XML 30 R16.htm IDEA: XBRL DOCUMENT v3.24.1
DEPOSITS
 12 Months Ended
Dec. 31, 2023
Deposits [Abstract]  
DEPOSITS DEPOSITS
Deposits at December 31, 2023 and December 31, 2022 are summarized as follows:
December 31, 2023Weighted Average RateDecember 31, 2022Weighted Average Rate
(Dollars in thousands)
Non-interest bearing deposits$27,739 — %$37,907 — %
NOW and demand accounts361,139 1.38 %410,937 0.92 %
Savings 259,402 1.05 %423,758 0.85 %
Time deposits596,624 4.13 %416,260 1.79 %
Total$1,244,904 2.60 %$1,288,862 1.15 %
Money market accounts are included within the NOW and demand accounts and savings captions. Included in time deposits are brokered deposits totaling $125.0 million at December 31, 2023 and $75.0 million at December 31, 2022.
Time deposits mature as follows for the year ending December 31:
(In thousands)
2024$572,431 
202516,700 
20263,360 
20271,971 
20282,162 
$596,624 
Time deposits that meet or exceed the FDIC insurance limit of $250,000 at December 31, 2023 and 2022, were $101.0 million and $43.1 million, respectively. Related party (principal officers, directors, and their affiliates) deposits as of December 31, 2023 and 2022, totaled $2.3 million and $2.2 million respectively.
Interest expense on deposits is summarized as follows (in thousands):
Year Ended December 31,
20232022
(In thousands)
NOW and demand accounts$5,267 $1,344 
Savings 3,072 1,615 
Time deposits15,777 2,779 
Total$24,116 $5,738