Note 8 - Deposits

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Deposit Liabilities Disclosures [Text Block]

8.

Deposits

Total deposits at

December 31, 2018

and

2017,

and the weighted average rate on deposits at

December 31, 2018,

are as follows:

	2018		2017		Weighted Average Rate 2018
	(Dollars in thousands)
Interest-bearing deposits:
Certificate of deposit accounts	$	1,563,310	$	1,351,933		2.10	%
Savings accounts		210,022		290,280		0.72
Money market accounts		1,427,992		979,958		1.93
NOW accounts		1,300,852		1,333,232		1.53
Total interest-bearing deposits		4,502,176		3,955,403
Non-interest bearing demand deposits		413,747		385,269
Total due to depositors		4,915,923		4,340,672
Mortgagors' escrow deposits		44,861		42,606
Total deposits	$	4,960,784	$	4,383,278

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

$366.7

million and

$238.8

million at

December 31, 2018

and

2017,

respectively. The aggregate amount of brokered deposits was

$301.7

million and

$1,090.0

million at

December 31, 2018

and

2017,

respectively.

During

2018,

Section

29

of the Federal Deposit Insurance Act was amended to

no

longer consider reciprocal deposits held by an FDIC-insured depository institution brokered deposits. At

December 31, 2018

and

2017,

reciprocal deposits totaled

$685.3

million and

$682.4

million, 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”). The letters of credit are collateralized by mortgage loans pledged by the Company.

At

December 31, 2018,

government deposits totaled

$1,339.7

million, of which

$661.5

million were ICS deposits and

$678.2

million were collateralized by

$178.9

million in securities and

$659.6

million of letters of credit. 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.

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

December 31:

	2018		2017		2016
	(In thousands)
Certificate of deposit accounts	$	28,310	$	20,579	$	20,536
Savings accounts		1,370		1,808		1,219
Money market accounts		18,707		8,151		3,592
NOW accounts		15,896		9,640		7,891
Total due to depositors		64,283		40,178		33,238
Mortgagors' escrow deposits		214		141		112
Total interest expense on deposits	$	64,497	$	40,319	$	33,350

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

December 31:

	2018		2017
	(In thousands)
Within 12 months	$	1,017,177	$	759,360
More than 12 months to 24 months		404,930		449,293
More than 24 months to 36 months		78,427		95,626
More than 36 months to 48 months		10,915		42,928
More than 48 months to 60 months		51,365		2,648
More than 60 months		496		2,078
Total certificate of deposit accounts	$	1,563,310	$	1,351,933