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Bank Deposits

3 Months Ended

Mar. 31, 2024

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, 2024 and December 31, 2023 were as follows (in thousands):

		March 31, 2024				December 31, 2023
Demand deposits (interest-bearing)		$	27,357,692			$	27,111,072
Demand deposits (non-interest-bearing)			196,717				223,505
Certificates of deposit			2				2
		$	27,554,411			$	27,334,579

The weighted-average interest rate on deposits was 3.33% and 2.66% at March 31, 2024 and December 31, 2023, respectively.

At March 31, 2024 and December 31, 2023, related party deposits, primarily interest-bearing and time deposits of executive officers, directors, and their affiliates were $5.2 million and $9.0 million, respectively. Brokerage customers’ deposits were $25.3 billion and $24.1 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
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 405
-Topic 942
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481047/942-405-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (e)
-Publisher SEC

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

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.12)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1

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X

- References

No definition available.

+ Details

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