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Deposits

9 Months Ended

Sep. 30, 2024

Deposits [Abstract]

Deposits

Deposits

Deposits were $2.75 billion and $2.80 billion as of September 30, 2024 and December 31, 2023, respectively. The $54.8 million decrease was primarily a result of the seasonal outflow of funds from public entity customers and income tax payments, partially offset by an increase in new customer time deposit activity. Deposits are summarized below:

(in thousands)			September 30, 2024						December 31, 2023
Noninterest-bearing demand deposits			$	882,394					$	916,456
Interest-bearing deposits:
Interest-bearing demand deposits			163,787						138,380
NOW accounts			379,566						468,483
Money market accounts			551,229						541,607
Savings accounts			166,723						173,741
Time deposits less than or equal to $250,000			411,361						392,094
Time deposits greater than $250,000			192,065						171,127
Total interest-bearing deposits			1,864,731						$	1,885,432
Total deposits			$	2,747,125					$	2,801,888

Collateral for Deposits

As of September 30, 2024 and December 31, 2023, securities and FHLB letters of credit with values of approximately $204.6 million and $287.4 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/1943274/2147478353/942-405-50-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(12))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph e
-Publisher SEC

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Publisher SEC

+ Details

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- References

No definition available.

+ Details

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