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Deposits (Tables) | 9 Months Ended
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Sep. 30, 2021
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:
(In thousands) | September 30, 2021 |  | December 31, 2020
Interest-bearing money market deposits 1 | $ | 313,000 |  |  | $ | 439,894 |
Customer deposits | 122,814 |  |  | 116,694 |
Contractual deposits with maturities within 1 year 1,2,3 | 580,513 |  |  | 354,807 |
Short-term deposits | 1,016,327 |  |  | 911,395 |
Contractual deposits with maturities greater than 1 year and less than 5 years 1,2,3 | 600,496 |  |  | 148,591 |
Total deposits | $ | 1,616,823 |  |  | $ | 1,059,986 |
Weighted average cost of funds on contractual deposits outstanding | 0.52 | % |  | 1.81 | %
Weighted average cost of interest-bearing money market deposits | 0.23 | % |  | 0.27 | %
1 As of September 30, 2021 and December 31, 2020, all certificates of deposit and money market deposits were in denominations of $250 thousand or less, corresponding to FDIC deposit insurance limits. 2 Original maturities range from 9 months to 5 years, with coupon interest rates ranging from 0.12 percent to 3.52 percent as of September 30, 2021. At December 31, 2020, original maturities ranged from 1 year to 5 years with coupon interest rates ranging from 1.35 percent to 3.52 percent. 3 Includes certificates of deposit and certain money market deposits, which have a fixed maturity and interest rate.

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