DEPOSITS

12 Months Ended

Dec. 31, 2024

The following table summarizes deposits by type at December 31, 2024 and 2023. Deposits of $1.9 billion were assumed in the Merger in 2024.

During the fourth quarter of 2022, the Bank announced that it had entered into a Purchase and Assumption Agreement providing for the sale of its Path Valley branch and associated deposit liabilities. The sale was completed on May 12, 2023, which included deposits of approximately $18.7 million comprising of $14.4 million in interest-bearing deposits and $4.3 million in noninterest-bearing deposits.


	2024		2023

Noninterest-bearing demand deposits	$	894,176	$	430,959
Interest-bearing demand deposits	1,154,761		1,000,652
Money market and savings	1,581,267		720,696
Time ($250,000 or less)	822,781		330,093
Time (over $250,000)	170,111		76,414
Total	$	4,623,096	$	2,558,814

The following table summarizes scheduled future maturities of time deposits as of December 31, 2024:


2025	$	944,461
2026	35,078
2027	6,271
2028	3,740
2029	2,135
Thereafter	1,207
	$	992,892

Brokered money market deposit balances were $8.1 million and $20.1 million at December 31, 2024 and 2023, respectively. Brokered time deposits totaled zero at both December 31, 2024 and 2023. Management evaluates brokered deposits as a funding option, taking into consideration regulatory views on such deposits as non-core funding sources.