Note 9 - Deposits

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Deposit Liabilities Disclosures [Text Block]

Note

9.

   Deposits

The following table presents the balance of deposits held, by category, and the related weighted average stated interest rate as of

December 

31,

 

2020

and

2019.

	December 31,
(In thousands)	2020					2019
	Balance		Weighted Avg. Stated Interest Rate			Balance		Weighted Avg. Stated Interest Rate
Non-interest bearing	$	158,676		-		$	88,135		-
Interest bearing:
NOW		30,529		0.07	%		26,864		0.08	%
Savings		98,635		0.36	%		64,020		0.76	%
Money market		146,389		0.45	%		99,115		1.85	%
Certificates of deposit, less than $250,000		160,968		0.78	%		193,942		2.19	%
Certificates of deposit, $250,000 or greater		49,172		0.79	%		67,550		2.48	%
Brokered deposits		41,287		1.93	%		229,909		2.01	%
Interest bearing, Total		526,980		0.66	%		681,400		1.89	%
Total Deposits	$	685,656		0.51	%	$	769,535		1.68	%

On

July 22, 2020,

the Company completed the purchase of prepaid debit card deposits of

$50.0

million from a prominent national provider and processor of prepaid debit cards for corporate, consumer and government clients. The prepaid debit card deposits totaled approximately

$59.3

million as of

December 31, 2020,

which is included in the non-interest bearing deposits.

The following table presents interest expense, by deposit category, and the related weighted average effective interest rate for each of the years in the

three

-year period ended

December 

31,

 

2020.

(In thousands)	Year ended December 31,
	2020					2019					2018
	Interest Expense		Weighted Avg. Effective Interest Rate			Interest Expense		Weighted Avg. Effective Interest Rate			Interest Expense		Weighted Avg. Effective Interest Rate
NOW	$	23		0.07	%	$	18		0.07	%	$	15		0.06	%
Savings		426		0.54	%		429		0.63	%		995		0.85	%
Money market		1,451		1.05	%		2,048		2.00	%		549		1.34	%
Certificates of deposit, less than $250,000		3,227		1.75	%		4,986		2.38	%		3,048		1.57	%
Certificates of deposit, $250,000 or greater		1,188		1.95	%		1,546		2.01	%		1,226		1.68	%
Brokered deposits		2,839		1.88	%		4,958		2.47	%		3,191		1.91	%
	$	9,154		1.43	%	$	13,985		2.05	%	$	9,024		1.46	%

As of

December 

31,

 

2020,

contractual maturities of Certificates of Deposit (“CDs”) and brokered deposits are summarized as follows:

(In thousands)	CDs less than $250,000		CDs $250,000 or greater		Brokered Deposits		Total
1 year or less	$	137,051	$	41,794	$	35,690	$	214,535
More than 1 year through 2 years		19,602		6,178		5,347		31,127
More than 2 years through 3 years		2,655		946		-		3,601
More than 3 years through 4 years		1,069		-		250		1,319
More than 4 years through 5 years		591		254		-		845
	$	160,968	$	49,172	$	41,287	$	251,427