Deposits

3 Months Ended

Mar. 31, 2024

Deposits

Deposits

5.    Deposits

Deposits balances are summarized as follows:

	March 31,		December 31,
	2024		2023
Non-interest bearing demand deposits	$	236,957	$	249,793
Interest bearing accounts:
NOW(1)		126,058		125,628
Savings		144,932		146,172
Money market		196,107		190,864
Time certificates of deposit		332,970		318,046
Total interest bearing accounts		800,067		780,710
Total deposits	$	1,037,024	$	1,030,503

(1) Negotiable order of withdrawal

The Company has established a relationship to participate in a reciprocal deposit program with other financial institutions. The reciprocal deposit program provides access to Federal Deposit Insurance Corporation (“FDIC”) insurance deposit products in aggregate amounts exceeding the current limits for depositors. At March 31, 2024 and December 31, 2023, total reciprocal deposits were $43,488 and $40,009. Included in time certificates of deposit at March 31, 2024 and December 31, 2023 were reciprocal deposits totaling $27,580 and $23,357, respectively, with original maturities of one to three years. Reciprocal deposits included in money market accounts totaled $15,908 and $16,652 at March 31, 2024 and December 31, 2023, respectively.

The Company had no brokered deposits at either March 31, 2024 or December 31, 2023. Time certificates of deposit in denominations of $250 or greater were $100,385 and $100,063 as of March 31, 2024 and December 31, 2023, respectively.

Contractual maturities of time certificates of deposit at March 31, 2024 are summarized below:

	March 31,
	2024
Within 1 year	$	324,632
1 – 2 years		5,115
2 – 3 years		1,561
3 – 4 years		428
4 – 5 years		1,234
Total	$	332,970