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Deposits | 12 Months Ended
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Dec. 31, 2023
Deposits |
Deposits | Note 12 Deposits ​ Total deposits were $8.2 billion and $7.9 billion at December 31, 2023 and 2022, respectively. Time deposits were $1.0 billion and $0.9 billion at December 31, 2023 and 2022, respectively. The following table summarizes the Company’s time deposits by remaining contractual maturity: ​
​ | ​ | ​
Years ending December 31, | Amount
2024 | $ | 688,983
2025 | ​ | 195,522
2026 | ​ | 74,417
2027 | ​ | 20,347
2028 |  | 2,243
Thereafter |  | 458
Total time deposits | $ | 981,970
​ The Company incurred interest expense on deposits as follows during the years indicated: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the years ended December 31,
​ |  | 2023 |  | 2022 |  | 2021
Interest bearing demand deposits | ​ | $ | 26,984 | ​ | $ | 2,163 | ​ | $ | 1,088
Money market accounts | ​ |  | 57,028 | ​ |  | 5,808 | ​ |  | 3,995
Savings accounts | ​ |  | 3,945 | ​ |  | 1,376 | ​ |  | 1,157
Time deposits | ​ |  | 21,421 | ​ |  | 5,249 | ​ |  | 7,362
Total | ​ | $ | 109,378 | ​ | $ | 14,596 | ​ | $ | 13,602
​ The Federal Reserve System requires cash balances to be maintained at the FRB based on certain deposit levels. At December 31, 2023, the Banks held sufficient cash on hand with the FRB to have met minimum requirements, and as such, no additional reserve was required. The aggregate amount of certificates of deposit in denominations that meet or exceed the FDIC insurance limit was $289.3 million and $203.2 million at December 31, 2023 and 2022, respectively.

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