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Deposits

12 Months Ended

Dec. 31, 2023

Deposits [Abstract]

Deposits

Deposits

Deposits were consistent at $2.80 billion as of December 31, 2023 and 2022. In 2023, there was a deposit mix shift between deposit categories as customers moved funds from noninterest-bearing and lower yielding categories to higher yielding categories. Deposits are summarized below:

			December 31,
(in thousands)			2023						2022
Noninterest-bearing demand deposits			$	916,456					$	1,090,539
Interest-bearing deposits:
Interest-bearing demand deposits			138,380						89,144
NOW accounts			468,483						503,308
Money market accounts			541,607						578,161
Savings accounts			173,741						195,479
Time deposits less than or equal to $250,000			392,094						250,875
Time deposits greater than $250,000			171,127						91,430
Total interest-bearing deposits			1,885,432						1,708,397
Total deposits			$	2,801,888					$	2,798,936

As of December 31, 2023, the scheduled maturities of all outstanding time deposits were as follows:

Years ending December 31,						Amount
(in thousands)
2024						$	478,589
2025						56,727
2026						10,823
2027						8,924
2028						4,647
Thereafter						3,511
						$	563,221

Collateral for Deposits

As of December 31, 2023 and 2022, securities and FHLB of Dallas letters of credit with values of approximately $287.4 million and $268.6 million, respectively, were pledged as collateral to secure public entity deposits.

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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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- References

No definition available.

+ Details

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