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Deposits
12 Months Ended
Dec. 31, 2021
Deposits [Abstract]  
Deposits

Note 7 - Deposits

The composition of consolidated deposits consisted of the following at the periods indicated:

 

 

 

December 31,

 

December 31,

 

 

 

2021

 

2020

 

 

 

(dollars in thousands)

 

Demand, noninterest bearing

 

$

1,355,908

 

$

592,261

 

Now and money market

 

 

789,709

 

 

658,323

 

Savings

 

 

103,956

 

 

77,611

 

Total core deposits

 

 

2,249,573

 

 

1,328,195

 

BaaS brokered deposits

 

 

70,757

 

 

33,482

 

Time deposits less than $250,000

 

 

31,057

 

 

41,145

 

Time deposits $250,000 and over

 

 

12,400

 

 

18,485

 

Total deposits

 

$

2,363,787

 

$

1,421,307

 

 

 

 

The following table presents the maturity distribution of time deposits as of December 31, 2021 (dollars in thousands):

 

Twelve months

 

$

33,985

 

One to two years

 

 

4,670

 

Two to three years

 

 

2,723

 

Three to four years

 

 

990

 

Four to five years

 

 

1,089

 

 

 

$

43,457

 

 

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.

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