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DEPOSITS

12 Months Ended

Dec. 31, 2023

DEPOSITS.

DEPOSITS

10. DEPOSITS

The following table sets forth the balance of the Company’s deposits:

​

​	​	​	​	​	​	​
​	​	AT  DECEMBER 31,
​		2023			2022
​	​	(IN THOUSANDS)
Demand:		​			​
Non-interest bearing	​	$	172,070	​	$	195,123
Interest bearing	​		288,124	​		236,746
Savings	​		119,484	​		135,796
Money market	​		256,205	​		254,868
Time deposits (1)	​		322,477	​		286,004
Total deposits	​	$	1,158,360	​	$	1,108,537

(1) Time deposits include certificates of deposit (CDs) and individual retirement accounts (IRAs).

​

The following table sets forth the balance of time deposits as of December 31, 2023 maturing in the periods presented:

​

​	​	​	​	​
YEAR:		TIME DEPOSITS
​		(IN THOUSANDS)		​
2024	​	$	259,657	​
2025	​		40,810	​
2026	​		5,395	​
2027	​		5,814	​
2028	​		3,754	​
2029 and after	​		7,047	​
Total	​	$	322,477	​

​

The aggregate amount of time deposits that exceed the FDIC insurance limit of $250,000 at December 31, 2023 and 2022 are $81.8 million and $74.0 million, respectively.

The amount of related party deposits totaled $3,813,000 and $3,135,000 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

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X

- References

No definition available.

+ Details

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