Note 9 - Deposits

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Deposit Liabilities Disclosures [Text Block]

9.         Deposits

The following table displays deposit balances as of December 31, 2023, and December 31, 2022:

	As of December 31,
	2023		2022
	(In thousands)
Deposits
Non-interest-bearing demand deposits	$	3,529,018	$	4,168,989
Interest bearing demand deposits		2,370,685		2,509,736
Money market deposits		3,049,754		3,812,724
Savings deposits		1,039,203		1,000,460
Time deposits		9,336,787		7,013,370
Total deposits	$	19,325,447	$	18,505,279

Time deposits outstanding as of December 31, 2023, mature as follows.

	Expected Maturity Date at December 31,
	2024		2025		2026		2027		2028		Thereafter		Total
	(In thousands)
Time deposits	$	9,312,877	$	18,429	$	3,203	$	2,230	$	23	$	25	$	9,336,787

Accrued interest payable on client deposits was $28.6 million, $13.2 million, and $1.7 million as of December 31, 2023, 2022 and 2021, respectively. The following table summarizes the interest expense on deposits by account type for the years ended December 31, 2023, 2022, and 2021:

	Year Ended December 31,
	2023		2022		2021
	(In thousands)
Interest bearing demand	$	40,952	$	8,176	$	2,249
Money market accounts		86,097		39,913		18,241
Saving accounts		8,916		853		769
Time deposits		331,997		56,354		40,542
Total	$	467,962	$	105,296	$	61,801

The aggregate amount of domestic time deposits in denominations that meet or exceed the current FDIC insurance limit of $250 thousand was $5.30 billion and $4.10 billion as of December 31, 2023, and 2022, respectively. Foreign offices’ time deposits of $174.2 million and $128.6 million as of December 31, 2023, and 2022, respectively, were in denominations of greater than $250 thousand.