v3.25.2
Note 5 - Deposits
6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Deposit Liabilities Disclosures [Text Block]

Note 5 - Deposits

 

Deposits and weighted-average interest rates at the dates indicated are as follows:

 

  

June 30, 2025

  

December 31, 2024

 
  

Amount

  

Weighted-Average Interest Rate

  

Amount

  

Weighted-Average Interest Rate

 
  

(Dollars in thousands)

 

Noninterest-bearing demand deposits

 $240,051   0.00% $256,416   0.00%

Interest-bearing demand deposits

  144,409   0.11   164,891   0.44 

Money market accounts

  484,787   2.47   413,822   2.26 

Savings accounts

  227,968   1.56   205,055   1.35 

Certificates of deposit, customer

  450,494   3.84   464,928   4.18 

Certificates of deposit, brokered

  106,927   4.13   182,914   4.73 

Total deposits

 $1,654,636   2.26  $1,688,026   2.42 

 

The aggregate amount of time deposits in excess of the Federal Deposit Insurance Corporation ("FDIC") insured limit, currently $250,000, at  June 30, 2025 and December 31, 2024, was $170.0 million and $174.4 million, respectively.

 

Maturities of certificates at the dates indicated are as follows:

  

June 30, 2025

  

December 31, 2024

 
  

(In thousands)

 

Within one year or less

 $512,244  $527,486 

After one year through two years

  29,933   66,767 

After two years through three years

  10,601   29,378 

After three years through four years

  3,879   21,967 

After four years through five years

  764   2,244 

Total certificates of deposit

 $557,421  $647,842 

 

At  June 30, 2025 and December 31, 2024, deposits included $120.9 million and $100.8 million, respectively, in public fund deposits. The Bank had an outstanding letter of credit from the Federal Home Loan Bank of Des Moines ("FHLB") with a notional amount of $60.0 million at  June 30, 2025 and December 31, 2024, to collateralize public deposits. This letter of credit exceeds the minimum collateral requirements established by the Washington Public Deposit Protection Commission. Also included in deposits at  June 30, 2025 and December 31, 2024, were funds held by federally recognized tribes totaling $35.5 million and $20.1 million, respectively. Investment securities with a carrying value of $38.9 million and $22.8 million were pledged as collateral for these deposits at  June 30, 2025 and December 31, 2024, respectively. These investment securities exceed the minimum collateral requirements established by the Bureau of Indian Affairs. 

 

Interest on deposits by type for the periods shown was as follows:

  

Three Months Ended June 30,

  

Six Months Ended June 30,

 
  

2025

  

2024

  

2025

  

2024

 
  

(In thousands)

 

Demand deposits

 $240  $193  $500  $380 

Money market accounts

  2,660   2,420   5,005   4,369 

Savings accounts

  884   915   1,667   1,868 

Certificates of deposit, customer

  4,396   4,079   8,918   8,573 

Certificates of deposit, brokered

  1,372   2,573   3,199   5,102 

Total interest expense on deposits

 $9,552  $10,180  $19,289  $20,292