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Deposits

9 Months Ended

Sep. 30, 2025

NOTE 6 – DEPOSITS

The Company’s total deposits consisted of the following:


(In thousands)	September 30, 2025		December 31, 2024
Interest-bearing checking	$	1,069,344	$	993,219
Savings		5,376		3,052
Money market		459,822		335,526
Time, $250,000 or more		34,986		51,009
Other time		7,860		23,459
Non-reciprocal brokered ⁽¹⁾		–		70,763
Total interest-bearing deposits		1,577,388		1,477,028
Noninterest-bearing deposits		471,770		414,327
Total deposits	$	2,049,158	$	1,891,355

⁽¹⁾ FDIC regulations impose a general cap on reciprocal deposits that may be exempt from brokered deposits classification equal to 20% of the Bank's total liabilities. As of September 30, 2025 and December 31, 2024, an additional $522.5 million and $470.0 million of our deposits were considered brokered deposits by the FDIC due to being in excess of the general cap, respectively.

Non-reciprocal brokered deposits are used to supplement the Company’s traditional deposit funding sources. At September 30, 2025, the Company had no non-reciprocal brokered deposits, and at December 31, 2024, they represented 4% of total deposits.

At September 30, 2025, scheduled maturities of time deposits were as follows:


(In thousands)
2025	$	30,106
2026		10,826
2027		772
2028		–
2029 and after		1,142
Total time deposits	$	42,846

‎

Interest expense recognized on interest-bearing deposits for the three and nine months ended September 30, 2025 and September 30, 2024, consisted of the following:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2025		2024		2025		2024
Interest-bearing checking	$	9,961	$	9,801	$	27,974	$	25,272
Savings		17		12		36		37
Money market		3,319		3,055		9,265		7,898
Time, $250,000 or more		360		310		1,031		1,001
Other time		5		500		292		1,399
Non-reciprocal brokered		114		924		1,674		4,523
Total interest-bearing deposits	$	13,776	$	14,602	$	40,272	$	40,130

Overdrawn deposit accounts reclassified as loans were $27,000 and $70,000 as of September 30, 2025 and December 31, 2024, respectively.

At September 30, 2025, the Company had two deposit relationships that exceeded 5% of total deposits. Totaling $225.4 million, together they represented 11% of total deposits. At December 31, 2024, the Company had one deposit relationship that exceeded 5% of total deposits. At $97.0 million, this deposit relationship represented 5% of total deposits.