Note 8 - Deposits |
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Notes to Financial Statements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposit Liabilities Disclosures [Text Block] | 8. DepositsTotal deposits at December 31, 2017 and 2016, and the weighted average rate on deposits at December 31, 2017, are as follows:
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:
Scheduled remaining maturities of certificate of deposit accounts are summarized as follows for the years ended December 31:
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