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DEPOSITS

12 Months Ended

Dec. 31, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

DEPOSITS

DEPOSITS

The following is a summary of deposits by type at December 31, 2023 and December 31, 2022, respectively: 

						December 31, 2023						December 31, 2022
Non interest bearing demand deposits						$	265,704					$	284,722
Interest bearing demand deposits						343,276						371,210
Savings accounts						176,548						220,019
Money market accounts						374,055						323,435
Certificate accounts						359,509						225,334
Total deposits						$	1,519,092					$	1,424,720

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

2024						$	329,862
2025						20,612
2026						2,693
2027						636
2028						5,706
Total						$	359,509

Time deposits of $250 or more were $103,802 and $66,827 at December 31, 2023 and December 31, 2022, respectively. Brokered deposits were $98,259 and $39,841 at December 31, 2023 and December 31, 2022, respectively.

Deposits from the Company’s directors, executive officers, principal stockholders and their affiliates held by the Bank at December 31, 2023 and December 31, 2022 amounted to $33,929, and $33,673, respectively.

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- References

No definition available.

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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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