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Deposits | 12 Months Ended
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Dec. 31, 2023
Deposits [Abstract] |
Deposits | Deposits A stratification of time deposits is presented in the following table:
| December 31,
(in thousands) | 2023 | 2022
Time deposits of less than or equal to $250 thousand | $ | 145,697 |  | $ | 74,421 |
Time deposits of more than $250 thousand | 105,620 |  | 44,609 |
Total time deposits | $ | 251,317 |  | $ | 119,030 |
Interest on time deposits was $4.7 million, $323 thousand and $246 thousand in 2023, 2022 and 2021, respectively. Scheduled maturities of time deposits at December 31, 2023 are as follows:
(in thousands) | 2024 | 2025 | 2026 | 2027 | 2028 | Thereafter | Total
Scheduled time deposit maturities | $ | 233,726 |  | $ | 6,760 |  | $ | 5,510 |  | $ | 2,705 |  | $ | 2,616 |  | $ | — |  | $ | 251,317 |
As of December 31, 2023, $287.4 million in securities were pledged as collateral for our local agency deposits. Our deposit portfolio includes deposits offered through the Promontory Interfinancial Network that are comprised of Certificate of Deposit Account Registry Service® ("CDARS") balances included in time deposits and Insured Cash Sweep® ("ICS") balances included in money market deposits. In addition, we offer deposits through Reich & Tang Deposit Networks, LLC, comprised of Demand Deposit Marketplace SM ("DDM") balances. Through these two networks we are able to offer our customers access to FDIC-insured deposit products in aggregate amounts exceeding current insurance limits. When we place funds through CDARS, ICS and DDM, on behalf of a customer, we have the option of receiving matching deposits through the network's reciprocal deposit program, or placing deposits "one-way" for which we receive no matching deposits. We consider reciprocal deposits to be in-market deposits, as distinguished from traditional out-of-market brokered deposits. The following table shows the composition of our network deposits at December 31, 2023 and 2022.
(in thousands) | December 31, 2023 | December 31, 2022
| Reciprocal 1 | One-Way 1 | Reciprocal 1 | One-Way 1
CDARS | $ | 46,162 |  | $ | 2,164 |  | $ | 11,031 |  | $ | 2,162 |
ICS | 245,577 |  | — |  | 100,749 |  | — |
DDM | 132,276 |  | — |  | 62,219 |  | — |
Total network deposits | $ | 424,015 |  | $ | 2,164 |  | $ | 173,999 |  | $ | 2,162 |
1 Reciprocal deposits are on-balance-sheet while one-way deposits are off-balance-sheet.
The aggregate amount of deposit overdrafts that have been reclassified as loan balances was $320 thousand and $247 thousand at December 31, 2023 and 2022, respectively. The Bank accepts deposits from shareholders, members of the board of directors, and employees in the normal course of business, and the terms are comparable to those with non-affiliated parties. The total deposits from board directors and their businesses, and executive officers were $23.6 million and $11.2 million at December 31, 2023 and 2022, respectively.

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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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