v3.26.1
Deposits
 6 Months Ended
Jun. 30, 2026
Deposits [Abstract]  
Deposits
Note 10    Deposits
The following table presents average balances and weighted average rates paid on deposits for the periods indicated (dollars in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Average
Balance
Average
Rate Paid(1)
Average
Balance
Average
Rate Paid(1)
Average
Balance
Average
Rate Paid(1)
Average
Balance
Average
Rate Paid(1)
Demand deposits:
Non-interest bearing$9,027,557 — %$7,993,915 — %$8,747,082 — %$7,705,120 — %
Interest bearing6,365,179 2.87 %5,407,538 3.39 %6,200,056 2.89 %5,111,328 3.37 %
Savings and money market10,083,767 2.89 %10,355,700 3.41 %10,164,282 2.89 %10,593,396 3.42 %
Time3,251,965 3.51 %3,919,526 3.79 %3,500,231 3.49 %4,122,014 3.89 %
$28,728,468 2.05 %$27,676,679 2.47 %$28,611,651 2.08 %$27,531,858 2.52 %
(1)Annualized.
Time deposit accounts with balances greater than $250,000 totaled $706 million and $774 million at June 30, 2026 and December 31, 2025, respectively.
The following table presents maturities of time deposits as of June 30, 2026 (in thousands):
Maturing in:
2026$1,634,050 
2027704,563 
202827,854 
2029900 
2030865 
Thereafter549 
$2,368,781 
Included in deposits are public funds deposits of $2.6 billion and $3.2 billion, at June 30, 2026 and December 31, 2025, respectively, and brokered deposits of $3.0 billion and $4.9 billion at June 30, 2026 and December 31, 2025, respectively. Certain public funds deposits are collateralized by a standby letter of credit issued by the FHLB of Atlanta under the State of Florida Public Deposits Program.
Interest expense on deposits for the periods indicated was as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Interest bearing demand$45,432 $45,689 $88,726 $85,582 
Savings and money market72,729 88,023 146,007 179,802 
Time28,444 36,983 60,566 79,521 
$146,605 $170,695 $295,299 $344,905 
We incur costs related to certain deposit rebate and commission programs. During the three and six months ended June 30, 2026 and 2025, costs related to those programs that were correlated with the balance in the related deposit accounts totaled $14.3 million, $27.5 million, $14.5 million, and $27.7 million, respectively. These expenses are included in "other non-interest expense" in the accompanying consolidated statements of income.