Deposits

12 Months Ended

Dec. 31, 2024

Note 9 – Deposits

Deposits are summarized as follows:

	December 31, 2024		December 31, 2023
	(In thousands)
Interest checking and other demand deposits	$	251,538	$	219,138
Non‑interest-bearing demand deposits		105,227		107,891
Money market deposits		125,862		127,590
Savings deposits		49,933		59,981
Certificates of deposit		212,839		168,035
Total	$	745,399	$	682,635

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 $145.8 million and $114.8 million at December 31, 2024 and 2023, 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, 2024 and 2023, the Bank had no such deposits.

As of December 31, 2024 and 2023, approximately $268.8 million and $286.4 million of our total deposits (including deposits from affiliates) were not insured by FDIC insurance, which represented 32% and 37% of total deposits, respectively.

Scheduled maturities of certificates of deposit for the next five years are as follows:

Maturity	Amount
	(In thousands)
2025	$	201,342
2026		8,772
2027		1,414
2028		1,228
2029		47
Thereafter		36
	$	212,839

Certificates of deposit of $250 thousand or more totaled $33.2 million and $23.5 million at December 31, 2024 and 2023, respectively.

The Company has a significant concentration of deposits with five long‑time customers that accounted for approximately 18% and 28% of its deposits as of December 31, 2024 and 2023, respectively. The Company expects to maintain the relationships with the customers for the near term.

Deposits from principal officers, directors, and their affiliates totaled $24.2 million and $21.3 million at December 31, 2024 and 2023, respectively.