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Deposits | 12 Months Ended
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Dec. 31, 2020
Deposits Liabilities, Balance Sheet, Reported Amounts [Abstract] |
Deposits | Deposits The following table provides information regarding the Bank’s deposit composition at December 31, 2020 and 2019 as well as the average rate being paid on interest bearing deposits for the month of December 2020 and 2019.
|  | 2020 |  | 2019
(dollars in thousands) |  | Balance |  | Average Rate |  | Balance |  | Average Rate
Noninterest bearing demand |  | $ | 2,809,334 |  |  | — |  |  | $ | 2,064,367 |  |  | — |
Interest bearing transaction |  | 756,923 |  |  | 0.25 | % |  | 863,856 |  |  | 0.99 | %
Savings and money market |  | 4,645,186 |  |  | 0.37 | % |  | 3,013,129 |  |  | 1.42 | %
Time, $100,000 or more |  | 546,173 |  |  | 1.08 | % |  | 663,987 |  |  | 2.55 | %
Other time |  | 431,587 |  |  | 1.92 | % |  | 619,052 |  |  | 2.21 | %
Total |  | $ | 9,189,203 |  |  |  |  | $ | 7,224,391 |  |  |
The remaining maturity of time deposits at December 31, 2020 and 2019 are as follows:
(dollars in thousands) |  | 2020 |  | 2019
Three months or less |  | $ | 201,312 |  |  | $ | 260,028 |
More than three months through twelve months |  | 325,329 |  |  | 538,352 |
Over twelve months |  | 451,119 |  |  | 484,659 |
Total |  | $ | 977,760 |  |  | $ | 1,283,039 |
Interest expense on deposits for the years ended December 31, 2020, 2019 and 2018 is as follows:
(dollars in thousands) |  | 2020 |  | 2019 |  | 2018
Interest bearing transaction |  | $ | 3,190 |  |  | $ | 6,491 |  |  | $ | 3,348 |
Savings and money market |  | 26,272 |  |  | 50,042 |  |  | 35,534 |
Time, $100,000 or more |  | 13,464 |  |  | 20,016 |  |  | 17,138 |
Other time |  | 10,640 |  |  | 14,477 |  |  | 4,190 |
Total |  | $ | 53,566 |  |  | $ | 91,026 |  |  | $ | 60,210 |
Related Party deposits totaled $25.7 million and $136.2 million at December 31, 2020 and 2019, respectively. As of December 31, 2020 and 2019, time deposit accounts in excess of $250 thousand are as follows:
Time deposits $250,000 or more |  |  |  |
(dollars in thousands) |  | 2020 |  | 2019
Three months or less |  | $ | 32,967 |  |  | $ | 63,099 |
More than three months through twelve months |  | 169,830 |  |  | 197,141 |
Over twelve months |  | 28,280 |  |  | 90,361 |
Total |  | $ | 231,077 |  |  | $ | 350,601 |

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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=120398452&loc=d3e534808-122878 + Details
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