XML 29 R15.htm IDEA: XBRL DOCUMENT v3.21.1
Deposits
 3 Months Ended
Mar. 31, 2021
Banking and Thrift, Other Disclosures [Abstract]  
Deposits Deposits
The following table summarizes total deposits at March 31, 2021 and December 31, 2020.
March 31,December 31,
20212020
Deposits - interest bearing$22,801,323 $22,664,899 
Deposits - non-interest bearing1,820 1,140 
Total deposits$22,803,143 $22,666,039 

Our total deposits of $22.8 billion were comprised of $12.1 billion in brokered deposits and $10.7 billion in retail and other deposits at March 31, 2021, compared to total deposits of $22.7 billion, which were comprised of $11.9 billion in brokered deposits and $10.8 billion in retail and other deposits, at December 31, 2020.
Interest bearing deposits as of March 31, 2021 and December 31, 2020 consisted of retail and brokered non-maturity savings deposits, retail and brokered non-maturity money market deposits (“MMDAs”), and retail and brokered certificates of deposit (“CDs”). Interest bearing deposits include deposits from Educational 529 and Health Savings plans that diversify our funding sources and additional deposits we consider to be core. These and other large omnibus accounts, aggregating the deposits of many individual depositors, represented $7.9 billion and $7.1 billion of our deposit total as of March 31, 2021 and December 31, 2020, respectively.
Some of our deposit products are serviced by third-party providers. Placement fees associated with the brokered CDs are amortized into interest expense using the effective interest rate method. We recognized placement fee expense of $4 million and $5 million in the three months ended March 31, 2021 and 2020, respectively. Fees paid to third-party brokers related to brokered CDs were none and $2 million for the three months ended March 31, 2021 and 2020, respectively.
Interest bearing deposits at March 31, 2021 and December 31, 2020 are summarized as follows:
 
 March 31, 2021December 31, 2020
Amount
Qtr.-End Weighted Average Stated Rate(1)
Amount
Year-End Weighted Average Stated Rate(1)
Money market$10,951,595 0.68 %$10,159,657 0.83 %
Savings955,547 0.42 907,976 0.55 
Certificates of deposit10,894,181 1.24 11,597,266 1.34 
Deposits - interest bearing$22,801,323 $22,664,899 
____________
    (1) Includes the effect of interest rate swaps in effective hedge relationships.
As of March 31, 2021, and December 31, 2020, there were $751 million and $571 million, respectively, of deposits exceeding FDIC insurance limits. Accrued interest on deposits was $61 million and $50 million at March 31, 2021 and December 31, 2020, respectively.