8. DEPOSITS

Deposits consist of the following:

	Years Ended
	December 31, 2012				December 31, 2011
	Amount		Weighted Average Interest Rate		Amount		Weighted Average Interest Rate
Non-interest-bearing:
Checking accounts	$	6,668,011	—	%	$	5,256,111	—	%

Interest-bearing:
NOW accounts	24,646,375		0.12		24,289,201		0.43
Savings deposits	109,495,196		0.26		112,009,484		1.08
Time Deposits	90,622,432		1.46		103,495,792		1.95
	224,764,003				239,794,477

	$	231,432,014	0.70	%	$	245,050,588	1.34	%

Time deposits at December 31, 2012 mature as follows:

			Average
	Amount		Interest Rate

Under 6 months	$	14,505,024	1.18	%
6 to 12 months	19,859,046		0.82
12 to 24 months	17,065,916		2.34
24 to 36 months	17,464,530		1.84
36 to 48 months	12,999,121		1.18
48 to 60 months	8,728,795		1.29

	$	90,622,432	1.46	%

Our deposits are insured by the Federal Deposit Insurance Corporation (“FDIC”). The Dodd-Frank Wall Street Reform and Consumer Protection Act signed on July 21, 2010, made permanent the standard maximum deposit insurance amount of $250,000.

As of December 31, 2012, we have approximately 146 time deposits with a balance in excess of $100,000 for a total of $20,116,000, compared to approximately 176 for a total of $24,241,000 at December 31, 2011. These funds were primarily used to fund our loan originations. We currently have 5 accounts totaling approximately $18.0 million that are funds received through brokers. These brokered accounts consist of individual accounts that are not in excess of $100,000 but issued under master certificates in the broker’s name for a combined total exceeding $100,000. These types of accounts meet the FDIC requirements and are federally insured.

The following is a summary of interest expense on deposits:

	Years ending December 31,
	2012		2011
NOW Accounts	$	818,413	$	1,087,483
Savings Deposits	122,817		143,012
Time Deposits	1,693,750		2,671,803
	$	2,634,980	$	3,902,298