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Deposits (Tables)
 12 Months Ended
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)20202019
Interest-bearing brokered money market deposits1
$439,894 $362,246 
Customer deposits 116,694 112,571 
Certificates of deposits with maturities within 1 year1,2
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 outstanding1.81 %2.57 %
Weighted average cost of interest-bearing brokered money market deposits0.27 %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)202020192018
Average interest rate:
Deposits2.21 %2.46 %1.91 %
Interest-bearing brokered money market deposits0.61 %2.28 %2.03 %