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DEPOSITS

9 Months Ended

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

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X

- References

No definition available.

+ Details

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