Deposits

12 Months Ended

Dec. 31, 2024

(9.) DEPOSITS

A summary of deposits and scheduled maturities of time deposits as of December 31 is as follows (in thousands):


	2024		2023
Noninterest-bearing demand	$	950,351	$	1,010,614
Interest-bearing demand		705,195		713,158
Savings and money market		1,904,013		2,084,444
Time deposits, due:
Within one year		1,488,210		1,310,495
One to two years		52,695		79,684
Two to three years		2,956		12,391
Three to four years		1,053		1,634
Four to five years		258		492
Thereafter		-		-
Total time deposits		1,545,172		1,404,696
Total deposits	$	5,104,731	$	5,212,912

As of December 31, 2024 and 2023, the aggregate amount of uninsured deposits (deposits in amounts greater than $250 thousand, which is the maximum amount for federal deposit insurance) was $1.93 billion, or 38% of total deposits, and $1.82 billion, or 35% of total deposits, respectively. The portion of time deposits by account that were in excess of the FDIC insurance limit at December 31, 2024 and 2023 amounted to $328.4 million and $302.6 million, respectively.

At December 31, 2024, $1.07 billion, or 21% of our total deposits, consisted of municipal deposits from local government entities such as towns, cities, school districts and other municipalities, which are collateralized by letters of credit from the FHLB of New York (“FHLBNY”) and investment securities.

As of December 31, 2024 and 2023, respectively, $28.1 million and $206.8 million of interest-bearing demand deposits and $52.8 million and $50.0 million of time deposits are brokered deposit accounts. The Bank reduced the outstanding balance of the brokered sweep deposit portfolio by $180.0 million in March 2024 through the utilization of more cost effecting funding sources.

(9.) DEPOSITS (Continued)

Interest expense by deposit type for the years ended December 31 is summarized as follows (in thousands):


	2024		2023		2022
Interest-bearing demand	$	8,641	$	7,127	$	2,180
Savings and money market		60,898		41,424		9,778
Time deposits		70,469		58,810		11,036
Total interest expense on deposits	$	140,008	$	107,361	$	22,994

Interest expense included in the table above attributable to brokered deposits was $7.1 million, $20.2 million, and $5.1 million and for the years ended December 31, 2024, 2023 and 2022, respectively.