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Deposits

9 Months Ended

Sep. 30, 2024

Deposits [Abstract]

Deposits

Note 8 — Deposits

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

		September 30, 2024												December 31, 2023
		Balance				Average Balance				Average Rate				Balance				Average Balance				Average Rate
		(Dollars in Thousands)
Non-interest-bearing transaction accounts		$	428,012			$	440,182				—	%		$	445,376			$	453,930				—	%
Interest-bearing transaction accounts			930,252				869,511				3.93				895,319				689,500				3.44
Money market accounts			817,129				809,593				4.05				711,245				681,336				3.25
Certificates of deposit			207,337				246,267				4.65				287,131				273,387				4.10
Wholesale deposits			587,217				488,543				4.08				457,708				346,285				4.14
Total deposits		$	2,969,947			$	2,854,096				3.45			$	2,796,779			$	2,444,438				2.92

A summary of annual maturities of core and wholesale certificates of deposit at September 30, 2024 is as follows:

(In Thousands)
Maturities during the year ended December 31,
2024		$	431,326
2025			92,189
2026			57,587
2027			73,517
2028			12,821
Thereafter			7,072
		$	674,512

Wholesale deposits include $467.2 million and $120.0 million of wholesale certificates of deposit and non-reciprocal interest-bearing transaction accounts, respectively, at September 30, 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 September 30, 2024, the notional amount of derivatives designated as cash flow hedges totaled $431.3 million with a weighted average remaining maturity of 3.77 years and a weighted average rate of 3.83%.

Certificates of deposit and wholesale deposits denominated in amounts greater than $250,000 were $85.9 million at September 30, 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/1943274/2147478353/942-405-50-1

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

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X

- References

No definition available.

+ Details

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