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Deposits

12 Months Ended

Dec. 31, 2022

Deposits [Abstract]

Deposits

Deposits

The following table summarizes the Company's deposits at the dates indicated: 

			December 31, 2022												December 31, 2021												Change
			Amount						% of Total						Amount						% of Total						$						%
			(Dollars in thousands)
Noninterest demand deposits			$	2,099,464					35.5		%				$	2,343,909					36.7		%				$(244,445)						(10.4)		%
Interest bearing demand deposits			1,830,727						30.9						1,946,605						30.4						(115,878)						(6.0)
Money market accounts			1,063,243						17.9						1,120,174						17.5						(56,931)						(5.1)
Savings accounts			623,833						10.5						640,763						10.0						(16,930)						(2.6)
Total non-maturity deposits			5,617,267						94.8						6,051,451						94.6						(434,184)						(7.2)
Certificates of deposit			307,573						5.2						342,839						5.4						(35,266)						(10.3)
Total deposits			$	5,924,840					100.0		%				$	6,394,290					100.0		%				$	(469,450)					(7.3)		%

Deposit accounts overdrawn and reclassified to loans receivable were $317,000 and $216,000 as of December 31, 2022 and December 31, 2021, respectively. Accrued interest payable on deposits was $143,000 and $53,000 as of December 31, 2022 and December 31, 2021, respectively and is included in "Accrued expenses and other liabilities" in the Consolidated Statements of Financial Condition.

The following table presents Interest expense, by category, for the periods indicated:

			Year Ended December 31,
			2022						2021						2020
			(In thousands)
Interest bearing demand deposits			$	3,239					$	2,497					$	3,234
Money market accounts			1,745						1,485						2,830
Savings accounts			381						367						527
Certificates of deposit			1,407						1,811						5,674
Total interest expense			$	6,772					$	6,160					$	12,265

Scheduled maturities of certificates of deposit for future years as of December 31, 2022 are as follows, in thousands:

2023			$	270,575
2024			15,913
2025			4,948
2026			4,894

2023			$	270,575
2027			11,243
Total			$	307,573

Certificates of deposit issued in denominations equal to or in excess of $250,000 totaled $103.7 million and $100.0 million as of December 31, 2022 and December 31, 2021, respectively.

Deposits received from related parties as of December 31, 2022 and December 31, 2021 totaled $6.8 million and $8.8 million, respectively.

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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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 405
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=116652737&loc=d3e64164-112818

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.12)
-URI https://asc.fasb.org/extlink&oid=126897435&loc=d3e534808-122878

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (e)

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1406

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X

- References

No definition available.

+ Details

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