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Deposits | 12 Months Ended
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Dec. 31, 2024
Deposits |
Deposits | Note 12 Deposits ​ Total deposits were $8.2 billion at December 31, 2024 and 2023. Time deposits were $1.0 billion at December 31, 2024 and 2023. The following table summarizes the Company’s time deposits by remaining contractual maturity: ​
​ | ​ | ​
Years ending December 31, | ​ | Amount
2025 | $ | 822,644
2026 | ​ | 123,415
2027 | ​ | 53,647
2028 | ​ | 17,145
2029 | ​ | 2,691
Thereafter | ​ | 494
Total time deposits | $ | 1,020,036
​ The Company incurred interest expense on deposits as follows during the years indicated: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the years ended December 31,
​ | ​ | 2024 | ​ | 2023 | ​ | 2022
Interest bearing demand deposits | ​ | $ | 39,938 | ​ | $ | 26,984 | ​ | $ | 2,163
Money Market accounts | ​ | ​ | 105,688 | ​ | ​ | 57,028 | ​ | ​ | 5,808
Savings accounts | ​ | ​ | 6,057 | ​ | ​ | 3,945 | ​ | ​ | 1,376
Time deposits | ​ | ​ | 34,509 | ​ | ​ | 21,421 | ​ | ​ | 5,249
Total | ​ | $ | 186,192 | ​ | $ | 109,378 | ​ | $ | 14,596
​ The Federal Reserve System requires cash balances to be maintained at the FRB based on certain deposit levels. At December 31, 2024, 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 of $250 thousand was $288.3 million and $289.3 million at December 31, 2024 and 2023, respectively.

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