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Deposits | 12 Months Ended
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Dec. 31, 2024
Deposits [Abstract] |
Deposits | DEPOSITS Total deposits of $14.33 billion at December 31, 2024, decreased $426.3 million, or 2.9%, from $14.75 billion at December 31, 2023. On March 28, 2024, the Bank entered into a Purchase and Assumption Agreement with PromiseOne Bank, a Georgia state bank, to sell the deposits, other liabilities, and certain physical assets of the Bank’s two branches located in Virginia. The sale of the branches was completed on October 1, 2024, and as part of this transaction a total of $128.1 million in deposits was transferred to PromiseOne Bank. The aggregate amount of time deposits in denominations of more than $250 thousand at December 31, 2024 and 2023, was $2.71 billion and $2.24 billion, respectively. Included in time deposits of more than $250 thousand was $300.0 million in California State Treasurer’s deposits at December 31, 2024 and 2023. The California State Treasurer’s deposits are subject to withdrawal based on the State’s periodic evaluations. The Company is required to pledge eligible collateral of at least 110% of outstanding deposits. At December 31, 2024 and December 31, 2023, securities with fair values of approximately $200.5 million and $218.7 million, respectively, and a $150.0 million letter of credit issued by the FHLB, were pledged as collateral for the California State Treasurer’s deposits. Brokered deposits at December 31, 2024 and 2023, totaled $1.06 billion and $1.54 billion, respectively. Brokered deposits at December 31, 2024, consisted of $527.1 million in money market and NOW accounts and $536.0 million in time deposit accounts. Brokered deposits at December 31, 2023, consisted of $164.1 million in money market and NOW accounts and $1.37 billion in time deposit accounts. The aggregate amount of unplanned overdrafts of demand deposits that were reclassified as loans was $1.1 million and $2.0 million at December 31, 2024 and 2023, respectively. At December 31, 2024, the scheduled maturities for time deposits were as follows:
| December 31, 2024
| (Dollars in thousands)
Scheduled maturities* in: |
2025 | $ | 5,602,477 |
2026 | 132,598 |
2027 | 1,014 |
2028 | 19,064 |
2029 | 1,189 |
2030 and thereafter | 17,462 |
Total | $ | 5,773,804 |
___________________ *$17.3 million in time deposits with maturities in 2028 and $17.5 million in time deposits with maturities in 2030 and thereafter had call dates in January 2025. The following table presents the maturity schedules of time deposits in amounts of more than $250 thousand at December 31, 2024:
| December 31, 2024
| (Dollars in thousands)
Three months or less | $ | 1,059,687 |
Over three months through six months | 815,568 |
Over six months through twelve months | 811,526 |
Over twelve months | 19,567 |
Total | $ | 2,706,348 |
Interest expense on deposits for the periods indicated is summarized as follows:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
| (Dollars in thousands)
Money market and NOW | $ | 168,131 |  |  | $ | 152,893 |  |  | $ | 68,961 |
Savings deposits | 31,939 |  |  | 8,858 |  |  | 3,802 |
Time deposits | 295,378 |  |  | 279,480 |  |  | 42,076 |
Total deposit interest expense | $ | 495,448 |  |  | $ | 441,231 |  |  | $ | 114,839 |

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- Definition The entire disclosure for deposit liabilities including data and tables. It may include a description of the entity's deposit liabilities, the aggregate amount of time deposits (including certificates of deposit) in denominations of $100,000 or more at the balance sheet date; the aggregate amount of any demand deposits that have been reclassified as loan balances, such as overdrafts, at the balance sheet date; deposits that are received on terms other than those in the normal course of business, the amount of accrued interest on deposit liabilities; securities, mortgage loans or other financial instruments that serve as collateral for deposits; for time deposits having a remaining term of more than one year, the aggregate amount of maturities for each of the five years following the balance sheet date; and the weighted average interest rate for all deposit liabilities held by the entity. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 405 -Topic 942 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478353/942-405-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(12)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1406 -Paragraph e -Publisher SEC Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1406 -Publisher SEC + Details
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