Note 8 - Deposits

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Deposit Liabilities Disclosures [Text Block]

8.

Deposits

Total deposits at

December 31, 2017

and

2016,

and the weighted average rate on deposits at

December 31, 2017,

are as follows:

	2017		2016		Weighted Average Rate 2017
	(Dollars in thousands)
Interest-bearing deposits:
Certificate of deposit accounts	$	1,351,933	$	1,372,115		1.57	%
Savings accounts		290,280		254,283		0.64
Money market accounts		979,958		843,370		1.05
NOW accounts		1,333,232		1,362,484		0.83
Total interest-bearing deposits		3,955,403		3,832,252
Non-interest bearing demand deposits		385,269		333,163
Total due to depositors		4,340,672		4,165,415
Mortgagors' escrow deposits		42,606		40,216		0.25
Total deposits	$	4,383,278	$	4,205,631

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

$238.8

million and

$214.0

million at

December 31, 2017

and

2016,

respectively. The aggregate amount of brokered deposits was

$1,090.0

million and

$1,114.9

million at

December 31, 2017

and

2016,

respectively.

Government deposits 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, 2017,

government deposits totaled

$1,133.3

million, of which

$639.5

million were ICS deposits and

$493.8

million were collateralized by

$183.9

million in securities and

$402.1

million of letters of credit. At

December 31, 2016,

government 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.

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

December 31:

	2017		2016		2015
	(In thousands)
Certificate of deposit accounts	$	20,579	$	20,536	$	20,943
Savings accounts		1,808		1,219		1,151
Money market accounts		8,151		3,592		1,551
NOW accounts		9,640		7,891		6,593
Total due to depositors		40,178		33,238		30,238
Mortgagors' escrow deposits		141		112		98
Total interest expense on deposits	$	40,319	$	33,350	$	30,336

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

December 31:

	2017		2016
	(In thousands)
Within 12 months	$	759,360	$	644,336
More than 12 months to 24 months		449,293		475,858
More than 24 months to 36 months		95,626		173,936
More than 36 months to 48 months		42,928		34,038
More than 48 months to 60 months		2,648		42,673
More than 60 months		2,078		1,274
Total certificate of deposit accounts	$	1,351,933	$	1,372,115