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Bank Deposits

12 Months Ended

Dec. 31, 2021

Deposits Liabilities Balance Sheet Reported Amounts [Abstract]

Bank Deposits

NOTE 13 – Bank Deposits

Deposits consist of interest-bearing-demand deposits (primarily money market and savings accounts), non-interest-bearing demand deposits, and certificates of deposit. Deposits at December 31, 2021 and 2020, were as follows (in thousands):

		December 31,
		2021				2020
Demand deposits (interest-bearing)		$	22,626,560			$	16,886,953
Demand deposits (non-interest-bearing)			626,633				411,890
Certificates of deposit			27,155				97,654
		$	23,280,348			$	17,396,497

The weighted-average interest rate on deposits was 0.02% and 0.09% at December 31, 2021 and 2020, respectively. At December 31, 2021 and 2020, related party deposits, primarily interest-bearing and time deposits of executive officers, directors, and their affiliates, were $8.6 million and $6.7 million, respectively. Brokerage customers’ deposits were $21.3 billion and $16.0 billion, respectively.

During the year ended December 31, 2021, we sold $215.1 million in deposits. Based upon the terms of the sale, we recognized a $4.8 million gain, which is reflected in other income on the consolidated statements of operations.

Scheduled maturities of certificates of deposit at December 31, 2021 and 2020, were as follows (in thousands):

		December 31,
		2021				2020
Certificates of deposit, less than $100,000:
Within one year		$	159			$	2,719
One to three years			14				409
Three to five years			—				254
		$	173			$	3,382
Certificates of deposit, $100,000 and greater:
Within one year		$	20,098			$	63,650
One to three years			6,884				30,622
Three to five years			—				—
			26,982				94,272
		$	27,155			$	97,654

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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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (e)

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1406

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- References

No definition available.

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