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DEPOSITS

12 Months Ended

Dec. 31, 2021

DEPOSITS

DEPOSITS

NOTE 10 – DEPOSITS

The Company’s deposits are summarized below as December 31:

​

​	​	​	​	​	​	​
​	​	December 31, 2021			December 31, 2020
​	​	(dollars in thousands)
Noninterest-bearing deposits	​	$	1,087,659	​	$	882,939
Interest-bearing deposits:	​	​	​	​	​	​
Interest-bearing demand	​	​	1,105,949	​	​	968,592
Money market	​	​	583,198	​	​	462,056
Savings	​	​	633,171	​	​	517,473
Time	​	​	328,208	​	​	299,474
Total interest-bearing deposits	​	​	2,650,526	​	​	2,247,595
Total deposits	​	$	3,738,185	​	$	3,130,534

​

Money market deposits include $4,238,000 of brokered deposits as of December 31, 2021. Money market deposits also include $6,895,000 and $6,489,000 of reciprocal transaction deposits as of December 31, 2021 and 2020, respectively. Time deposits include $850,000 and $3,164,000 of reciprocal time deposits as of December 31, 2021 and 2020, respectively.

The aggregate amounts of time deposits in denominations of $250,000 or more amounted to $59,512,000 and $26,687,000 as of December 31, 2021 and 2020, respectively. The aggregate amounts of time deposits in denominations of $100,000 or more amounted to $133,067,000 and $99,649,000 as of December 31, 2021 and 2020, respectively.

At December 31, 2021, the scheduled maturities of time deposits are as follows (dollars in thousands):

​

​	​	​	​
Year ended December 31,		​	​
2022	​	$	235,100
2023	​	​	64,106
2024	​	​	13,179
2025	​	​	9,042
2026	​	​	6,562
Thereafter	​	​	219
Total	​	$	328,208

​

The components of interest expense on deposits for the years ended December 31 are as follows:

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
​		2021		​	2020			2019
​	​	(dollars in thousands)
Interest-bearing demand	​	$	518	​	$	647	​	$	1,474
Money market	​	​	437	​	​	697	​	​	1,837
Savings	​	​	188	​	​	196	​	​	278
Time	​	​	1,329	​	​	2,681	​	​	4,343
Total interest expense on deposits	​	$	2,472	​	$	4,221	​	$	7,932

​

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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 http://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 http://asc.fasb.org/extlink&oid=120398452&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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- References

No definition available.

+ Details

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