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Deposits (Tables) | 12 Months Ended
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Dec. 31, 2020
Banking and Thrift, Interest [Abstract] |
Schedule of Deposits | The following table presents the composition of deposits, which are classified as short-term or long-term based on their contractual maturities:
| December 31,
(in thousands) | 2020 |  | 2019
Interest-bearing brokered money market deposits 1 | $ | 439,894 |  |  | $ | 362,246 |
Customer deposits | 116,694 |  |  | 112,571 |
Certificates of deposits with maturities within 1 year 1,2 | 354,807 |  |  | 835,996 |
Short-term deposits | 911,395 |  |  | 1,310,813 |
Certificates of deposit with maturities greater than 1 year and less than 5 years 1,2 | 148,591 |  |  | 143,399 |
Total deposits | $ | 1,059,986 |  |  | $ | 1,454,212 |
Weighted average cost of funds on certificates of deposit outstanding | 1.81 | % |  | 2.57 | %
Weighted average cost of interest-bearing brokered money market deposits | 0.27 | % |  | 1.88 | %
1 As of December 31, 2020, all certificates of deposit and brokered money market deposits were in denominations of $250 thousand or less, corresponding to FDIC deposit insurance limits. 2 Original maturities range from 1 year to 5 years, with interest rates ranging from 1.35 percent to 3.52 percent as of December 31, 2020. At December 31, 2019, original maturities ranged from 4 months to 5 years with interest rates ranging from 1.80 percent to 3.52 percent.
Schedule of Average Interest Rates | The following table presents the average interest rates for deposits and interest-bearing brokered money market deposits:
| Year ended December 31,
(in thousands) | 2020 |  | 2019 |  | 2018
Average interest rate: |  |  |  |  |
Deposits | 2.21 | % |  | 2.46 | % |  | 1.91 | %
Interest-bearing brokered money market deposits | 0.61 | % |  | 2.28 | % |  | 2.03 | %

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