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Deposits

12 Months Ended

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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- References

No definition available.

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X

- 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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