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Deposits | 12 Months Ended
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Dec. 31, 2023
Statistical Disclosure for Banks [Abstract] |
Deposits | Deposits The following table presents the balance of deposits held, by category, and the related weighted average stated interest rate as of December 31, 2023 and 2022.
| December 31, 2023 |  | December 31, 2022
(In thousands) | Balance |  | Weighted Avg. Stated Interest Rate |  | Balance |  | Weighted Avg. Stated Interest Rate
Non-interest bearing | $ | 110,056 |  |  | — |  |  | $ | 269,636 |  |  | — |
Interest bearing: |  |  |  |  |  |  |
Negotiable order of withdrawal accounts | 42,416 |  |  | 0.94 | % |  | 34,440 |  |  | 0.07 | %
Savings | 44,104 |  |  | 0.83 | % |  | 71,002 |  |  | 0.61 | %
Interest bearing DDA | 162,196 |  |  | 2.46 | % |  | — |  |  | — | %
Money market | 200,280 |  |  | 1.92 | % |  | 211,000 |  |  | 1.38 | %
Certificates of deposit, less than $250,000 | 175,988 |  |  | 4.16 | % |  | 165,793 |  |  | 1.72 | %
Certificates of deposit, $250,000 or greater | 64,745 |  |  | 4.63 | % |  | 59,877 |  |  | 1.72 | %
Brokered deposits | 40,526 |  |  | 5.34 | % |  | 48,698 |  |  | 2.07 | %
Interest bearing, Total | 730,255 |  |  | 2.89 | % |  | 590,810 |  |  | 1.40 | %
Total Deposits | $ | 840,311 |  |  | 2.51 | % |  | $ | 860,446 |  |  | 0.96 | %
The Company’s total deposits includes digital payment deposits of prepaid debit cards for corporate, consumer and government clients. The digital payment deposits are included in the non-interest-bearing deposits, negotiable order of withdrawal accounts and money market deposits, which totaled approximately $213.4 million and $197.3 million as of December 31, 2023 and 2022, respectively. The following table presents interest expense, by deposit category, and the related weighted average effective interest rate for each of the years in the three-year period ended December 31, 2023.
(In thousands) | Year ended December 31,
| 2023 |  | 2022 |  | 2021
| Interest Expense |  | Weighted Avg. Effective Interest Rate |  | Interest Expense |  | Weighted Avg. Effective Interest Rate |  | Interest Expense |  | Weighted Avg. Effective Interest Rate
Negotiable order of withdrawal accounts | $ | 198 |  |  | 0.57 | % |  | $ | 23 |  |  | 0.07 | % |  | $ | 24 |  |  | 0.07 | %
Savings | 2,290 |  |  | 3.92 | % |  | 1,028 |  |  | 1.02 | % |  | 238 |  |  | 0.22 | %
Interest bearing DDA | 1,002 |  |  | 3.37 | % |  | — |  |  | — | % |  | — |  |  | — | %
Money market | 7,766 |  |  | 2.74 | % |  | 1,973 |  |  | 1.09 | % |  | 449 |  |  | 0.30 | %
Certificates of deposit, less than $250,000 | 5,226 |  |  | 2.83 | % |  | 1,411 |  |  | 0.79 | % |  | 899 |  |  | 0.61 | %
Certificates of deposit, $250,000 or greater | 1,987 |  |  | 3.14 | % |  | 400 |  |  | 0.68 | % |  | 270 |  |  | 0.49 | %
Brokered deposits | 3,199 |  |  | 4.02 | % |  | 465 |  |  | 1.39 | % |  | 363 |  |  | 1.83 | %
| $ | 21,668 |  |  | 3.05 | % |  | $ | 5,300 |  |  | 0.93 | % |  | $ | 2,243 |  |  | 0.43 | %
As of December 31, 2023, contractual maturities of Certificates of Deposit (“CDs”) and brokered deposits are summarized as follows:
(In thousands) | CDs less than $250,000 |  | CDs $250,000 or greater |  | Brokered Deposits |  | Total
1 year or less | $ | 145,322 |  |  | $ | 54,856 |  |  | $ | 33,853 |  |  | $ | 234,031 |
More than 1 year through 2 years | 24,010 |  |  | 8,637 |  |  | 251 |  |  | 32,898 |
More than 2 years through 3 years | 6,320 |  |  | 1,252 |  |  | 6,422 |  |  | 13,994 |
More than 3 years through 4 years | 145 |  |  | — |  |  | — |  |  | 145 |
More than 4 years through 5 years | 191 |  |  | — |  |  | — |  |  | 191 |
| $ | 175,988 |  |  | $ | 64,745 |  |  | $ | 40,526 |  |  | $ | 281,259 |

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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 + Details
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