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Deposits

12 Months Ended

Dec. 31, 2022

Deposits [Abstract]

Deposits

Note 8 – Deposits

The distribution of deposits at December 31, 2022 and 2021 were as follows:

			December 31,
			2022			2021
			(In Thousands)
Demand:
Non-interest bearing		$	613,910		$	588,207
Interest bearing			757,615			668,262
Money market			305,556			337,126
			1,677,081			1,593,595
Savings and club			329,752			329,724
Certificates of deposit			804,774			638,083
		$	2,811,607		$	2,561,402

Deposits of certain municipalities and local government agencies are collateralized by $24.9 million of investment securities and by a $230.0 million Municipal Letter of Credit with the FHLB.

At December 31, 2022 and 2021, certificates of deposit of $250,000 or more totaled approximately $207.7 million and $275.0 million, respectively.

At December 31, 2022, deposits from officers, directors and their associates totaled approximately $93.0 million.

The scheduled maturities of certificates of deposit at December 31, 2022, were as follows (In thousands):

		Amount
2023	$	766,820
2024		28,227
2025		6,754
2026		721
Thereafter		2,252
	$	804,774

As of December 31, 2022, the Company had $335.0 million in brokered certificate deposits and $35.0 million in brokered demand deposits. The Company had no brokered deposits at December 31, 2021. Reciprocal deposits are not considered brokered deposits under applicable regulations.

 

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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 https://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 https://asc.fasb.org/extlink&oid=126897435&loc=d3e534808-122878

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (e)

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1406

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- References

No definition available.

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