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DEPOSITS

3 Months Ended

Mar. 31, 2023

DEPOSITS

DEPOSITS

NOTE 10: DEPOSITS

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​	​	​	​	​	​	​
​	​	March 31,		​	December 31,
​		2023			2022
​	​	(In Thousands)
Time Deposits:	​	​			​
0.00% - 0.99%	​	$	194,831	​	$	280,784
1.00% - 1.99%	​		105,228	​		125,951
2.00% - 2.99%	​		356,672	​		381,547
3.00% - 3.99%	​		289,646	​		228,131
4.00% - 4.99%	​	​	89,851	​	​	4,883
5.00% and above	​	​	—	​	​	—
Total time deposits (weighted average rate 2.31% and 1.93%)	​		1,036,228	​		1,021,296
Non-interest-bearing demand deposits	​		991,527	​		1,063,588
Interest-bearing demand and savings deposits (weighted average rate 1.09% and 0.65%)	​		2,234,323	​		2,188,535
Brokered deposits (weighted average rate 4.69% and 4.03%)	​	​	537,029	​	​	411,491
Total Deposits	​	$	4,799,107	​	$	4,684,910

​

The Bank utilizes brokered deposits as an additional funding source. The aggregate amount of brokered deposits was approximately $537.0 million and $411.5 million at March 31, 2023 and December 31, 2022, respectively. At March 31, 2023 and December 31, 2022, brokered deposits included $250.0 million and $150.0 million, respectively, of purchased funds through the IntraFi Financial network. These IntraFi Financial deposits have a rate of interest that floats daily with an index of effective federal funds rate plus a spread. At March 31, 2023, there were additional brokered deposits totaling $149.5 million that had variable rates of interest that reset monthly or quarterly and there were other brokered deposits totaling $137.5 million that had fixed rates of interest but are currently callable at the Bank’s discretion. At March 31, 2023, approximately 14% of the Company’s total deposits were uninsured.

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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

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- References

No definition available.

+ Details

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