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Bank Deposits

3 Months Ended

Mar. 31, 2023

Deposits Liabilities, Balance Sheet, Reported Amounts [Abstract]

Bank Deposits

NOTE 11 – 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 March 31, 2023 and December 31, 2022 were as follows (in thousands):

		March 31, 2023				December 31, 2022
Demand deposits (interest-bearing)		$	27,862,336			$	26,805,073
Demand deposits (non-interest-bearing)			456,091				305,138
Certificates of deposit			6,900				6,900
		$	28,325,327			$	27,117,111

The weighted-average interest rate on deposits was 2.02% and 0.58% at March 31, 2023 and December 31, 2022, respectively.

Scheduled maturities of certificates of deposit at March 31, 2023 and December 31, 2022 were as follows (in thousands):

		March 31, 2023				December 31, 2022
Certificates of deposit, less than $100,000:
Within one year		$	11			$	11
One to three years			5				5
Three to five years			—				—
		$	16			$	16
Certificates of deposit, $100,000 and greater:
Within one year		$	6,884			$	6,884
One to three years			—				—
Three to five years			—				—
			6,884				6,884
		$	6,900			$	6,900

At March 31, 2023 and December 31, 2022, the amount of deposits includes related party deposits, primarily interest-bearing and time deposits of executive officers, directors, and their affiliates of $8.7 million and $9.8 million, respectively. Brokerage customers’ deposits were $24.8 billion and $25.3 billion, respectively.

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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 https://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 https://asc.fasb.org/extlink&oid=126897435&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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X

- References

No definition available.

+ Details

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