Deposits

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements.

Deposits

9. Deposits

Total deposits at December 31, 2021 and 2020 and the weighted average rate on deposits at December 31, 2021, are as follows:

					Weighted
					Average
					Rate
	2021		2020		2021
	(Dollars in thousands)
Interest-bearing deposits:
Certificate of deposit accounts	$	946,575	$	1,138,361	0.57	%
Savings accounts		156,554		168,183	0.13
Money market accounts		2,342,003		1,682,345	0.22
NOW accounts		1,920,779		2,323,172	0.11
Total interest-bearing deposits		5,365,911		5,312,061
Non-interest bearing demand deposits		967,621		778,672
Total due to depositors		6,333,532		6,090,733
Mortgagors' escrow deposits		51,913		45,622	0.01
Total deposits	$	6,385,445	$	6,136,355

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 $217.5 million and $266.9 million at December 31, 2021 and 2020, respectively. The aggregate amount of brokered deposits was $626.3 million and $1,074.1 million and at December 31, 2021 and 2020, respectively.

At December 31, 2021 and 2020, reciprocal deposits totaled $763.7 million and $735.4 million, respectively.

Government deposits are collateralized by either securities, letters of credit issued by FHLB-NY or are placed in the IntraFi Network which arranges for placement of funds into certificate of deposit accounts, demand accounts or money market accounts issued by other member banks of the network in increments of less than $250,000 to ensure that both principal and interest are eligible for full FDIC deposit insurance. The letters of credit are collateralized by mortgage loans pledged by the Company.

At December 31, 2021, government deposits totaled $1,618.8 million, of which $710.2 million were IntraFi Network deposits and $908.6 million were collateralized by $190.3 million in securities and $818.4 million of letters of credit. At December 31, 2020, government deposits totaled $1,615.4 million, of which $524.0 million were IntraFi

Network deposits and $1,091.4 million were collateralized by $260.3 million in securities and $855.4 million of letters of credit.

Interest expense on deposits is summarized as follows for the years ended December 31:

	2021		2020		2019
	(In thousands)
Certificate of deposit accounts	$	7,340	$	18,096	$	35,078
Savings accounts		255		495		1,378
Money market accounts		7,271		14,368		27,819
NOW accounts		5,453		9,309		23,553
Total due to depositors		20,319		42,268		87,828
Mortgagors' escrow deposits		5		44		229
Total interest expense on deposits	$	20,324	$	42,312	$	88,057

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

	2021		2020
	(In thousands)
Within 12 months	$	755,874	$	923,235
More than 12 months to 24 months		122,366		139,088
More than 24 months to 36 months		43,830		58,125
More than 36 months to 48 months		22,249		14,488
More than 48 months to 60 months		1,092		3,394
More than 60 months		1,165		31
Total certificate of deposit accounts	$	946,575	$	1,138,361