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Deposits and Borrowings | 3 Months Ended
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Mar. 31, 2022
Deposits and Borrowings |
Deposits and Borrowings | Note 5— Deposits and Borrowings The following tables show the components of the Company’s funding sources. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollars in thousands) |  | March 31, 2022 |  | December 31, 2021
Deposits: |  | ​ |  |  | ​ |
Non-interest bearing demand deposits(1) | ​ | $ | 495,811 | ​ | $ | 488,838
Interest-bearing demand deposits(1) | ​ |  | 760,074 | ​ |  | 633,901
Savings deposits | ​ |  | 114,427 | ​ |  | 101,376
Time deposits(2) | ​ |  | 612,787 | ​ |  | 657,438
Total Deposits | ​ | $ | 1,983,099 | ​ | $ | 1,881,553
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  |  |  | ​ |  | March 31, 2022 |  | December 31, 2021
(Dollars in thousands) | ​ | Stated Interest Rates | ​ | Weighted-Average Interest Rate | ​ | Carrying Value | ​ | Carrying Value
Long-term Debt: |  |  |  | ​ |  |  | ​ |  |  | ​ |
Subordinated debt |  | 5.75 | % | ​ | 5.75 | % | $ | 24,845 | ​ | $ | 24,728
FHLB advances |  | 0.63% - 0.69 | % | ​ | 0.67 | % |  | 18,000 | ​ |  | 18,000
Total Long-term Debt: |  | ​ | ​ | ​ | ​ | ​ | $ | 42,845 | ​ | $ | 42,728
(1) Overdraft demand deposits reclassified to loans totaled $1 thousand and $2 thousand at March 31, 2022 and December 31, 2021, respectively.
(2) | The aggregate amount of certificates of deposit with a minimum denomination of $250,000 was $246.0 million and $255.0 million at March 31, 2022 and December 31, 2021, respectively.
The Company obtains certain deposits through the efforts of third-party brokers. Brokered deposits totaled $217.8 million and $217.7 million at March 31, 2022 and December 31, 2021, respectively, and were included primarily in time deposits on the Company’s Consolidated Balance Sheets. Reciprocal IntraFi certificates of deposit totaled $39.6 million and $61.3 million at March 31, 2022 and December 31, 2021, respectively. Reciprocal IntraFi demand and money market deposits totaled $277.6 million and $209.6 million at March 31, 2022 and December 31, 2021, respectively. At March 31, 2022, there were no depositors that represented 5% or more of the Company’s total deposits. The Company completed a private placement of $25.0 million of fixed-to-floating subordinated notes on July 6, 2017. Subject to limited exceptions permitting earlier redemption, the notes are callable, in whole or in part, commencing July 15, 2022. Unless redeemed earlier, the notes will mature on July 15, 2027. The notes bear a fixed rate of 5.75% to but excluding July 15, 2022, and will bear a floating rate equal to three-month LIBOR plus 388 basis points thereafter. The notes qualify as Tier 2 capital for regulatory purposes. The notes are carried at their principal amount, less unamortized issuance costs. The Company’s Federal Home Loan Bank (“FHLB”) advances are secured by a blanket floating lien on all real estate mortgage loans secured by 1-to-4 family residential, multi-family and commercial real estate properties. Total collateral under the blanket lien and available borrowing capacity based on collateral pledged amounted to approximately $372.8 million and $354.8 million, respectively, as of March 31, 2022. The Company also has federal funds lines of credit with correspondent banks available for overnight borrowing of $105 million of which $0 had been drawn upon at March 31, 2022. The Company also has the capacity to borrow up to $33.6 million at the Federal Reserve discount window of which $0 had been drawn upon at March 31, 2022. The Bank had loans pledged at the Federal Reserve discount window totaling $39.2 million as of March 31, 2022. The following table shows the carrying amount of the Company’s time deposits and FHLB advances by contractual maturity as of March 31, 2022. ​
​ | ​ | ​ | ​
(Dollars in thousands) |  | March 31, 2022
2022 | ​ | $ | 314,673
2023 | ​ |  | 238,509
2024 | ​ |  | 54,741
2025 | ​ |  | 2,111
2026 | ​ |  | 2,387
Thereafter(1) | ​ |  | 18,366
Total | ​ | $ | 630,787
​ ​
| (1) | Includes $18 million of FHLB advances, which were subsequently called by the FHLB during the second quarter of 2022.

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