Deposits |
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Deposits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits |
Note 7 - Deposits The composition of consolidated deposits consisted of the following at the periods indicated:
The following table presents the maturity distribution of time deposits as of December 31, 2021 (dollars in thousands):
Our CCBX partners originate deposits and these deposits are primarily noninterest bearing to us in low interest rate environments, These CCBX deposits will become interest bearing as interest rates increase. As of December 31st, 2021, noninterest bearing CCBX deposits total $636.7 million. At December 31, 2021, approximately 79% of our CCBX deposit that are currently noninterest bearing will become interest bearing when the Federal Open Market Committee (“FOMC”) raises the Fed Funds rate from 0.25% to 0.50% and the amount of deposits that move to interest bearing will increase as rates are raised by the FOMC thereafter. Once the Fed Funds rate increases to 1.00%, most of the CCBX noninterest bearing deposits will be interest bearing. The CCBX partner determines the rate paid to the end consumer and we determine the rates paid to the partner as indicated in the partner agreement. . |