Note 7 - Deposits

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Deposit Liabilities Disclosures [Text Block]

Note 7 - Deposits

Deposits and weighted-average interest rates at the dates indicated are as follows:

	September 30, 2024					December 31, 2023
	Amount		Weighted-Average Interest Rate			Amount		Weighted-Average Interest Rate
	(Dollars in thousands)
Noninterest-bearing demand deposits	$	252,999		—	%	$	252,083		—	%
Interest-bearing demand deposits		167,202		0.60			169,418		0.56
Money market accounts		433,307		3.18			362,205		1.78
Savings accounts		212,763		1.45			242,148		1.62
Certificates of deposit, retail		441,665		4.21			443,412		4.04
Certificates of deposit, brokered		203,705		4.65			207,626		4.85
Total deposits	$	1,711,641		2.68		$	1,676,892		2.34

The aggregate amount of time deposits in excess of the Federal Deposit Insurance Corporation ("FDIC") insured limit, currently $250,000, at  September 30, 2024 and December 31, 2023, were $170.7 million and $173.8 million, respectively.

Maturities of certificates at the dates indicated are as follows:

	September 30, 2024		December 31, 2023
	(In thousands)
Within one year or less	$	523,584	$	495,605
After one year through two years		45,754		79,537
After two years through three years		31,221		24,777
After three years through four years		24,305		28,302
After four years through five years		20,506		22,817
Total certificates of deposit	$	645,370	$	651,038

At  September 30, 2024 and December 31, 2023, deposits included $119.0 million and $114.2 million, respectively, in public fund deposits. The Bank had an outstanding letter of credit from the Federal Home Loan Bank of Des Moines ("FHLB") with a notional amount of $60.0 million at  September 30, 2024 and December 31, 2023, to secure public deposits. This exceeds the minimum collateral requirements established by the Washington Public Deposit Protection Commission. Also included in deposits at  September 30, 2024 and December 31, 2023, were funds held by federally recognized tribes totaling $20.7 million and $18.4 million, respectively. Investment securities with a carrying value of $24.2 million and $23.8 million were pledged as collateral for these deposits at  September 30, 2024 and December 31, 2023, respectively. This exceeds the minimum collateral requirements established by the Bureau of Indian Affairs. 

Interest on deposits by type for the periods shown was as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(In thousands)
Demand deposits	$	187	$	204	$	567	$	599
Money market accounts		2,875		1,146		7,244		2,866
Savings accounts		923		918		2,791		2,056
Certificates of deposit, retail		4,340		3,505		12,913		8,323
Certificates of deposit, brokered		2,635		1,926		7,737		4,417
Total interest expense on deposits	$	10,960	$	7,699	$	31,252	$	18,261