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Deposits
 12 Months Ended
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 
2026132,598 
20271,014 
202819,064 
20291,189 
2030 and thereafter17,462 
Total
$5,773,804 
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*$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 months815,568 
Over six months through twelve months811,526 
Over twelve months19,567 
Total$2,706,348 
Interest expense on deposits for the periods indicated is summarized as follows:
Year Ended December 31,
 202420232022
 (Dollars in thousands)
Money market and NOW$168,131 $152,893 $68,961 
Savings deposits31,939 8,858 3,802 
Time deposits295,378 279,480 42,076 
Total deposit interest expense
$495,448 $441,231 $114,839