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Deposits

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Deposit Liabilities Disclosures [Text Block]

8. Deposits

Total deposits at December 31, 2019 and 2018, and the weighted average rate on deposits at December 31, 2019, are as follows:

​

​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	Weighted
​	​	​	​	​	​	​	​	Average
​	​	​	​	​	​	​	​	Rate
​		2019			2018			2019
​	​	(Dollars in thousands)					​	​
Interest-bearing deposits:		​			​				​
Certificate of deposit accounts	​	$	1,437,890	​	$	1,563,310		2.22	%
Savings accounts	​		191,485	​		210,022		0.67	​
Money market accounts	​		1,592,011	​		1,427,992		1.87	​
NOW accounts	​		1,365,591	​		1,300,852		1.47	​
Total interest-bearing deposits	​		4,586,977	​		4,502,176			​
Non-interest bearing demand deposits	​		435,072	​		413,747			​
Total due to depositors	​		5,022,049	​		4,915,923			​
Mortgagors' escrow deposits	​		44,375	​		44,861			​
Total deposits	​	$	5,066,424	​	$	4,960,784			​

​

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 $351.0 million and $366.7 million at December 31, 2019 and 2018, respectively. The aggregate amount of brokered deposits was $388.8 million and $301.7 million at December 31, 2019 and 2018, 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, 2019 and 2018, reciprocal deposits subject to certain limitations, totaled $805.6 million and $685.3 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, 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. 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.

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

​

​	​	​	​	​	​	​	​	​	​
​		2019			2018			2017
​	​	(In thousands)
Certificate of deposit accounts	​	$	35,078	​	$	28,310	​	$	20,579
Savings accounts	​		1,378	​		1,370	​		1,808
Money market accounts	​		27,819	​		18,707	​		8,151
NOW accounts	​		23,553	​		15,896	​		9,640
Total due to depositors	​		87,828	​		64,283	​		40,178
Mortgagors' escrow deposits	​		229	​		214	​		141
Total interest expense on deposits	​	$	88,057	​	$	64,497	​	$	40,319

​

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

​

​	​	​	​	​	​	​
​		2019			2018
​	​	(In thousands)
Within 12 months	​	$	1,220,601	​	$	1,017,177
More than 12 months to 24 months	​		143,520	​		404,930
More than 24 months to 36 months	​		14,223	​		78,427
More than 36 months to 48 months	​		48,318	​		10,915
More than 48 months to 60 months	​		11,082	​		51,365
More than 60 months	​		146	​		496
Total certificate of deposit accounts	​	$	1,437,890	​	$	1,563,310

​

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- Definition

The entire disclosure for deposit liabilities including data and tables. It may include a description of the entity's deposit liabilities, the aggregate amount of time deposits (including certificates of deposit) in denominations of $100,000 or more at the balance sheet date; the aggregate amount of any demand deposits that have been reclassified as loan balances, such as overdrafts, at the balance sheet date; deposits that are received on terms other than those in the normal course of business, the amount of accrued interest on deposit liabilities; securities, mortgage loans or other financial instruments that serve as collateral for deposits; for time deposits having a remaining term of more than one year, the aggregate amount of maturities for each of the five years following the balance sheet date; and the weighted average interest rate for all deposit liabilities held by the entity.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 405
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=116652737&loc=d3e64164-112818

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.12)
-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

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- References

No definition available.

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