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DEPOSITS

12 Months Ended

Dec. 31, 2023

Deposits [Abstract]

DEPOSITS

DEPOSITS

A summary of deposits at December 31, 2023 and 2022 is as follows (in thousands):

						2023						2022
Non-interest-bearing demand deposits						$	653,166					$	733,329
Interest-bearing demand deposits						291,138						271,645
Insured money market deposits						623,714						640,840
Savings deposits						249,144						279,029
Certificates of deposits $250,000 or less						365,058						272,182
Certificates of deposits greater than $250,000						76,804						31,547
Brokered deposits 1						142,776						73,452
Other time deposits 2						27,627						25,203
Total						$	2,429,427					$	2,327,227

1 Brokered deposits which are individually $250,000 and under.

2 Includes Individual Retirement Accounts and Christmas Club Accounts.

Total customer deposits include reciprocal balances from checking, insured money market deposits, and CDs received from participating banks in nationwide deposit networks as a result of our customers electing to participate in Corporate offered ICS/CDARS programs allowing enhanced FDIC insurance protection. In general, the equivalent of the customers' original deposited funds comes back to the Corporation and are carried within the time deposits category.

Scheduled maturities of time deposits at December 31, 2023, are summarized as follows (in thousands):

Year						Maturities
2024 1						$	578,675
2025						13,244
2026						4,313
2027 2						11,688
2028						1,395
2029						2,950
Total						$	612,265

1 $133.3 million of 2024 maturities represent brokered deposits.

2 $9.5 million of 2027 maturities represent brokered deposits which are

callable by the Corporation on February 28, 2024 and monthly thereafter.

Time deposits that meet or exceed the FDIC Insurance limit of $250 thousand at December 31, 2023 and 2022 were $81.0 million and $36.4 million, 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//1943274/2147481047/942-405-50-1

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

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X

- References

No definition available.

+ Details

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