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Deposits

12 Months Ended

Dec. 31, 2024

Deposits [Abstract]

Deposits

Deposits

Deposits include the following:

(In thousands)						December 31, 2024						December 31, 2023
Noninterest-bearing deposits						$	360,152					$	403,225
Interest-bearing deposits:
NOW and money market accounts						504,466						406,857
Savings accounts						114,648						122,547
Time deposits:
Under $250,000						45,141						48,098
$250,000 and over						33,215						23,750
Total interest-bearing deposits						697,470						601,252
Total deposits						$	1,057,622					$	1,004,477

The scheduled maturities of all certificates of deposit and other time deposits are as follows:

(In thousands)						December 31, 2024						December 31, 2023
One year or less						$	56,246					$	44,887
More than one year, but less than or equal to two years						21,600						26,046
More than two years, but less than or equal to three years						112						611
More than three years, but less than or equal to four years						272						86
More than four years, but less than or equal to five years						126						218
Greater than five years						—						—
						$	78,356					$	71,848

Deposit balances representing overdrafts reclassified as loan balances totaled $178,000 and $387,000 as of December 31, 2024, and 2023, respectively.

Deposits of directors, officers and other related parties to the Bank totaled $11.5 million and $10.3 million at December 31, 2024, and 2023, respectively. The rates paid on these deposits were similar to those customarily paid to the Bank’s customers in the normal course of business. 

At December 31, 2024, the Bank held $100.3 million in brokered deposits. There were no brokered deposits held at December 31, 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

+ Details

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- References

No definition available.

+ Details

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