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Deposits | 12 Months Ended
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Dec. 31, 2023
Deposits [Abstract] |
Deposits | Deposits The following table summarizes total deposits at December 31, 2023 and 2022.
As of December 31, (dollars in thousands) |  | 2023 |  |  | 2022
Deposits - interest bearing |  | $ | 21,651,657 |  |  |  | $ | 21,446,647 |
Deposits - non-interest bearing |  | 1,531 |  |  |  | 1,424 |
Total deposits |  | $ | 21,653,188 |  |  |  | $ | 21,448,071 |
Our total deposits of $21.7 billion were comprised of $10.3 billion in brokered deposits and $11.4 billion in retail and other deposits at December 31, 2023, compared with total deposits of $21.4 billion, which were comprised of $9.9 billion in brokered deposits and $11.5 billion in retail and other deposits, at December 31, 2022. Interest bearing deposits as of December 31, 2023 and 2022 consisted of retail and brokered non-maturity savings deposits, retail and brokered non-maturity MMDAs, and retail and brokered CDs. Interest bearing deposits also include deposits from Educational 529 and Health Savings plans that diversify our funding sources and that we consider to be core. These and other large omnibus accounts, aggregating the deposits of many individual depositors, represented $7.6 billion of our deposit total as of December 31, 2023, compared with $8.0 billion at December 31, 2022. 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 $12 million, $13 million, and $16 million in the years ended December 31, 2023, 2022, and 2021, respectively. Fees paid to third-party brokers related to brokered CDs were $8 million, $13 million, and $13 million during the years ended December 31, 2023, 2022, and 2021, respectively. Interest bearing deposits at December 31, 2023 and 2022 are summarized as follows:
|  | 2023 |  | 2022
As of December 31, (dollars in thousands) |  | Amount |  | Year-End Weighted Average Stated Rate(1) |  | Amount |  | Year-End Weighted Average Stated Rate(1)
Money market |  | $ | 10,258,292 |  |  | 4.85 | % |  | $ | 10,977,242 |  |  | 3.75 | %
Savings |  | 945,000 |  |  | 4.35 |  |  | 982,586 |  |  | 3.15 |
Certificates of deposit |  | 10,448,365 |  |  | 3.69 |  |  | 9,486,819 |  |  | 2.57 |
Deposits - interest bearing |  | $ | 21,651,657 |  |  |  |  | $ | 21,446,647 |  |  |
(1) Includes the effect of interest rate swaps in effective hedge relationships. Certificates of deposit remaining maturities are summarized as follows:
As of December 31, (dollars in thousands) |  | 2023 |  | 2022
One year or less |  | $ | 3,937,766 |  |  | $ | 3,224,573 |
After one year to two years |  | 4,112,902 |  |  | 2,954,257 |
After two years to three years |  | 1,881,371 |  |  | 1,904,919 |
After three years to four years |  | 327,295 |  |  | 1,031,881 |
After four years to five years |  | 188,802 |  |  | 324,375 |
After five years |  | 229 |  |  | 46,814 |
Total |  | $ | 10,448,365 |  |  | $ | 9,486,819 |
As of December 31, 2023 and 2022, there were $478 million and $615 million, respectively, of deposits exceeding FDIC insurance limits. Accrued interest on deposits was $91 million and $59 million at December 31, 2023 and 2022, respectively.

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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 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 405 -Topic 942 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481047/942-405-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1406 -Paragraph (e) -Publisher SEC Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1406 -Publisher SEC Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.12) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1 + Details
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