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DEPOSITS

3 Months Ended

Mar. 31, 2023

DEPOSITS

DEPOSITS

NOTE 7 – DEPOSITS

The Company’s deposits are summarized below:

​

​	​	​	​	​	​	​
​	​	March 31, 2023			December 31, 2022
​	​	(dollars in thousands)
Noninterest-bearing deposits	​	$	1,218,888	​	$	994,954
Interest-bearing deposits:	​	​	​	​	​	​
Interest-bearing demand	​	​	1,270,454	​	​	1,139,150
Money market	​	​	662,088	​	​	555,425
Savings	​	​	738,719	​	​	634,527
Time	​	​	420,372	​	​	262,968
Total interest-bearing deposits	​	​	3,091,633	​	​	2,592,070
Total deposits	​	$	4,310,521	​	$	3,587,024

​

There were no brokered deposits as of March 31, 2023 and December 31, 2022. Interest-bearing demand deposits included $40.4 million of reciprocal transaction deposits as of March 31, 2023. Money market deposits included $10.1 million and $1.7 million of reciprocal transaction deposits as of March 31, 2023 and December 31, 2022, respectively. Time deposits included $45.5 million and $1.6 million of reciprocal time deposits as of March 31, 2023, and December 31, 2022, respectively.

The aggregate amounts of time deposits in denominations of $250 thousand or more amounted to $59.8 million and $27.2 million as of March 31, 2023 and December 31, 2022, respectively. The aggregate amounts of time deposits in denominations of $100 thousand or more amounted to $202.3 million and $92.6 million as of March 31, 2023 and December 31, 2022, respectively.

The components of interest expense on deposits are as follows:

​

​	​	​	​	​	​	​
​	​	Three Months Ended March 31,
​		2023			2022
​	​	(dollars in thousands)
Interest-bearing demand	​	$	458	​	$	142
Money market	​	​	935	​	​	121
Savings	​	​	178	​	​	50
Time	​	​	803	​	​	256
Total interest expense on deposits	​	$	2,374	​	$	569

​

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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

+ Details

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X

- References

No definition available.

+ Details

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Namespace Prefix:	us-gaap_
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