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Deposits

12 Months Ended

Dec. 31, 2023

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.