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Deposits | 12 Months Ended
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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
​

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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 + Details
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