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Deposits

12 Months Ended

Dec. 31, 2023

Deposits [Abstract]

Deposits

NOTE 7. Deposits

The composition of deposits at December 31, 2023 and December 31, 2022 was as follows:

		December 31, 2023				December 31, 2022
		(in thousands)
Noninterest bearing demand deposits		$	436,619			$	478,750
Savings and interest bearing demand deposits:
NOW accounts		$	253,353			$	189,144
Money market accounts			263,633				265,290
Regular savings accounts			139,453				172,997
		$	656,439			$	627,431
Time deposits:
Balances of less than $250,000		$	257,418			$	87,531
Balances of $250,000 or greater			155,846				70,363
		$	413,264			$	157,894
		$	1,506,322			$	1,264,075

Savings and interest bearing demand deposits included $115.7 million and $59.5 million in reciprocal deposits at December 31, 2023 and 2022, respectively. Time deposits with balances of less than $250,000 included $30.1 million and $4.6 million in brokered certificates of deposit at December 31, 2023 and 2022, respectively.

The outstanding balance of time deposits at December 31, 2023 was due as follows:

		December 31, 2023
		(in thousands)
2024		$	402,814
2025			5,019
2026			2,450
2027			1,844
2028			327
Thereafter			810
		$	413,264

Deposit overdrafts reclassified as loans totaled $253 thousand and $218 thousand at December 31, 2023 and 2022, 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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