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Deposits

12 Months Ended

Dec. 31, 2023

Deposits.

Deposits

Note 8:     Deposits

Deposits at December 31, 2023 and 2022, are summarized as follows:

​

​	​	​	​	​	​	​	​	​
​	​	Weighted Average	​	​	​	​	​	​
​		Interest Rate		2023			2022
​	​	​	​	(In Thousands, Except Interest Rates)
​	​	​	​	​	​	​	​	​
Non-interest-bearing accounts		—	​	$	895,496	​	$	1,063,588
Interest-bearing checking and savings accounts		1.67% and 0.65%			2,216,482	​		2,188,535
​		​	​		3,111,978	​		3,252,123
​	​	​	​	​	​	​	​	​
Certificate accounts		0.00% - 0.99%	​		86,831	​		280,784
​		1.00% - 1.99%	​		22,485	​		125,951
​		2.00% - 2.99%	​		44,354	​		381,547
​		3.00% - 3.99%	​		46,304	​		228,131
​		4.00% - 4.99%	​		739,645	​		4,883
​		5.00% and above	​		8,583	​		—
​		​	​		948,202	​		1,021,296
​	​	​	​	​	​	​	​	​
Brokered deposits	​	5.20% and 4.03%	​	​	661,528	​	​	411,491
​	​	​	​	​	661,528	​	​	411,491
​	​	​	​	​	​	​	​	​
​		​	​	$	4,721,708	​	$	4,684,910

​

The weighted average interest rate on certificates of deposit was 3.79% and 1.93% at December 31, 2023 and 2022, respectively.

The Bank utilizes brokered deposits as an additional funding source. The aggregate amount of brokered deposits was approximately $661.5 million and $411.5 million at December 31, 2023 and December 31, 2022, respectively. At December 31, 2023 and December 31, 2022, brokered deposits included $300.0 million and $150.0 million, respectively, of purchased funds through the IntraFi Financial network. These IntraFi Financial deposits have a rate of interest that floats daily with an index of effective federal funds rate plus a spread. At December 31, 2023, there were additional brokered deposits totaling $95.0 million that had variable rates of interest that reset monthly or quarterly and there were other brokered deposits totaling $185.3 million that had fixed rates of interest but are callable at the Bank’s discretion. At December 31, 2023, approximately 28% of the Company’s total deposits were uninsured, when including deposit accounts of consolidated subsidiaries of the Company and collateralized deposits of unaffiliated entities. Excluding deposit accounts of the Company’s consolidated subsidiaries, approximately 13% of the Company’s total deposits were uninsured at December 31, 2023.

At December 31, 2023, scheduled maturities of certificates of deposit and brokered deposits were as follows:

​

​	​	​	​	​	​	​	​	​	​
​		Retail			Brokered			Total
​	​	(In Thousands)
​	​	​	​	​	​	​	​	​	​
2024	​	$	921,485	​	$	266,781	​	$	1,188,266
2025	​		19,250	​	​	296,552	​	​	315,802
2026	​		3,067	​	​	98,195	​	​	101,262
2027	​		2,394	​	​	—	​	​	2,394
2028	​		948	​	​	—	​	​	948
Thereafter	​		1,058	​	​	—	​	​	1,058
​	​	​	​	​	​	​	​	​	​
​	​	$	948,202	​	$	661,528	​	$	1,609,730

​

A summary of interest expense on deposits for the years ended December 31, 2023, 2022 and 2021, is as follows:

​

​	​	​	​	​	​	​	​	​	​
​		2023			2022			2021
​	​	(In Thousands)
​	​	​	​	​	​	​	​	​	​
Checking and savings accounts	​	$	28,579	​	$	5,968	​	$	4,023
Certificate accounts	​		29,796	​		8,788	​		8,150
Brokered deposits	​	​	30,719	​	​	6,162	​	​	989
Early withdrawal penalties	​		(337)	​		(242)	​		(60)
​	​	​	​	​	​	​	​	​	​
​	​	$	88,757	​	$	20,676	​	$	13,102

​

X

- 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

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X

- References

No definition available.

+ Details

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