Deposits

12 Months Ended

Dec. 31, 2022

Statistical Disclosure for Banks [Abstract]

The following table presents the balance of deposits held, by category, and the related weighted average stated interest rate as of December 31, 2022 and 2021.


	December 31, 2022				December 31, 2021
(In thousands)	Balance		Weighted Avg. Stated Interest Rate		Balance		Weighted Avg. Stated Interest Rate
Non-interest bearing	$	269,636	—		$	226,713	—

Interest bearing:
Negotiable order of withdrawal accounts	34,440		0.07	%	34,741		0.07	%
Savings	71,002		0.61	%	109,744		0.13	%
Money market	211,000		1.38	%	164,518		0.23	%
Certificates of deposit, less than $250,000	165,793		1.72	%	142,246		0.35	%
Certificates of deposit, $250,000 or greater	59,877		1.72	%	53,584		0.40	%
Brokered deposits	48,698		2.07	%	17,016		1.05	%

Interest bearing, Total	590,810		1.40	%	521,849		0.27	%

Total Deposits	$	860,446	0.96	%	$	748,562	0.19	%

On July 22, 2020, the Company completed the purchase of prepaid debit card deposits of $50.0 million from a prominent national provider and processor of prepaid debit cards for corporate, consumer and government clients. The prepaid debit card deposits are included in the non-interest-bearing deposits and money market deposits, which totaled approximately $197.3 million and $150.4 million as of December 31, 2022 and 2021, respectively.

The following table presents interest expense, by deposit category, and the related weighted average effective interest rate for each of the years in the three-year period ended December 31, 2022.


(In thousands)	Year ended December 31,
	2022				2021				2020
	Interest Expense		Weighted Avg. Effective Interest Rate		Interest Expense		Weighted Avg. Effective Interest Rate		Interest Expense		Weighted Avg. Effective Interest Rate
Negotiable order of withdrawal accounts	$	23	0.07	%	$	24	0.07	%	$	23	0.07	%
Savings	1,028		1.02	%	238		0.22	%	426		0.54	%
Money market	1,973		1.09	%	449		0.30	%	1,451		1.05	%
Certificates of deposit, less than $250,000	1,411		0.79	%	899		0.61	%	3,227		1.75	%
Certificates of deposit, $250,000 or greater	400		0.68	%	270		0.49	%	1,188		1.95	%
Brokered deposits	465		1.39	%	363		1.83	%	2,839		1.88	%
	$	5,300	0.93	%	$	2,243	0.43	%	$	9,154	1.43	%

As of December 31, 2022, contractual maturities of Certificates of Deposit (“CDs”) and brokered deposits are summarized as follows:


(In thousands)	CDs less than $250,000		CDs $250,000 or greater		Brokered Deposits		Total

1 year or less	$	119,299	$	49,789	$	43,589	$	212,677
More than 1 year through 2 years	22,200		7,581		4,609		34,390
More than 2 years through 3 years	11,588		2,507		500		14,595
More than 3 years through 4 years	1,051		—		—		1,051
More than 4 years through 5 years	11,655		—		—		11,655

	$	165,793	$	59,877	$	48,698	$	274,368