Time Deposits

12 Months Ended

Dec. 31, 2023

Time Deposits

Note 5 – Time Deposits

Following are maturities of time deposits at December 31, 2023, and 2022 (dollars in thousands):

Maturity	2023		2022
One year or less	$	93,675	$	50,025
Over one through three years		30,390		21,627
Over three through five years		4,338		1,841
Totals	$	128,403	$	73,493

On December 31, 2023, and 2022, the Bank had $43.9 million and $23.4 million, respectively, in time deposits of $250,000 or more. On December 31, 2023, and 2022, $27.5 million and $19.8 million, respectively, of such time deposits mature within one year.

As of December 31, 2023, and December 31, 2022, certificate of deposits includes brokered CD balances of $19,531,000 and $5,000,000, respectively. This growth in our brokered CD deposits in 2023 has been used to supplement deposit growth, assist in the management of interest rate risk through the fixing of funding costs, and to reduce the reliance on short-term borrowings.