NOTE 11 – Bank Deposits

Deposits consist of money market and savings accounts, certificates of deposit, and demand deposits. Deposits at June 30, 2012 and December 31, 2011 were as follows (in thousands):


	June 30,		December 31,
	2012		2011

Money market and savings accounts	$	2,707,778	$	2,024,568
Demand deposits (interest-bearing)		49,930		29,509
Demand deposits (non-interest-bearing)		17,398		15,691
Certificates of deposit		1,578		1,970
	$	2,776,684	$	2,071,738

The weighted average interest rate on deposits was 0.2% and 0.2% at June 30, 2012 and December 31, 2011, respectively.

Scheduled maturities of certificates of deposit at June 30, 2012 and December 31, 2011 were as follows (in thousands):


	June 30,		December 31,
	2012		2011
Certificates of deposit, less than $100:
Within one year	$	504	$	794
One to three years		285		240
Over three years		-		-
	$	789	$	1,034

Certificates of deposit, $100 and greater:
Within one year	$	547	$	656
One to three years		242		280
Over three years		-		-
	$	789	$	936
	$	1,578	$	1,970

At June 30, 2012 and December 31, 2011, the amount of deposits includes related party deposits, primarily brokerage customers’ deposits from Stifel Nicolaus of $2.7 billion and $2.1 billion, respectively, and interest-bearing and time deposits of executive officers, directors, and their affiliates of $0.1 million and $0.6 million, respectively. Such deposits were made in the ordinary course of business and were made on substantially the same terms (including interest rates) as those prevailing at the time for comparable transactions with other persons.