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DEPOSITS

3 Months Ended

Mar. 31, 2024

Deposits [Abstract]

DEPOSITS

DEPOSITS

The Company’s deposits are summarized below:

(dollars in thousands)			March 31, 2024						December 31, 2023
Noninterest-bearing deposits			$	1,047,074					$	1,072,407
Interest-bearing deposits:
Interest-bearing demand			1,139,172						1,145,092
Money market			802,685						803,381
Savings			602,739						608,424
Time			713,142						627,253
Brokered			55,762						144,880
Total interest-bearing deposits			3,313,500						3,329,030
Total deposits			$	4,360,574					$	4,401,437

Reciprocal deposits included in interest-bearing demand deposits, money market deposits, and time deposits totaled $244.1 million and $236.8 million as of March 31, 2024 and December 31, 2023, respectively. The aggregate amounts of time deposits in denominations of $250 thousand or more amounted to $171.4 million and $130.2 million as of March 31, 2024 and December 31, 2023, respectively. The aggregate amounts of time deposits in denominations of $100 thousand or more amounted to $406.4 million and $342.8 million as of March 31, 2024 and December 31, 2023, respectively.

The components of interest expense on deposits are as follows:

			Three Months Ended March 31,
(dollars in thousands)			2024						2023
Interest-bearing demand			$	1,311					$	458
Money market			4,797						935
Savings			443						178
Time			5,925						803
Brokered			1,117						—
Total interest expense on deposits			$	13,593					$	2,374

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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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