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Deposits

12 Months Ended

Dec. 31, 2024

Insurance [Abstract]

Deposits

Deposits

Remaining maturities on certificates of deposit are as follows (dollars in thousands):

2025			$	10,300
2026			1,400
2027			11
2028 and thereafter			—
			$	11,711

The Bank held no deposits classified as brokered as of December 31, 2024 and December 31, 2023. To achieve full insurance from the Federal Deposit Insurance Corporation (“FDIC”), some of the Bank’s depositors have enrolled in the IntraFi Cash Service® (“ICS®”) program offered by the Bank through the IntraFi® network. When accounts are enrolled in this service, the Bank must elect, for each account, whether it will receive reciprocal deposit balances or sell the deposit balance. As of December 31, 2024 and December 31, 2023, the Bank held $130.3 million and $177.3 million, respectively, of reciprocal deposits through ICS®, which were included on the consolidated balance sheets. Additionally, total ICS® One-Way Sell® deposits of $63.3 million and $130.1 million as of December 31, 2024, and December 31, 2023, respectively, were sold to the network and therefore excluded from the Company’s consolidated balance sheets. The Company receives fee income for the deposits that are sold, which is reported under deposit placement services income on the consolidated statements of income.

As of December 31, 2024, two clients each maintained an individual deposit balance exceeding 5.0% of total deposits. The combined total deposit balance related to these clients was $202.6 million, accounting for 16.2% of total deposits. As of December 31, 2023, there were no clients whose individual deposit balances exceeded 5.0% of total deposits.

Deposits from related parties held by the Company amounted to $2.0 million as of December 31, 2024 and 2023.

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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/1943274/2147478353/942-405-50-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(12))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph e
-Publisher SEC

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Publisher SEC

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X

- References

No definition available.

+ Details

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