XML 27 R14.htm IDEA: XBRL DOCUMENT v3.24.0.1
Deposits
 12 Months Ended
Dec. 31, 2023
Deposits [Abstract]  
Deposits Deposits
A stratification of time deposits is presented in the following table:

December 31,
(in thousands)20232022
Time deposits of less than or equal to $250 thousand$145,697 $74,421 
Time deposits of more than $250 thousand105,620 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)20242025202620272028ThereafterTotal
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 MarketplaceSM ("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, 2023December 31, 2022
Reciprocal 1
One-Way 1
Reciprocal 1
One-Way 1
CDARS$46,162 $2,164 $11,031 $2,162 
ICS245,577 — 100,749 — 
DDM132,276 — 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.