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DEPOSITS

12 Months Ended

Dec. 31, 2022

DEPOSITS

DEPOSITS

NOTE 9 – DEPOSITS

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

​

​	​	​	​	​	​	​
​	​	December 31, 2022			December 31, 2021
​	​	(dollars in thousands)
Noninterest-bearing deposits	​	$	994,954	​	$	1,087,659
Interest-bearing deposits:	​	​	​	​	​	​
Interest-bearing demand	​	​	1,139,150	​	​	1,105,949
Money market	​	​	555,425	​	​	583,198
Savings	​	​	634,527	​	​	633,171
Time	​	​	262,968	​	​	328,208
Total interest-bearing deposits	​	​	2,592,070	​	​	2,650,526
Total deposits	​	$	3,587,024	​	$	3,738,185

​

There were no brokered deposits as of December 31, 2022. Money market deposits include $4.2 million of brokered deposits as of December 31, 2021. Money market deposits also include $1.7 million and $6.9 million of reciprocal transaction deposits as of December 31, 2022 and 2021, respectively. Time deposits include $1.6 million and $0.9 million of reciprocal time deposits as of December 31, 2022 and 2021, respectively.

The aggregate amounts of time deposits in denominations of $250 thousand or more amounted to $27.2 million and $59.5 million as of December 31, 2022 and 2021, respectively. The aggregate amounts of time deposits in denominations of $100 thousand or more amounted to $92.6 million and $133.1 million as of December 31, 2022 and 2021, respectively.

At December 31, 2022, the scheduled maturities of time deposits are as follows (dollars in thousands):

​

​	​	​	​
Year ended December 31,		​	​
2023	​	$	191,045
2024	​	​	44,573
2025	​	​	14,544
2026	​	​	8,822
2027	​	​	3,855
Thereafter	​	​	129
Total	​	$	262,968

​

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

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
​		2022		​	2021			2020
​	​	(dollars in thousands)
Interest-bearing demand	​	$	607	​	$	518	​	$	647
Money market	​	​	813	​	​	437	​	​	697
Savings	​	​	208	​	​	188	​	​	196
Time	​	​	883	​	​	1,329	​	​	2,681
Total interest expense on deposits	​	$	2,511	​	$	2,472	​	$	4,221

​

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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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- References

No definition available.

+ Details

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