Deposits

6 Months Ended

Jun. 30, 2024

Deposits

Deposits

5.    Deposits

Deposits balances are summarized as follows:

	June 30,		December 31,
	2024		2023
Non-interest bearing demand deposits	$	240,764	$	249,793
Interest bearing accounts:
NOW(1)		131,930		125,628
Savings		139,898		146,172
Money market		181,551		190,864
Time certificates of deposit		337,806		318,046
Total interest bearing accounts		791,185		780,710
Total deposits	$	1,031,949	$	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 June 30, 2024 and December 31, 2023, total reciprocal deposits were $44,540 and $40,009, respectively. Included in time certificates of deposit at June 30, 2024 and December 31, 2023 were reciprocal deposits totaling $28,490 and $23,357, respectively, with original maturities of one to three years. Reciprocal deposits included in money market accounts totaled $16,051 and $16,652 at June 30, 2024 and December 31, 2023, respectively.

The Company had no brokered deposits at either June 30, 2024 or December 31, 2023. Time certificates of deposit in denominations of $250 or greater were $93,679 and $100,063 as of June 30, 2024 and December 31, 2023, respectively.

Contractual maturities of time certificates of deposit at June 30, 2024 are summarized below:

	June 30,
	2024
Within 1 year	$	324,748
1 – 2 years		9,070
2 – 3 years		1,346
3 – 4 years		894
4 – 5 years		1,748
Total	$	337,806