(1) Overdraft demand deposits reclassified to loans totaled $5 thousand and $1 thousand at March 31, 2023 and December 31, 2022, respectively.

(2)	The aggregate amount of certificates of deposit with a minimum denomination of $250,000 was $341.8 million and $318.7 million at March 31, 2023 and December 31, 2022, respectively.

The Company obtains certain deposits through the efforts of third-party brokers. Brokered deposits totaled $378.8 million and $352.0 million at March 31, 2023 and December 31, 2022, respectively, and were included primarily in time deposits on the Company’s Consolidated Balance Sheets. Reciprocal IntraFi certificates of deposit totaled $53.2 million and $25.7 million at March 31, 2023 and December 31, 2022, respectively. Reciprocal IntraFi demand and money market deposits totaled $215.1 million and $197.3 million at March 31, 2023 and December 31, 2022, respectively.

At March 31, 2023, there were no depositors that represented 5% or more of the Company’s total deposits.

The Company completed a private placement of a $25.0 million fixed-to-floating subordinated note on June 15, 2022 (“2022 note”). Subject to limited exceptions permitting earlier redemption, the note is callable, in whole or in part, commencing July 1, 2027. Unless redeemed earlier, the note will mature on July 1, 2032. The note bears interest at a fixed rate of 5.25% to but excluding July 1, 2027, and will bear interest at a floating rate equal to the three-month Secured Overnight Financing Rate plus 245 basis points thereafter. The note is carried at its principal amount, less unamortized issuance costs.

The Company from time to time uses FHLB advances as a source of funding and to manage interest rate risk. FHLB advances are secured by a blanket floating lien on all real estate mortgage loans secured by 1-to-4 family residential, multi-family and commercial real estate properties. At March 31, 2023, the Company did not have any outstanding FHLB advances. Available borrowing capacity based on collateral value amounted to approximately $423.1 million as of March 31, 2023.

The Company also has the capacity to borrow up to $28.0 million at the Federal Reserve discount window of which $0 had been drawn upon at March 31, 2023. The Bank had loans pledged at the Federal Reserve discount window totaling $32.7 million as of March 31, 2023.

On March 12, 2023, the Federal Reserve made available the Bank Term Funding Program (“BTFP”), which enhances the ability of banks to borrow greater amounts against certain high-quality, unencumbered investments. To date, while the Company has been approved to participate in the BTFP, we have chosen not to do so. If the Company were to avail itself of the BTFP, we estimate a borrowing capacity of up to $341.2 million based on the par value of eligible investments as of March 31, 2023.

The Company also has federal funds lines of credit with correspondent banks available for overnight borrowing of $110.0 million, of which $0 had been drawn upon at March 31, 2023.

The following table shows the carrying amount of the Company’s time deposits by contractual maturity as of March 31, 2023.


(Dollars in thousands)	March 31, 2023
2023	$	447,168
2024		316,207
2025		77,417
2026		40,304
2027		913
Thereafter		199
Total	$	882,208