v3.26.3
Deposits
 9 Months Ended
Sep. 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 September 30,Nine Months Ended September 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$9,027,447 — %$8,203,439 — %$8,841,564 — %$7,873,052 — %
Interest bearing6,620,530 2.83 %5,586,547 3.36 %6,341,755 2.87 %5,271,474 3.37 %
Savings and money market9,976,749 2.90 %9,921,293 3.35 %10,101,084 2.90 %10,366,899 3.40 %
Time2,339,315 3.40 %3,535,051 3.63 %3,109,007 3.47 %3,924,209 3.82 %
$27,964,041 1.99 %$27,246,330 2.38 %$28,393,410 2.05 %$27,435,634 2.48 %
(1)Annualized.
Time deposit accounts with balances greater than $250,000 totaled $695 million and $774 million at September 30, 2026 and December 31, 2025, respectively.
The following table presents maturities of time deposits as of September 30, 2026 (in thousands):
Maturing in:
2026$1,129,681 
20271,882,489 
202828,210 
2029949 
2030844 
Thereafter709 
$3,042,882 
Included in deposits are public funds deposits of $2.2 billion and $3.2 billion, at September 30, 2026 and December 31, 2025, respectively, and brokered deposits of $4.1 billion and $4.9 billion at September 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 September 30,Nine Months Ended September 30,
2026202520262025
Interest bearing demand$47,165 $47,304 $135,892 $132,886 
Savings and money market73,071 83,862 219,078 263,664 
Time20,090 32,389 80,655 111,910 
$140,326 $163,555 $435,625 $508,460 
Beginning in the third quarter of 2026, we present certain non-interest expenses associated with obtaining, retaining and supporting some of our industry vertical commercial relationships within a separate income statement caption, "Deposit-related costs." Deposit-related costs include deposit rebate and commission programs and other costs associated with deposit sourcing and customer acquisition activities.
Deposit rebate and commission programs represent a component of Deposit-related costs and have historically been disclosed within this note. Expenses associated with such programs that were correlated with the balance in the related deposit accounts totaled $16.1 million and $43.6 million during the three and nine months ended September 30, 2026, respectively, compared to $15.3 million and $43.0 million during the three and nine months ended September 30, 2025, respectively.