DEPOSITS |
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DEPOSITS | NOTE 10: DEPOSITS
The Bank utilizes brokered deposits as an additional funding source. The aggregate amount of brokered deposits was approximately $895.4 million and $772.1 million at March 31, 2025 and December 31, 2024, respectively. At both March 31, 2025 and December 31, 2024, brokered deposits included $300.0 million of purchased funds through the IntraFi Financial network. These IntraFi Financial deposits have a rate of interest that floats daily with an index of effective federal funds rate plus a spread. At March 31, 2025, there were brokered deposits totaling $99.7 million that had fixed rates of interest but were callable at the Bank’s discretion. At March 31, 2025, approximately 35% of the Company’s total deposits were uninsured, when including deposit accounts of consolidated subsidiaries of the Company and collateralized deposits of unaffiliated entities. Excluding deposit accounts of the Company’s consolidated subsidiaries, approximately 14% of the Company’s total deposits were uninsured at March 31, 2025. |