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DEPOSITS | 9 Months Ended
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Sep. 30, 2023
Deposits [Abstract] |
DEPOSITS | DEPOSITS The Company’s deposits are summarized below:
(dollars in thousands) | September 30, 2023 |  | December 31, 2022
Noninterest-bearing deposits | $ | 1,086,877 |  |  | $ | 994,954 |
Interest-bearing deposits: |  |  |
Interest-bearing demand | 1,134,721 |  |  | 1,139,150 |
Money market | 673,780 |  |  | 555,425 |
Savings | 623,083 |  |  | 634,527 |
Time | 679,607 |  |  | 262,968 |
Total interest-bearing deposits | 3,111,191 |  |  | 2,592,070 |
Total deposits | $ | 4,198,068 |  |  | $ | 3,587,024 |
As of September 30, 2023, time deposits included $115.0 million of brokered deposits. There were no brokered deposits as of December 31, 2022. Interest-bearing demand deposits included $38.7 million of reciprocal transaction deposits as of September 30, 2023. Money market deposits included $12.8 million and $1.7 million of reciprocal transaction deposits as of September 30, 2023 and December 31, 2022, respectively. Time deposits included $35.5 million and $1.6 million of reciprocal time deposits as of September 30, 2023, and December 31, 2022, respectively. The aggregate amounts of time deposits in denominations of $250 thousand or more amounted to $115.9 million and $27.2 million as of September 30, 2023 and December 31, 2022, respectively. The aggregate amounts of time deposits in denominations of $100 thousand or more amounted to $302.3 million and $92.6 million as of September 30, 2023 and December 31, 2022, respectively. The components of interest expense on deposits are as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(dollars in thousands) | 2023 |  | 2022 |  | 2023 |  | 2022 |  |
Interest-bearing demand | $ | 761 |  |  | $ | 144 |  |  | $ | 1,902 |  |  | $ | 430 |  |  |
Money market | 2,041 |  |  | 203 |  |  | 4,492 |  |  | 434 |  |  |
Savings | 249 |  |  | 53 |  |  | 616 |  |  | 155 |  |  |
Time | 4,160 |  |  | 187 |  |  | 6,898 |  |  | 643 |  |  |
Total interest expense on deposits | $ | 7,211 |  |  | $ | 587 |  |  | $ | 13,908 |  |  | $ | 1,662 |  |  |

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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 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 405 -Topic 942 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481047/942-405-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1406 -Paragraph (e) -Publisher SEC Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1406 -Publisher SEC Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.12) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1 + Details
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- References No definition available. + Details
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