Deposits

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements.

Deposits

8. Deposits

Total deposits at the periods shown and the weighted average rate on deposits at December 31, 2023, are as follows:

					Weighted
					Average
	December 31,		December 31,		Rate
	2023		2022		2023 (1)
Interest-bearing deposits:	(Dollars in thousands)
Certificate of deposit accounts	$	2,311,290	$	1,526,338	4.51	%
Savings accounts		108,605		143,641	0.45
Money market accounts		1,726,404		2,099,776	3.91
NOW accounts		1,771,164		1,746,190	3.58
Total interest-bearing deposits		5,917,463		5,515,945
Non-interest bearing demand deposits		847,416		921,238
Total due to depositors		6,764,879		6,437,183
Mortgagors' escrow deposits		50,382		48,159	0.25
Total deposits	$	6,815,261	$	6,485,342

(1) The weighted average rate does not reflect the benefit of interest rate swaps.

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 $497.4 million and $377.4 million at December 31, 2023 and 2022, respectively. The aggregate amount of brokered deposits was $1,102.0 million and $856.3 million at December 31, 2023 and 2022, respectively.

At December 31, 2023 and 2022, reciprocal deposits totaled $760.3 million and $659.5 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, 2023, government deposits totaled $1,587.9 million, of which $642.6 million were IntraFi Network deposits and $945.3 million were collateralized by $177.0 million in securities and $1,118.7 million of letters of credit. 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.

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

	2023		2022		2021
	(In thousands)
Certificate of deposit accounts	$	64,844	$	12,547	$	7,340
Savings accounts		520		211		255
Money market accounts		58,898		19,039		7,271
NOW accounts		64,191		15,353		5,453
Total due to depositors		188,453		47,150		20,319
Mortgagors' escrow deposits		202		135		5
Total interest expense on deposits	$	188,655	$	47,285	$	20,324

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

	2023		2022
	(In thousands)
Within 12 months	$	2,210,586	$	859,546
More than 12 months to 24 months		89,816		599,809
More than 24 months to 36 months		2,115		64,353
More than 36 months to 48 months		4,733		1,025
More than 48 months to 60 months		2,898		298
More than 60 months		1,142		1,307
Total certificate of deposit accounts	$	2,311,290	$	1,526,338