Deposits

12 Months Ended

Dec. 31, 2024

Deposits

Deposits

Note 12 Deposits

Total deposits were $8.2 billion at December 31, 2024 and 2023. Time deposits were $1.0 billion at December 31, 2024 and 2023. The following table summarizes the Company’s time deposits by remaining contractual maturity:

Years ending December 31,		Amount
2025	$	822,644
2026		123,415
2027		53,647
2028		17,145
2029		2,691
Thereafter		494
Total time deposits	$	1,020,036

The Company incurred interest expense on deposits as follows during the years indicated:

	For the years ended December 31,
	2024		2023		2022
Interest bearing demand deposits	$	39,938	$	26,984	$	2,163
Money Market accounts		105,688		57,028		5,808
Savings accounts		6,057		3,945		1,376
Time deposits		34,509		21,421		5,249
Total	$	186,192	$	109,378	$	14,596

The Federal Reserve System requires cash balances to be maintained at the FRB based on certain deposit levels. At December 31, 2024, the Banks held sufficient cash on hand with the FRB to have met minimum requirements, and as such, no additional reserve was required. The aggregate amount of certificates of deposit in denominations that meet or exceed the FDIC insurance limit of $250 thousand was $288.3 million and $289.3 million at December 31, 2024 and 2023, respectively.