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Deposits | 9 Months Ended
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Sep. 30, 2023
Deposits [Abstract] |
Deposits | Deposits The composition of deposits is shown below. Average balances represent year-to-date averages.
|  | September 30, 2023 |  | December 31, 2022
|  | Balance |  | Average Balance |  | Average Rate |  | Balance |  | Average Balance |  | Average Rate
|  | (Dollars in Thousands)
Non-interest-bearing transaction accounts |  | $ | 430,011 |  |  | $ | 455,653 |  |  | — | % |  | $ | 537,107 |  |  | $ | 566,230 |  |  | — | %
Interest-bearing transaction accounts |  | 779,789 |  |  | 657,155 |  |  | 3.26 |  |  | 576,601 |  |  | 503,668 |  |  | 0.79 |
Money market accounts |  | 694,199 |  |  | 663,284 |  |  | 3.01 |  |  | 698,505 |  |  | 761,469 |  |  | 0.82 |
Certificates of deposit |  | 285,265 |  |  | 271,684 |  |  | 3.95 |  |  | 153,757 |  |  | 97,448 |  |  | 1.39 |
Wholesale deposits |  | 467,743 |  |  | 311,038 |  |  | 4.15 |  |  | 202,236 |  |  | 48,825 |  |  | 3.31 |
Total deposits |  | $ | 2,657,007 |  |  | $ | 2,358,814 |  |  | 2.76 |  |  | $ | 2,168,206 |  |  | $ | 1,977,640 |  |  | 0.67 |
A summary of annual maturities of in-market and wholesale certificates of deposit at September 30, 2023 is as follows:
(In Thousands) |  |
Maturities during the year ended December 31, |  |
2023 |  | $ | 365,358 |
2024 |  | 121,040 |
2025 |  | 17,504 |
2026 |  | 50,660 |
2027 |  | 73,837 |
Thereafter |  | 14,609 |
|  | $ | 643,008 |
Wholesale deposits include $357.7 million and $110.0 million of wholesale certificates of deposit and non-reciprocal interest-bearing transaction accounts, respectively, at September 30, 2023, compared to $187.2 million and $15.0 million of wholesale certificates of deposit and non-reciprocal interest-bearing transaction accounts, respectively, at December 31, 2022. The Corporation has entered into derivative contracts hedging a portion of the certificates of deposit included in the 2023 maturities above. As of September 30, 2023, the notional amount of derivatives designated as cash flow hedges totaled $256.3 million with a weighted average remaining maturity of 4.4 years and a weighted average rate of 3.79%. Certificates of deposit and wholesale deposits denominated in amounts greater than $250,000 were $109.0 million at September 30, 2023 and $81.6 million at December 31, 2022.

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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 + Details
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- References No definition available. + Details
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