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DEPOSITS | 6 Months Ended
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Jun. 30, 2023
DEPOSITS |
DEPOSITS | NOTE 7 – DEPOSITS The Company’s deposits are summarized below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2023 |  | December 31, 2022
​ | ​ | (dollars in thousands)
Noninterest-bearing deposits | ​ | $ | 1,125,823 | ​ | $ | 994,954
Interest-bearing deposits: | ​ | ​ | ​ | ​ | ​ | ​
Interest-bearing demand | ​ | ​ | 1,181,187 | ​ | ​ | 1,139,150
Money market | ​ | ​ | 730,652 | ​ | ​ | 555,425
Savings | ​ | ​ | 657,506 | ​ | ​ | 634,527
Time | ​ | ​ | 469,355 | ​ | ​ | 262,968
Total interest-bearing deposits | ​ | ​ | 3,038,700 | ​ | ​ | 2,592,070
Total deposits | ​ | $ | 4,164,523 | ​ | $ | 3,587,024
​ Money market account deposits included $50.0 million and time deposits included $1.0 million of brokered deposits as of June 30, 2023. There were no brokered deposits as of December 31, 2022. Interest-bearing demand deposits included $41.6 million of reciprocal transaction deposits as of June 30, 2023. Money market deposits included $11.7 million and $1.7 million of reciprocal transaction deposits as of June 30, 2023 and December 31, 2022, respectively. Time deposits included $38.8 million and $1.6 million of reciprocal time deposits as of June 30, 2023, and December 31, 2022, respectively. The aggregate amounts of time deposits in denominations of $250 thousand or more amounted to $78.7 million and $27.2 million as of June 30, 2023 and December 31, 2022, respectively. The aggregate amounts of time deposits in denominations of $100 thousand or more amounted to $236.8 million and $92.6 million as of June 30, 2023 and December 31, 2022, respectively. The components of interest expense on deposits are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended June 30, | ​ | Six Months Ended June 30, | ​
​ |  | 2023 |  | 2022 | ​ | 2023 |  | 2022 |
​ | ​ | (dollars in thousands) | ​
Interest-bearing demand | ​ | $ | 683 | ​ | $ | 144 | ​ | $ | 1,141 | ​ | $ | 286 | ​
Money market | ​ | ​ | 1,516 | ​ | ​ | 110 | ​ | ​ | 2,451 | ​ | ​ | 231 | ​
Savings | ​ | ​ | 189 | ​ | ​ | 52 | ​ | ​ | 367 | ​ | ​ | 102 | ​
Time | ​ | ​ | 1,935 | ​ | ​ | 200 | ​ | ​ | 2,738 | ​ | ​ | 456 | ​
Total interest expense on deposits | ​ | $ | 4,323 | ​ | $ | 506 | ​ | $ | 6,697 | ​ | $ | 1,075 | ​
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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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- References No definition available. + Details
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