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Deposits

12 Months Ended

Dec. 31, 2023

Deposits [Abstract]

Deposits

NOTE 7 – Deposits

The following is a detail of the deposit accounts:

Schedule of detail in deposit accounts
		December 31,
(dollars in thousands)		2023				2022
Noninterest bearing		$	674,167				804,115
Interest bearing:
NOW accounts			310,218				318,030
Money market accounts			1,605,278				1,506,418
Savings			31,669				40,673
Time deposits			758,232				464,628
Total deposits		$	3,379,564				3,133,864

At December 31, 2023 and 2022, time deposits greater than $250,000 were $568.1 million and $374.8 million, respectively.

Also, at December 31, 2023, the Company had $379.4 million deposits in brokered deposits, or deposits that were obtained outside the Company’s primary market, while at December 31, 2022 the Company had $236.2 million deposits in brokered deposits. Interest expense on time deposits greater than $250,000 was $23.8 million for the year ended December 31, 2023, $3.2 million for the year ended December 31, 2022, and $786,000 for the year ended December 31, 2021.

At December 31, 2023 the scheduled maturities of time deposits are as follows:

Schedule of maturities certificates of deposit
(dollars in thousands)
2024		$	494,392
2025			45,190
2026			100,308
2027			60
2028			118,282
		$	758,232

X

- 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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X

- References

No definition available.

+ Details

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