Note 10 - Deposits

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Deposit Liabilities Disclosures [Text Block]

NOTE  10 : DEPOSITS

Deposits are comprised of the following at

December 31, 2018

and

2017:

			December 31, 2018								December 31, 2017
			Weighted Average Rate			Balance		Percentage of Deposits			Weighted Average Rate			Balance		Percentage of Deposits
Demand				0.82	%	$	142,996,945		19.1	%		0.00	%	$	94,727,683		15.6	%
NOW				1.09	%		165,581,134		22.1	%		0.35	%		139,458,528		23.0	%
Money market				0.90	%		168,845,437		22.5	%		0.73	%		187,064,098		30.8	%
Savings				0.30	%		39,663,846		5.3	%		0.20	%		30,848,154		5.5	%
				0.89	%		517,087,362		69.0	%		0.42	%		452,098,463		74.4	%
Certificates:
0.00%	-	0.99%		0.69	%		46,485,328		6.2	%		0.69	%		46,771,850		7.7	%
1.00%	-	1.99%		1.45	%		71,697,342		9.6	%		1.39	%		104,284,007		17.3	%
2.00%	-	3.99%		2.46	%		114,348,790		15.2	%		2.00	%		4,210,030		0.7	%
				1.79	%		232,531,460		31.0	%		1.20	%		155,265,887		25.6	%
Total Deposits				1.17	%	$	749,618,822		100.0	%		0.62	%	$	607,364,350		100.0	%

The aggregate amount of certificates of deposit with a minimum balance of

$100,000

was approximately

$154,957,000

and

$102,998,000

as of

December 31, 2018

and

2017,

respectively. The aggregate amount of certificates of deposit with a minimum balance of

$250,000

was approximately

$89,187,000

and

$44,308,000,

as of

December 31, 2018

and

2017,

respectively.

A summary of certificates of deposit by maturity as of

December 31, 2018,

is as follows:

2019	$	153,851,915
2020		41,020,438
2021		32,883,459
2022		3,891,400
2023		824,182
Thereafter		60,066
	$	232,531,460

 A summary of interest expense on deposits is as follows:

	Years ended
	December 31,
	2018			2017			2016
NOW and Money Market accounts	$	4,427,407		$	2,394,549		$	1,235,359
Savings accounts		105,592			58,384			55,094
Certificate accounts		2,524,098			1,309,629			1,002,872
Early withdrawal penalties		(33,811	)		(10,997	)		(9,343	)
	$	7,023,286		$	3,751,565		$	2,283,982

The Bank utilizes brokered deposits as an additional funding source. The aggregate amount of brokered deposits was approximately

$64,032,000

and

$82,205,000

as of

December 31, 2018

and

2017,

respectively.