,511.5		1.83
After 1 but within 2 years	816.3		1.82		1,275.5		1.98
After 2 but within 3 years	275.4		2.23		153.5		1.97
After 3 but within 4 years	97.8		2.37		102.1		1.63
After 4 but within 5 years	17.2		1.09		18.0		1.29
After 5 years (1)	—		0.99		—		1.01
Total	9,205.5		1.95		6,916.2		1.78
Total deposits	$	43,589.5	0.85	%	$	36,159.0	0.83	%

(1)Amount totaled less than $0.1 million at both December 31, 2019 and 2018.

Time deposits issued in amounts that exceed $250,000 totaled $1.9 billion and $1.1 billion at December 31, 2019 and 2018, respectively. Overdrafts of non-interest-bearing deposit accounts totaling $4.0 million and $2.7 million at December 31, 2019 and 2018, respectively, have been classified as loans.

Interest expense on deposits is summarized as follows:


Years ended December 31 (in millions)	2019		2018		2017
Savings	$	13.4	$	7.2	$	9.7
Interest-bearing checking and money market	195.9		120.2		70.4
Time	147.6		88.7		50.6
Total	$	356.9	$	216.1	$	130.7