Deposits |
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| Deposits |
Note 10 – Deposits
Deposits are summarized as follows:
The Bank accepts two types of deposits from a deposit placement service called the Certificate of Deposit Account Registry Service (“CDARS”). Reciprocal deposits are
the Bank’s own retail deposits in amounts in excess of the insured limits. The CDARS program allows banks to place their customers’ funds in FDIC‑insured certificates of deposit at other banks and, at the same time, receive an equal sum of funds
from the customers of other banks in the CDARS Network. These deposits totaled $150.8 million and $145.8 million at December 31, 2025 and 2024, respectively and are not considered to be brokered deposits. The other type of deposit that may be
accepted under the CDARS program is nonreciprocal deposits which are considered to be brokered funds. As of December 31, 2025 and 2024, the Bank had no
such deposits.
During the year ended December 31, 2025, the Company purchased $70.0 million of nonreciprocal brokered certificates of deposit. The balance of these certificates of deposit was $70.0 million at December 31, 2025.
As of December 31, 2025 and 2024, approximately $413.5
million and $268.8 million of our total deposits (including deposits from affiliates) were not insured by FDIC insurance, which
represented 41% and 32%
of total deposits, respectively.
Scheduled maturities of certificates of deposit for the next five years are as follows:
Certificates of deposit of $250 thousand or more totaled $105.1
million and $33.2 million at December 31, 2025 and 2024, respectively.
The Company has a significant concentration of deposits with five long‑time customers that accounted for approximately 28% and 18% of its deposits as of December 31, 2025 and 2024, respectively.
Deposits from principal officers, directors, and their affiliates totaled $24.8 million and $24.2 million at December 31, 2025 and 2024, respectively.
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