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Interest-Bearing Deposits | 6 Months Ended
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Jun. 30, 2024
Interest-bearing Deposits |
Interest-Bearing Deposits | Interest-Bearing Deposits Table 5.1 shows the composition of interest-bearing deposits as of June 30, 2024 and December 31, 2023.
Table 5.1: Interest-Bearing Deposits
(in thousands) |  | June 30, 2024 |  | December 31, 2023
Interest-bearing transaction accounts |  | $ | 299,815 |  |  | $ | 320,356 |
Savings accounts |  | 126,532 |  |  | 126,498 |
Money market accounts |  | 1,564,120 |  |  | 1,282,369 |
Time accounts, $250 or more |  | 192,344 |  |  | 344,694 |
Other time accounts |  | 141,087 |  |  | 121,878 |
Total interest-bearing deposits |  | $ | 2,323,898 |  |  | $ | 2,195,795 |
Time deposits totaled $333.4 million and $466.6 million as of June 30, 2024 and December 31, 2023, respectively. Scheduled maturities of time deposits as of June 30, 2024 for the next five years are shown in Table 5.2.
Table 5.2: Scheduled Maturities of Time Deposits
(in thousands) |  |
2024 |  | $ | 285,068 |
2025 |  | 46,561 |
2026 |  | 1,566 |
2027 |  | 100 |
2028 |  | 136 |
Total time deposits |  | $ | 333,431 |
Total deposits include deposits offered through the IntraFi Network that are comprised of Certificate of Deposit Account Registry Service® (“CDARS”) balances included in time deposits and Insured Cash Sweep® (“ICS”) balances included in money market and interest checking deposits. Through this network, the Company offers customers access to FDIC-insured deposit products in aggregate amounts exceeding current insurance limits. When funds are deposited through CDARS and ICS on behalf of a customer, the Company has the option of receiving matching deposits through the network’s reciprocal deposit program or placing deposits “one-way,” for which the Company receives no matching deposits. The Company considers the reciprocal deposits to be in-market deposits, as distinguished from traditional out-of-market brokered deposits. There were no one-way deposits at June 30, 2024 and December 31, 2023. The composition of network deposits as of June 30, 2024 and December 31, 2023 is shown in Table 5.3.
Table 5.3: Network Deposits
(in thousands) |  | June 30, 2024 |  | December 31, 2023
CDARS |  | $ | 17,397 |  |  | $ | 16,325 |
ICS |  | 682,875 |  |  | 620,199 |
Total network deposits |  | $ | 700,272 |  |  | $ | 636,524 |
Table 5.4 presents interest expense recognized on interest-bearing deposits for the periods ended June 30, 2024 and 2023.
Table 5.4: Interest Expense Recognized on Interest-Bearing Deposits
|  | Three months ended |  | Six months ended
(in thousands) |  | June 30, 2024 |  | June 30, 2023 |  | June 30, 2024 |  | June 30, 2023
Interest-bearing transaction accounts |  | $ | 1,104 |  |  | $ | 825 |  |  | $ | 2,230 |  |  | $ | 1,258 |
Savings accounts |  | 856 |  |  | 758 |  |  | 1,718 |  |  | 1,303 |
Money market accounts |  | 13,388 |  |  | 8,136 |  |  | 25,543 |  |  | 13,572 |
Time accounts, $250 or more |  | 2,412 |  |  | 2,634 |  |  | 6,235 |  |  | 4,597 |
Other time accounts |  | 957 |  |  | 1,616 |  |  | 2,502 |  |  | 2,617 |
Total interest expense on interest-bearing deposits |  | $ | 18,717 |  |  | $ | 13,969 |  |  | $ | 38,228 |  |  | $ | 23,347 |

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