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Deposits

12 Months Ended

Dec. 31, 2020

Deposits [Abstract]

Deposits

Note 8 – Deposits

The distribution of deposits at December 31, 2020 and 2019 were as follows:

			December 31,
			2020			2019
			(In Thousands)
Demand:
Non-interest bearing		$	402,100		$	271,702
Interest bearing			613,882			394,074
Money market			315,208			305,790
			1,331,190			971,566
Savings and club			297,765			260,545
Certificates of deposit			689,095			1,129,952
		$	2,318,050		$	2,362,063

Deposits of certain municipalities and local government agencies are collateralized by $45.6 million of investment securities and by a $125 million Municipal Letter of Credit with the FHLB.

At December 31, 2020 and 2019, certificates of deposit of $250,000 or more totaled approximately $302.9 million and $311.2 million, respectively.

At December 31, 2020, deposits from officers, directors and their associates totaled approximately $35.3 million.

Note 8 – Deposits (continued)

The scheduled maturities of certificates of deposit at December 31, 2020, were as follows (In thousands):

		Amount
2021	$	581,315
2022		65,567
2023		23,663
2024		11,757
Thereafter		6,793
	$	689,095

As of December 31, 2020, the Company had $20.0 million brokered deposits. The Company did not have brokered deposits at December 31, 2019. Reciprocal deposits are not considered brokered deposits under recent regulatory reform.

 

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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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 405
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=116652737&loc=d3e64164-112818

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.12)
-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

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- References

No definition available.

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