Bank Deposits

12 Months Ended

Dec. 31, 2022

Deposits Liabilities, Balance Sheet, Reported Amounts [Abstract]

Bank Deposits

NOTE 13 – Bank Deposits

Deposits consist of interest-bearing-demand deposits (primarily money market and savings accounts), non-interest-bearing demand deposits, and certificates of deposit. Deposits at December 31, 2022 and 2021, were as follows (in thousands):

	December 31,
	2022		2021
Demand deposits (interest-bearing)	$	26,805,073	$	22,626,560
Demand deposits (non-interest-bearing)		305,138		626,633
Certificates of deposit		6,900		27,155
	$	27,117,111	$	23,280,348

The weighted-average interest rate on deposits was 0.58% and 0.02% at December 31, 2022 and 2021, respectively. At December 31, 2022 and 2021, related party deposits, primarily interest-bearing and time deposits of executive officers, directors, and their affiliates, were $9.8 million and $8.6 million, respectively. Brokerage customers’ deposits were $25.3 billion and $21.7 billion, respectively.

During the year ended December 31, 2021, we sold $215.1 million in deposits. Based upon the terms of the sale, we recognized a $4.8 million gain, which is reflected in other income on the consolidated statements of operations.

Scheduled maturities of certificates of deposit at December 31, 2022 and 2021, were as follows (in thousands):

	December 31,
	2022		2021
Certificates of deposit, less than $100,000:
Within one year	$	11	$	159
One to three years		5		14
Three to five years		—		—
	$	16	$	173
Certificates of deposit, $100,000 and greater:
Within one year	$	6,884	$	20,098
One to three years		—		6,884
Three to five years		—		—
		6,884		26,982
	$	6,900	$	27,155