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Deposits | 6 Months Ended
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Jun. 30, 2023
Deposit [Abstract] |
Deposits | DEPOSITS The components of deposits at June 30, 2023 and December 31, 2022 were as follows:
| June 30, 2023 |  | December 31, 2022
(amounts in thousands) |
Demand, non-interest bearing | $ | 4,490,198 |  |  | $ | 1,885,045 |
Demand, interest bearing | 5,551,037 |  |  | 8,476,027 |
Savings, including money market deposit accounts | 3,052,493 |  |  | 3,546,015 |
Time | 4,856,703 |  |  | 4,249,866 |
Total deposits | $ | 17,950,431 |  |  | $ | 18,156,953 |
The scheduled maturities for time deposits at June 30, 2023 were as follows:
(amounts in thousands) | June 30, 2023 |
2023 | $ | 1,831,337 |  |
2024 | 2,367,787 |  |
2025 | 154,031 |  |
2026 | 356,193 |  |
2027 | 59,786 |  |
Thereafter | 87,569 |  |
Total time deposits | $ | 4,856,703 |  |
Time deposits greater than the FDIC limit of $250,000 totaled $89.3 million and $85.5 million at June 30, 2023 and December 31, 2022, respectively. Demand deposit overdrafts reclassified as loans were $5.6 million and $3.7 million at June 30, 2023 and December 31, 2022, respectively. At June 30, 2023, the Bank had $597.4 million in state and municipal deposits to which it had pledged $600.5 million of available borrowing capacity through the FHLB to the depositors through a letter of credit arrangement. In 2021, Customers Bancorp completed the divestiture of BMT, the technology arm of its BankMobile segment, to MFAC Merger Sub Inc., an indirect wholly-owned subsidiary of MFAC. In connection with the closing of the divestiture, MFAC changed its name to “BM Technologies, Inc.” In connection with the divestiture, Customers entered into various agreements with BM Technologies, including a deposit servicing agreement. Customers incurred expenses of $7.3 million and $14.9 million to BM Technologies under the deposit servicing agreement, included within the technology, communication and bank operations expense in non-interest expense during the three and six months ended June 30, 2023, respectively. Customers incurred expenses of $15.9 million and $33.7 million to BM Technologies under the deposit servicing agreement during the three and six months ended June 30, 2022, respectively. Customers held $847.7 million and $1.1 billion of deposits serviced by BM Technologies as of June 30, 2023 and December 31, 2022, respectively. On March 22, 2023, Customers agreed to extend the deposit servicing agreement to the earlier of BM Technologies' successful completion of the transfer of the serviced deposits in connection with BM Technologies' Higher Education business to a new sponsor bank or June 30, 2024. Also on March 22, 2023, Customers agreed to amend and extend an existing white label relationship with a third party and BM Technologies, whereby Customers will continue to pay deposit servicing fees to BM Technologies.

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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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