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Deposits

3 Months Ended

Mar. 31, 2024

Deposits [Abstract]

Deposits

Deposits

The composition of deposits is shown below. Average balances represent year-to-date averages.

						March 31, 2024																		December 31, 2023
						Balance						Average Balance						Average Rate						Balance						Average Balance						Average Rate
						(Dollars in Thousands)
Non-interest-bearing transaction accounts						$	400,267					$	443,416					—		%				$	445,376					$	453,930					—		%
Interest-bearing transaction accounts						818,080						862,896						3.92						895,319						689,500						3.44
Money market accounts						813,467						761,893						3.97						711,245						681,336						3.25
Certificates of deposit						266,029						278,248						4.61						287,131						273,387						4.10
Wholesale deposits						457,563						457,536						4.03						457,708						346,285						4.14
Total deposits						$	2,755,406					$	2,803,989					3.40						$	2,796,779					$	2,444,438					2.92

A summary of annual maturities of core and wholesale certificates of deposit at March 31, 2024 is as follows:

(In Thousands)
Maturities during the year ended December 31,
2024						$	494,093
2025						40,573
2026						50,383
2027						73,650
2028						12,821
Thereafter						2,072
						$	673,592

Wholesale deposits include $407.6 million and $50.0 million of wholesale certificates of deposit and non-reciprocal interest-bearing transaction accounts, respectively, at March 31, 2024, compared to $407.7 million and $50.0 million of wholesale certificates of deposit and non-reciprocal interest-bearing transaction accounts, respectively, at December 31, 2023. The Corporation has entered into derivative contracts hedging a portion of the certificates of deposit included in the 2024 maturities above. As of March 31, 2024, the notional amount of derivatives designated as cash flow hedges totaled $306.3 million with a weighted average remaining maturity of 3.7 years and a weighted average rate of 3.95%.

Certificates of deposit and wholesale deposits denominated in amounts greater than $250,000 were $102.2 million at March 31, 2024 and $120.2 million at December 31, 2023.

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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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