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Deposits

12 Months Ended

Dec. 31, 2024

Deposits [Abstract]

Deposits

Deposits

A stratification of time deposits is presented in the following table:

			December 31,
(in thousands)			2024			2023
Time deposits of less than or equal to $250 thousand			$	134,068		$	145,697
Time deposits of more than $250 thousand			108,309			105,620
Total time deposits			$	242,377		$	251,317

Interest on time deposits was $9.3 million, $4.7 million and $323 thousand in 2024, 2023 and 2022, respectively.

Scheduled maturities of time deposits at December 31, 2024 are as follows:

(in thousands)			2025			2026			2027			2028			2029			Thereafter			Total
Scheduled time deposit maturities			$	230,203		$	6,188		$	2,805		$	2,319		$	862		$	—		$	242,377

As of December 31, 2024, $288.4 million in securities were pledged as collateral for our local agency deposits.

The aggregate amount of deposit overdrafts that have been reclassified as loan balances was $393 thousand and $320 thousand at December 31, 2024 and 2023, 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 $18.0 million and $23.6 million at December 31, 2024 and 2023, 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/1943274/2147478353/942-405-50-1

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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- References

No definition available.

+ Details

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