| Deposits |
NOTE 6 – DEPOSITS The Company’s total deposits consisted of the following: | | | | | | | (In thousands) | | June 30, 2025 | | December 31, 2024 | Interest-bearing checking | | $ | 1,087,621 | | $ | 993,219 | Savings | | | 3,654 | | | 3,052 | Money market | | | 396,195 | | | 335,526 | Time, $250,000 or more | | | 38,052 | | | 51,009 | Other time | | | 8,718 | | | 23,459 | Non-reciprocal brokered (1) | | | 25,001 | | | 70,763 | Total interest-bearing deposits | | | 1,559,241 | | | 1,477,028 | Noninterest-bearing deposits | | | 443,540 | | | 414,327 | Total deposits | | $ | 2,002,781 | | $ | 1,891,355 | | | | | | | | (1) FDIC regulations impose a general cap on reciprocal deposits that may be exempt from brokered deposits classification equal to 20% of the Bank's total liabilities. As of June 30, 2025 and December 31, 2024, an additional $495.4 million and $470.0 million of our deposits were considered brokered deposits by the FDIC due to being in excess of the general cap, respectively. |
Non-reciprocal brokered deposits are used to supplement the Company’s traditional deposit funding sources. At June 30, 2025 and December 31, 2024, they represented 1% and 4% of total deposits, respectively. At June 30, 2025, scheduled maturities of time deposits were as follows: | | | | (In thousands) | | | | 2025 | | $ | 36,596 | 2026 | | | 8,991 | 2027 | | | 51 | 2028 | | | – | 2029 and after | | | 1,132 | Total time deposits | | $ | 46,770 |
Interest expense recognized on interest-bearing deposits for the three and six months ended June 30, 2025 and June 30, 2024, consisted of the following: | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | (In thousands) | | 2025 | | 2024 | | 2025 | | 2024 | Interest-bearing checking | | $ | 9,483 | | $ | 8,032 | | $ | 18,013 | | $ | 15,471 | Savings | | | 10 | | | 12 | | | 19 | | | 25 | Money market | | | 3,084 | | | 2,586 | | | 5,946 | | | 4,843 | Time, $250,000 or more | | | 324 | | | 422 | | | 671 | | | 691 | Other time | | | 76 | | | 613 | | | 287 | | | 899 | Non-reciprocal brokered | | | 692 | | | 1,829 | | | 1,560 | | | 3,599 | Total interest-bearing deposits | | $ | 13,669 | | $ | 13,494 | | $ | 26,496 | | $ | 25,528 |
Overdrawn deposit accounts reclassified as loans were $486,000 and $70,000 as of June 30, 2025 and December 31, 2024, respectively. At June 30, 2025, the Company had one deposit relationship that exceeded 5% of total deposits. At $100.9 million, it represented 5% of total deposits. At December 31, 2024, the Company had one deposit relationship that exceeded 5% of total deposits. At $97.0 million, it represented 5% of total deposits.
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