Deposits

12 Months Ended

Jun. 30, 2024

Note 6.

Deposits

Major classifications of deposits at June 30, 2024 and 2023 are summarized as follows:

(In thousands)	2024		2023
Noninterest-bearing deposits	$	125,442	$	159,039
Certificates of deposit		138,493		128,077
Savings deposits		252,362		299,038
Money market deposits		113,266		115,029
NOW deposits		1,759,659		1,735,978
Total deposits	$	2,389,222	$	2,437,161

Advance payments by borrowers for taxes and insurance totaled $10.0 million at June 30, 2024 and 2023, respectively, which are included in savings deposits.

The Bank and Commercial Bank (the “Banks”) accepts brokered deposits, generally in denominations of less than $250,000, from national brokerage networks, custodial deposit networks or through IntraFi’s one-way CDARS and ICS products, including IntraFi’s Insured Network Deposits (“IND”). The Banks combined can place and obtain brokered deposits up to 30% of total deposits, in the amount of $716.8 million based on policy. Additionally, both Banks participate in the IntraFi reciprocal (“two-way”) CDARS and the ICS products, which provides for reciprocal two-way transactions among other institutions, facilitated by IntraFi, for the purpose of maximizing FDIC insurance for depositors.

The Company had zero brokered deposits as of June 30, 2024 and $60.0 million as of June 30, 2023, which was included in certificates of deposits. The Company maintains and utilizes brokered deposits from several available sources as an alternative to borrowed funds, and uses the funds to support loan growth, overall liquidity and a higher cash position.

The Bank held deposits of $13.3 million and $66.4 million as of June 30, 2024 and 2023, respectively, for related-parties, which primarily consisted of directors and their affiliates.

The following indicates the amount of certificates of deposit by time remaining to maturity as of June 30, 2024.

(In thousands)	3 Months or Less		3 to 6 Months		7 to 12 Months		Over 12 Months		Total
Certificates of deposit less than $250,000	$	29,496	$	45,086	$	19,243	$	6,272	$	100,097
Certificates of deposit $250,000 or more		11,863		19,470		2,666		4,397		38,396
Total certificates of deposit	$	41,359	$	64,556	$	21,909	$	10,669	$	138,493

Scheduled maturities of certificates of deposit at June 30, 2024 were as follows:

(In thousands)
The year ended June 30,
2025	$	127,824
2026		1,476
2027		790
2028		7,559
2029		844
	$	138,493