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Interest-Bearing Deposits
12 Months Ended
Dec. 31, 2024
Interest-Bearing Deposits [Abstract]  
Interest-Bearing Deposits

Note 9: Interest-Bearing Deposits

 

Interest-bearing time deposits in denominations of $250,000 or more totaled $53.7 million on December 31, 2024, and $54.1 million on December 31, 2023.

 

At December 31, 2024, the scheduled maturities of time deposits were as follows: 

 

($ in thousands)    
2025  $215,039 
2026   40,163 
2027   2,900 
2028   822 
2029   293 
Thereafter   
-
 
Total  $259,217 

 

Included in time deposits at December 31, 2024 and 2023 were $58.2 million and $56.5 million, respectively, of deposits which were obtained through the Certificate of Deposit Account Registry Service (“CDARS”). This service allows deposit customers to maintain fully insured balances in excess of the $250,000 FDIC insurance limit without the inconvenience of having multi-banking relationships. Under the reciprocal program that the Company is currently participating in, customers agree to allow their deposits to be placed with other participating banks in the CDARS program in insurable amounts under $250,000. In exchange, other banks in the program agree to place their deposits with the Company also in insurable amounts under $250,000.

 

Deposits of directors and their associates, including deposits of companies for which directors are principal owners and executive officers, totaled $4.3 million and $5.2 million at December 31, 2024, and 2023, respectively.