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Deposits and Borrowings | 3 Months Ended
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Mar. 31, 2025
Deposits and Borrowings |
Deposits and Borrowings | Note 6— Deposits and Borrowings The following tables show the components of the Company’s funding sources. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollars in thousands) |  | March 31, 2025 |  | December 31, 2024
Deposits: |  | ​ |  |  | ​ |
Non-interest bearing demand deposits(1) | ​ | $ | 437,822 | ​ | $ | 433,288
Interest-bearing demand deposits(1) | ​ |  | 705,386 | ​ |  | 705,097
Savings deposits | ​ |  | 42,583 | ​ |  | 44,367
Time deposits(2) | ​ |  | 736,384 | ​ |  | 709,663
Total Deposits | ​ | $ | 1,922,175 | ​ | $ | 1,892,415
​
| (1) | Overdraft demand deposits reclassified to loans totaled $1 thousand at March 31, 2025 and $1 thousand at December 31, 2024.
| (2) | The aggregate amount of certificates of deposit with a minimum denomination of $250,000 was $322.6 million and $315.5 million at March 31, 2025 and December 31, 2024, respectively.
​ The Company obtains certain deposits through the efforts of third-party brokers. Brokered deposits totaled $297.6 million and $276.4 million at March 31, 2025 and December 31, 2024, respectively, and were included primarily in time deposits on the Company’s Consolidated Balance Sheets. At March 31, 2025, there were no depositors that represented 5% or more of the Company’s total deposits. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  |  |  | ​ |  | March 31, 2025 |  | December 31, 2024
(Dollars in thousands) | ​ | Stated Interest Rate Range | ​ | Weighted-Average Interest Rate | ​ | Carrying Value | ​ | Carrying Value
Long-term Debt: |  |  |  | ​ |  |  | ​ |  |  | ​ |
FHLB advances | ​ | 3.92% - 4.15 | % | ​ | 4.01 | % | ​ | 56,000 | ​ | ​ | 56,000
Subordinated debt |  | 5.25 | % | ​ | 5.25 | % | $ | 24,812 | ​ | $ | 24,791
Total Long-term Debt |  | ​ | ​ | ​ | ​ | ​ | $ | 80,812 | ​ | $ | 80,791
​ The Company completed a private placement of a $25.0 million fixed-to-floating subordinated note on June 15, 2022. Subject to limited exceptions permitting earlier redemption, the note is callable, in whole or in part, commencing July 1, 2027. Unless redeemed earlier, the note will mature on July 1, 2032. The note bears interest at a fixed rate of 5.25% to but excluding July 1, 2027, and will bear interest at a floating rate equal to the three-month Secured Overnight Financing Rate plus 245 basis points thereafter. The note is carried at its principal amount, less unamortized issuance costs. The Company, from time to time, uses FHLB advances as a source of funding and to manage interest rate risk. 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. On September 3, 2024, the Company took out three fixed interest rate advances with terms of 18, 24, and 36 months. The interest rates on the advances range from 3.92% to 4.15%. At March 31, 2025, these three outstanding FHLB advances totaled $56.0 million. Available borrowing capacity based on collateral value amounted to approximately $401.0 million as of March 31, 2025. The Company also has the capacity to borrow up to $107.1 million at the Federal Reserve discount window of which $0 had been drawn upon at March 31, 2025. The Bank had loans pledged at the Federal Reserve discount window totaling $142.9 million as of March 31, 2025. The Company also has federal funds lines of credit with correspondent banks available for overnight borrowing of $110.0 million, of which $0 had been drawn upon at March 31, 2025. The following table shows the carrying amount of the Company’s time deposits by contractual maturity as of March 31, 2025. ​
​ | ​ | ​ | ​
(Dollars in thousands) |  | March 31, 2025
2025 | ​ | $ | 386,390
2026 | ​ |  | 232,656
2027 | ​ |  | 115,725
2028 | ​ |  | 561
2029 | ​ |  | 1,028
Thereafter | ​ |  | 24
Total | ​ | $ | 736,384
​

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