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| Deposits |
Note 6. Deposits
Major classifications of deposits at June 30, 2025 and 2024 are summarized as follows:
Advance payments by borrowers for taxes and insurance totaled $10.1 million and $10.0 million at June 30, 2025 and 2024, respectively, which are included in savings deposits. The Bank and Commercial Bank (the “Banks”) may accept brokered deposits, generally in denominations of less than $250,000, from national brokerage networks, custodial deposit networks or through IntraFi’s one-way CDARS and ICS products, including IntraFi’s Insured Network Deposits (“IND”). The Banks combined can place and obtain brokered deposits up to 30.0% of total deposits, in the amount of $740.4 million based on policy. Additionally, both Banks participate in the IntraFi reciprocal (“two-way”) CDARS and the ICS products, which provides for reciprocal two-way transactions among other institutions, facilitated by IntraFi, for the purpose of maximizing FDIC insurance for depositors. The Company had $51.6 million and zero brokered deposits as of June 30, 2025 and 2024, respectively which was included in NOW accounts and certificates of deposits. The Company maintains and utilizes brokered deposits from several available sources as an alternative to borrowed funds, and uses the funds to support loan growth, overall liquidity and a higher cash position.
Related-party deposits were not material at June 30, 2025 and 2024. The following indicates the amount of certificates of deposit by time remaining to maturity as of June 30, 2025.
Scheduled maturities of certificates of deposit at June 30, 2025 were as follows:
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