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Deposits | 12 Months Ended
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Dec. 31, 2023
Deposits [Abstract] |
Deposits | Note 9 – Deposits Deposits are summarized as follows:
|  | December 31, 2023 |  |  | December 31, 2022 |
|  | (In thousands) |
Interest checking and other demand deposits |  | $ | 219,138 |  |  | $ | 244,562 |
Non‑interest-bearing demand deposits |  |  | 107,891 |  |  |  | 89,779 |
Money market deposits |  |  | 127,590 |  |  |  | 155,200 |
Savings deposits |  |  | 59,981 |  |  |  | 62,322 |
Certificates of deposit |  |  | 168,035 |  |  |  | 135,053 |
Total |  | $ | 682,635 |  |  | $ | 686,916 |
The Bank accepts two types of deposits from a deposit placement service called the Certificate of Deposit Account Registry Service (“CDARS”). Reciprocal deposits are the Bank’s own retail deposits in amounts in excess of the insured limits. The CDARS program allows banks to place their customers’ funds in FDIC‑insured certificates of deposit at other banks and, at the same time, receive an equal sum of funds from the customers of other banks in the CDARS Network. These deposits totaled $114.8 million and $74.6 million at December 31, 2023 and 2022, respectively and are not considered to be brokered deposits. The other type of deposit that may be accepted under the CDARS program is nonreciprocal deposits which are considered to be brokered funds. As of December 31, 2023, the Bank had no such deposits. At December 31, 2023 and 2022, the Bank had $0 and $4.3 million in (non-CDARS) brokered deposits, respectively. As of December 31, 2023 and 2022, approximately $286.4 million and $212.9 million of our total deposits (including deposits from affiliates) were not insured by FDIC insurance, which represented 37% and 31% of total deposits, respectively. Scheduled maturities of certificates of deposit for the next five years are as follows:
Maturity |  | Amount |
|  | (In thousands) |
2024 |  | $ | 141,705 |
2025 |  |  | 20,002 |
2026 |  |  | 6,000 |
2027 |  |  | 178 |
2028 |  |  | 10 |
Thereafter |  |  | 140 |
|  | $ | 168,035 |
Certificates of deposit of $250 thousand or more totaled $23.5 million and $30.2 million at December 31, 2023 and 2022, respectively. The Company has a significant concentration of deposits with five long‑time customers that accounted for approximately 28% and 27% of its deposits as of December 31, 2023 and 2022, respectively. The Company expects to maintain the relationships with the customers for the near term. Deposits from principal officers, directors, and their affiliates totaled $21.3 million and $24.3 million at December 31, 2023 and 2022, respectively.

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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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