Annual report [Section 13 and 15(d), not S-K Item 405]

Deposits

v3.25.0.1
Deposits
12 Months Ended
Dec. 31, 2024
Deposits [Abstract]  
Deposits

Note 8 — Deposits

Time deposits more than $250,000 at December 31, 2024 and 2023 were $1.00 billion.

 

At December 31, 2024, the scheduled maturities of time deposits were as follows:

 

Year Ending December 31,

 

Time
Deposits More
Than $250,000

 

 

Other Time
Deposits

 

 

Total

 

 

 

(in thousands)

 

2025

 

$

1,002,785

 

 

$

1,254,185

 

 

$

2,256,970

 

2026

 

 

264

 

 

 

19,112

 

 

 

19,376

 

2027

 

 

 

 

 

48,630

 

 

 

48,630

 

2028

 

 

 

 

 

130

 

 

 

130

 

2029 & thereafter

 

 

 

 

 

177

 

 

 

177

 

Total

 

$

1,003,049

 

 

$

1,322,234

 

 

$

2,325,283

 

 

A summary of interest expense on deposits was as follows for the periods indicated:

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

(in thousands)

 

Demand: interest-bearing

 

$

119

 

 

$

117

 

 

$

100

 

Money market and savings

 

 

68,304

 

 

 

44,066

 

 

 

12,753

 

Time deposits more than $250,000

 

 

48,779

 

 

 

42,762

 

 

 

4,457

 

Other time deposits

 

 

65,490

 

 

 

47,763

 

 

 

8,628

 

Total interest expense on deposits

 

$

182,692

 

 

$

134,708

 

 

$

25,938

 

 

Accrued interest payable on deposits was $34.8 million and $39.2 million at December 31, 2024 and 2023, respectively. Total deposits reclassified to loans due to overdrafts at December 31, 2024 and 2023 were $1.2 million and $1.6 million, respectively.