Interest-Bearing Deposits

6 Months Ended

Jun. 30, 2024

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