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Deposits

12 Months Ended

Dec. 31, 2023

Deposits [Abstract]

Deposits

Note 8 – Deposits

The distribution of deposits at December 31, 2023 and 2022 were as follows:

		December 31,
			2023			2022
		(In Thousands)
Demand:
Non-interest bearing		$	536,264		$	613,910
Interest bearing			564,912			757,615
Money market			370,934			305,556
			1,472,110			1,677,081
Savings and club			284,273			329,752
Certificates of deposit			1,222,697			804,774
		$	2,979,080		$	2,811,607

Deposits of certain municipalities and local government agencies are collateralized by $34.6 million of investment securities and by a $270.0 million Municipal Letter of Credit with the FHLB.

At December 31, 2023 and 2022, certificates of deposit of $250,000 or more totaled approximately $341.9 million and $207.7 million, respectively.

At December 31, 2023, deposits from officers, directors and their associates totaled approximately $87.3 million.

The scheduled maturities of certificates of deposit at December 31, 2023, were as follows (In thousands):

		Amount
2024	$	1,199,120
2025		17,134
2026		3,569
2027		1,785
Thereafter		1,089
	$	1,222,697

As of December 31, 2023, the Company had $505.4 million in brokered certificate deposits. 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 demand deposits at December 31, 2023. 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
-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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