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Deposits
12 Months Ended
Dec. 31, 2023
Deposits [Abstract]  
Deposits

Note 9 – Deposits

At December 31, 2023, the scheduled maturities of time deposits are as follows:

 

(Dollars in thousands)

 

 

 

2024

 

$

283,427

 

2025

 

 

28,079

 

2026

 

 

5,306

 

2027

 

 

1,129

 

2028

 

 

640

 

 

$

318,581

 

 

The aggregate amount of time deposits with a minimum balance of $250 thousand was $106.6 million at December 31, 2023 and $28.9 million at December 31, 2022.

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 $5.5 million as of December 31, 2023 and $4.0 million as of December 31, 2022, 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, 2023 and December 31, 2022 were not treated as brokered deposits. The Company had $1.7 million of brokered deposits as of December 31, 2023 and no brokered deposits as of December 31, 2022.

The Company implemented an Insured Cash Sweep® product during 2018. At December 31, 2023, ICS® balances, included in demand deposit and money market account balances, were $44.2 million and $107.3 million, respectively. At December 31, 2022, ICS® balances, included in demand deposit and money market account balances, were $42.0 million and $92.6 million, respectively. Such balances were not treated as brokered deposits.

Deposit account overdrafts reported as loans totaled $252 thousand and $180 thousand at December 31, 2023 and December 31, 2022, 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 $4.4 million and $6.5 million as of December 31, 2023 and December 31, 2022, respectively.