Note 8 - Deposits

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Deposit Liabilities Disclosures [Text Block]

8.

Deposits

Total deposits at

December

31,

2016

and

2015,

and the weighted average rate on deposits at

December

31,

2016,

are as follows:

					Weighted
					Average
					Rate
	2016		2015		2016
	(Dollars in thousands)
Interest-bearing deposits:
Certificate of deposit accounts	$	1,372,115	$	1,403,302		1.41	%
Savings accounts		254,283		261,748		0.48
Money market accounts		843,370		472,489		0.67
NOW accounts		1,362,484		1,448,695		0.59
Total interest-bearing deposits		3,832,252		3,586,234
Non-interest bearing demand deposits		333,163		269,469
Total due to depositors		4,165,415		3,855,703
Mortgagors' escrow deposits		40,216		36,844		0.22
Total deposits	$	4,205,631	$	3,892,547

The aggregate amount of time deposits with denominations of

$250,000

or more (excluding brokered deposits issued in

$1,000

amounts under a master certificate of deposit) was

$214.0

million and

$169.2

million at

December

31,

2016

and

2015,

respectively. The aggregate amount of brokered deposits was

$1,114.9

million and

$982.8

million at

December

31,

2016

and

2015,

respectively.

Deposits obtained by the government banking division are collateralized by either securities, letters of credit issued by FHLB-NY or are placed in an Insured Cash Sweep service (“ICS”). ICS deposits are considered brokered deposits. The letters of credit are collateralized by mortgage loans pledged by the Bank.

At

December

31,

2016,

government banking division deposits totaled

$1,062.1

million, of which

$539.0

million were ICS deposits and

$523.1

million were collateralized by

$218.8

million in securities and

$382.5

million of letters of credit. At

December

31,

2015,

government banking division deposits totaled

$975.9

million, of which

$210.7

million were ICS deposits and

$765.2

million were collateralized by

$364.7

million in securities and

$494.0

million of letters of credit.

Interest expense on deposits is summarized as follows for the years ended

December

31:

	2016		2015		2014
	(In thousands)
Certificate of deposit accounts	$	20,536	$	20,943	$	22,420
Savings accounts		1,219		1,151		597
Money market accounts		3,592		1,551		667
NOW accounts		7,891		6,593		6,227
Total due to depositors		33,238		30,238		29,911
Mortgagors' escrow deposits		112		98		133
Total interest expense on deposits	$	33,350	$	30,336	$	30,044

Scheduled remaining maturities of certificate of deposit accounts are summarized as follows for the years ended

December

31:

	2016		2015
	(In thousands)
Within 12 months	$	644,336	$	448,229
More than 12 months to 24 months		475,858		478,361
More than 24 months to 36 months		173,936		247,349
More than 36 months to 48 months		34,038		167,529
More than 48 months to 60 months		42,673		35,558
More than 60 months		1,274		26,276
Total certificate of deposit accounts	$	1,372,115	$	1,403,302