NOTE 8 – DEPOSITS

The following is a detail of the deposit accounts as of:
	December 31,
		2011		2010

Noninterest bearing	$	17,087,736	$	10,382,882
Interest bearing:
NOW accounts		14,749,804		12,621,719
Money market accounts		14,844,247		15,552,889
Savings		32,392,335		35,344,088
Time, less than $100,000		39,751,568		51,005,987
Time, $100,000 and over (1)		20,036,904		15,738,827
Total deposits	$	138,862,594	$	140,646,392

(1)	Does not include some brokered deposits issued in denominations less than $100,000 per depositor.

The Company's deposits included brokered deposits of approximately $7.4 million and $19.7 million as of December 31, 2011 and 2010, respectively. Interest expense on time deposits greater than $100,000 (including brokered deposits) was approximately $460,000 in 2011, $851,000 in 2010, and $1.3 million in 2009. Securities issued by government sponsored enterprises with an amortized cost of $1.3 million and $696,858 (fair value of $1.4 million and $703,970) in 2011 and 2010, respectively, were pledged as collateral for public funds.

At December 31, 2011 the scheduled maturities of time deposits are as follows:


2012	$	39,350,130
2013		12,307,388
2014		5,076,418
2015		656,429
2016 and thereafter		2,398,107
	$	59,788,472