Annual report pursuant to Section 13 and 15(d)

DEPOSITS

v3.24.0.1
DEPOSITS
 12 Months Ended
Dec. 31, 2023
Deposits [Abstract]  
DEPOSITS
Note 10
DEPOSITS
The composition of the Company’s
 
interest bearing deposits at December 31 was as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Dollars in Thousands)
2023
2022
NOW Accounts
$
1,327,420
$
1,290,494
Money Market Accounts
319,319
267,383
Savings Deposits
547,634
637,374
Time Deposits
129,515
90,446
Total Interest Bearing
 
Deposits
$
2,323,888
$
2,285,697
At December 31, 2023 and 2022, $
1.0
 
million and $
1.1
 
million in overdrawn deposit accounts were reclassified as loans,
respectively.
The amount of time deposits that meet or exceed the FDIC insurance limit of $250,000
 
totaled $
14.7
 
million and $
11.1
 
million at
December 31, 2023 and 2022, respectively.
At December 31, the scheduled maturities of time deposits were as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Dollars in Thousands)
2023
2024
$
112,448
2025
7,349
2026
3,554
2027
4,211
2028
1,953
Total
$
129,515
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense on deposits for the three years ended December 31, was as follows:
(Dollars in Thousands)
2023
2022
2021
NOW Accounts
$
12,375
$
2,800
$
294
Money Market Accounts
3,670
203
134
Savings Deposits
598
309
263
Time Deposits < $250,000
117
129
145
Time Deposits > $250,000
822
3
3
Total Interest Expense
$
17,582
$
3,444
$
839