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Deposits

12 Months Ended

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

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- References

No definition available.

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