Deposits

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements.

Deposits

9. Deposits

Total deposits at December 31, 2020 and 2019, and the weighted average rate on deposits at December 31, 2020, are as follows:

					Weighted
					Average
					Rate
	2020		2019		2020
	(Dollars in thousands)
Interest-bearing deposits:
Certificate of deposit accounts	$	1,138,361	$	1,437,890	0.97	%
Savings accounts		168,183		191,485	0.18
Money market accounts		1,682,345		1,592,011	0.50
NOW accounts		2,323,172		1,365,591	0.28
Total interest-bearing deposits		5,312,061		4,586,977
Non-interest bearing demand deposits		778,672		435,072
Total due to depositors		6,090,733		5,022,049
Mortgagors' escrow deposits		45,622		44,375	0.02
Total deposits	$	6,136,355	$	5,066,424

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 $266.9 million and $351.0 million at December 31, 2020 and 2019, respectively. The aggregate amount of brokered deposits was $1,074.1 million and $388.8 million at December 31, 2020 and 2019, 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, 2020 and 2019, reciprocal deposits subject to certain limitations, totaled $735.4 million and $805.6 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, 2020, government deposits totaled $1,615.4 million, of which $524.0 million were ICS deposits and $1,091.4 million were collateralized by $260.3 million in securities and $855.4 million of letters of credit. At December 31, 2019, government deposits totaled $1,265.1 million, of which $685.0 million were ICS deposits and $580.1 million were collateralized by $181.0 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:

	2020		2019		2018
	(In thousands)
Certificate of deposit accounts	$	18,096	$	35,078	$	28,310
Savings accounts		495		1,378		1,370
Money market accounts		14,368		27,819		18,707
NOW accounts		9,309		23,553		15,896
Total due to depositors		42,268		87,828		64,283
Mortgagors' escrow deposits		44		229		214
Total interest expense on deposits	$	42,312	$	88,057	$	64,497

Scheduled remaining maturities of certificate of deposit accounts are summarized as follows for the years ended December 31:

	2020		2019
	(In thousands)
Within 12 months	$	923,235	$	1,220,601
More than 12 months to 24 months		139,088		143,520
More than 24 months to 36 months		58,125		14,223
More than 36 months to 48 months		14,488		48,318
More than 48 months to 60 months		3,394		11,082
More than 60 months		31		146
Total certificate of deposit accounts	$	1,138,361	$	1,437,890