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DEPOSITS

12 Months Ended

Dec. 31, 2022

Deposits [Abstract]

DEPOSITS

DEPOSITS

The following table summarizes deposits by type at December 31, 2022 and 2021. During the fourth quarter of 2022, the Bank announced that it had entered into a Purchase and Assumption Agreement providing for the sale of its Path Valley branch and associated deposit liabilities. At December 31, 2022, approximately $31.3 million of deposits were expected to be conveyed in a branch sale, are reported within total deposits at cost on the consolidated balance sheets, and are comprised of $23.5 million in interest-bearing deposits and $7.8 million in non-interest bearing deposits. The transaction is expected to close in the second quarter of 2023.

			2022						2021
Noninterest-bearing demand deposits			$	501,963					$	553,238
Interest-bearing demand deposits			987,158						903,155
Savings			736,124						706,451
Time ($250,000 or less)			214,484						258,064
Time (over $250,000)			36,517						44,021
Total			$	2,476,246					$	2,464,929

The following table summarizes scheduled future maturities of time deposits as of December 31, 2022.

2023			$	179,009
2024			56,780
2025			6,518
2026			3,890
2027			3,341
Thereafter			1,463
			$	251,001

Brokered time deposits totaled zero at December 31, 2022 and 2021, respectively. Management evaluates brokered deposits as a funding option, taking into consideration regulatory views on such deposits as non-core funding sources.

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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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