Deposits

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements.

Deposits

9. Deposits

Total deposits at December 31, 2022 and 2021 and the weighted average rate on deposits at December 31, 2022, are as follows:

					Weighted
					Average
					Rate
	2022		2021		2022
	(Dollars in thousands)
Interest-bearing deposits:
Certificate of deposit accounts	$	1,526,338	$	946,575	3.03	%
Savings accounts		143,641		156,554	0.21
Money market accounts		2,099,776		2,342,003	2.47
NOW accounts		1,746,190		1,920,779	2.14
Total interest-bearing deposits		5,515,945		5,365,911
Non-interest bearing demand deposits		921,238		967,621
Total due to depositors		6,437,183		6,333,532
Mortgagors' escrow deposits		48,159		51,913	0.30
Total deposits	$	6,485,342	$	6,385,445

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 $377.4 million and $217.5 million at December 31, 2022 and 2021, respectively. The aggregate amount of brokered deposits was $856.3 million and $626.3 million at December 31, 2022 and 2021, respectively.

At December 31, 2022 and 2021, reciprocal deposits totaled $659.5 million and $763.7 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, 2022, government deposits totaled $1,653.3 million, of which $604.8 million were IntraFi Network deposits and $1,048.5 million were collateralized by $155.7 million in securities and $1,073.7 million of letters of credit. 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.

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

	2022		2021		2020
	(In thousands)
Certificate of deposit accounts	$	12,547	$	7,340	$	18,096
Savings accounts		211		255		495
Money market accounts		19,039		7,271		14,368
NOW accounts		15,353		5,453		9,309
Total due to depositors		47,150		20,319		42,268
Mortgagors' escrow deposits		135		5		44
Total interest expense on deposits	$	47,285	$	20,324	$	42,312

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

	2022		2021
	(In thousands)
Within 12 months	$	859,546	$	755,874
More than 12 months to 24 months		599,809		122,366
More than 24 months to 36 months		64,353		43,830
More than 36 months to 48 months		1,025		22,249
More than 48 months to 60 months		298		1,092
More than 60 months		1,307		1,164
Total certificate of deposit accounts	$	1,526,338	$	946,575