Deposits

12 Months Ended

Dec. 31, 2023

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.