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Deposits
12 Months Ended
Dec. 31, 2021
Deposits [Abstract]  
Deposits

Note 9 – Deposits

At December 31, 2021, the scheduled maturities of time deposits are as follows:

 

2022

 

$

138,616

 

2023

 

 

10,211

 

2024

 

 

8,704

 

2025

 

 

1,512

 

2026

 

 

3,002

 

 

 

$

162,045

 

 

The aggregate amount of time deposits with a minimum balance of $250 thousand was $45.3 million at December 31, 2021 and $34.7 million at December 31, 2020.

Included in the time deposits reported above are Certificate of Deposit Account Registry Service CDs, whereby depositors can obtain FDIC deposit insurance on account balances of up to $50 million. CDARSTM deposits totaled $6.1 million as of December 31, 2021 and $8.5 million as of December 31, 2020, all of which were reciprocal balances for the Bank’s customers. In May 2018, the EGRRCPA was enacted, which excluded reciprocal CDARS™ deposits for certain banks from brokered deposit treatment up to the lesser of $5 billion or 20% of a bank’s total liabilities. Therefore, the Company’s CDARS™ reciprocal deposits as of December 31, 2021 and December 31, 2020 were not treated as brokered deposits.

The Company implemented an Insured Cash Sweep® product during 2018. At December 31, 2021, ICS® balances, included in demand deposit and money market account balances, were $39.2 million and $225.9 million, respectively. At December 31, 2020, ICS® balances, included in demand deposit and money market account balances, were $28.0 million and $81.1 million, respectively. Such balances were not treated as brokered deposits.

The Company had no deposits to report as brokered deposits as of December 31, 2021 or December 31, 2020.

Deposit account overdrafts reported as loans totaled $205 thousand and $169 thousand at December 31, 2021 and December 31, 2020, respectively.

The Company has entered into deposit transactions with certain directors, principal officers and their affiliates (collectively referred to as “related party deposits”), all of which are under the same terms as other customers. The aggregate amount of these related party deposits was $9.1 million and $8.1 million as of December 31, 2021 and December 31, 2020, respectively.