DEPOSITS

The following table is a summary of the Company’s deposits and weighted-average cost of deposits at December 31, 2012 and 2011:



	December 31,
	2012					2011
	Amount			% of Total		Amount			% of Total
	(Dollars in thousands)
Checking accounts:
Non-interest bearing	$	107,670		11.1	%	$	96,321		9.9	%
Interest-bearing	185,388			19.2		175,150			17.9
Money market accounts	182,001			18.9		192,593			19.7
Savings accounts	153,799			15.9		133,292			13.6
Core deposits	628,858			65.1		597,356			61.1
Certificate of deposit accounts:
12 months or less	254,719			26.4		271,434			27.8
13 – 24 months	48,871			5.1		67,875			6.9
25 – 36 months	19,142			2.0		20,205			2.1
37 – 48 months	7,114			.7		14,272			1.5
49 – 60 months	6,681			.7		5,283			.5
Over 60 months	406			—		999			.1
Total certificates of deposit	336,933			34.9		380,068			38.9
Total deposits	$	965,791		100.0	%	$	977,424		100.0	%
Weighted-average cost of deposits	.46		%			.65		%

The aggregate amount of certificates of deposit in denominations of $100,000 or more was $110.0 million and $123.4 million at December 31, 2012 and 2011, respectively. The aggregate amount of certificates of deposit in denominations of $250,000 or more was $18.3 million and $19.2 million at December 31, 2012 and 2011, respectively.

At December 31, 2012, the Company had Indiana municipal deposits totaling $45.8 million. The State of Indiana required 50% collateralization of these deposits at December 31, 2012, either by pledging investment securities owned by the Company or by obtaining an FHLB irrevocable letter of credit. At December 31, 2012, the Company had a letter of credit totaling $21.3 million to collateralize these deposits.

Interest expense on deposit accounts is summarized as follows for the periods indicated:



	Years Ended December 31,
	2012		2011		2010
	(Dollars in thousands)
Interest-bearing checking accounts	$	262	$	404	$	259
Money market accounts	505		835		1,086
Savings accounts	279		280		349
Certificate of deposit accounts	3,748		5,217		6,680
	$	4,794	$	6,736	$	8,374