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DEPOSITS

12 Months Ended

Dec. 31, 2023

DEPOSITS

Note 9—DEPOSITS

The Company’s total deposits are comprised of the following at the dates indicated:

Schedule of Deposits

		December 31,				December 31,
(Dollars in thousands)		2023				2022
Non-interest bearing deposits		$	432,333			$	461,010
Interest bearing demand deposits and money market accounts			707,434				629,763
Savings			118,623				161,770
Time deposits			252,611				132,839
Total deposits		$	1,511,001			$	1,385,382

Time deposits above include $48.1 million and $0 in brokered deposits as of December 31, 2023 and December 31, 2022, respectively.

At December 31, 2023, the scheduled maturities of time deposits are as follows:

Schedule of Scheduled Maturities of Time Deposits

(Dollars in thousands)
2024		$	221,399
2025			8,145
2026			20,483
2027			801
2028 and after			1,783
Total		$	252,611

Interest paid on time deposits of $100 thousand or more totaled $2.4 million, $280 thousand, and $538 thousand in 2023, 2022, and 2021, respectively.

Time deposits that meet or exceed the FDIC insurance limit of $250 thousand at December 31, 2023 and December 31, 2022 were $51.1 million and $25.0 million, respectively.

Deposits from directors and executive officers and their related interests at December 31, 2023 and 2022 amounted to approximately $18.0 million and $24.5 million, respectively.

The amount of overdrafts classified as loans at December 31, 2023 and 2022 were $75 thousand and $162 thousand, respectively.

Total uninsured deposits were $436.6 million and $407.0 million at December 31, 2023 and December 31, 2022, respectively. Included in uninsured deposits at December 31, 2023 and December 31, 2022 were $82.8 million and $59.5 million of collateralized public funds, 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

+ Details

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