Deposit Accounts

12 Months Ended

Dec. 31, 2013

Deposit Accounts

Deposit Accounts

8. Deposit Accounts

Deposit accounts and weighted average interest rates consisted of the following at December 31:

	2013		Weighted Average Interest Rate		2012		Weighted Average Interest Rate
	(dollars in thousands)
Transaction accounts
Noninterest-bearing checking	$	366,755	0.00	%	$	213,636	0.00	%
Interest-bearing checking	120,886		0.11	%	14,299		0.10	%
Money market	427,577		0.29	%	236,206		0.32	%
Regular passbook	76,412		0.14	%	79,420		0.22	%
Total transaction accounts	991,630		0.15	%	543,561		0.19	%
Certificates of deposit accounts
Up to $100,000	125,313		0.80	%	157,150		0.97	%
Over $100,000 to $250,000	130,711		0.93	%	148,531		1.02	%
Over $250,000	58,632		0.95	%	55,526		1.04	%
Total certificates of deposit accounts	314,656		0.88	%	361,207		1.00	%
Total deposits	$	1,306,286	0.33	%	$	904,768	0.51	%

The aggregate annual maturities of certificates of deposit accounts at December 31, 2013 are as follows:

	2013
	Balance		Weighted average interest rate
	(dollars in thousands)
Within 3 months	$	36,547	0.47	%
4 to 6 months	52,738		0.79	%
7 to 12 months	113,214		0.78	%
13 to 24 months	101,263		1.16	%
25 to 36 months	7,099		1.11	%
37 to 60 months	3,134		1.56	%
Over 60 months	661		0.96	%
Total	$	314,656	0.88	%

The average cost of deposits was 0.47% for 2013 and 0.81% for 2012.

Interest expense on deposit accounts for the years ended December 31 is summarized as follows:

	2013		2012		2011
	(in thousands)
Checking accounts	$	110	$	82	$	126
Passbook accounts	103		266		516
Money market accounts	1,043		727		906
Certificates of deposit accounts	2,809		4,778		6,740
Total	$	4,065	$	5,853	$	8,288

Accrued interest on deposits, which is included in accrued expenses and other liabilities, was $94,000 at December 31, 2013 and $71,000 at December 31, 2012.