Note 8 - Deposits

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Deposit Liabilities Disclosures [Text Block]

NOTE 8 : Deposits

Deposits are summarized as follows:

	December 31,
	2019					2018
			Weighted					Weighted
			Average					Average
	Balance		Rate			Balance		Rate
	(Dollars in Thousands)
Noninterest checking	$	200,035		0.00	%	$	142,788		0.00	%
Interest bearing checking		116,397		0.03	%		105,115		0.03	%
Savings		126,991		0.08	%		108,234		0.05	%
Money market		132,506		0.42	%		108,050		0.30	%
Time certificates of deposits		233,064		1.70	%		162,424		1.31	%
Total	$	808,993		0.55	%	$	626,611		0.41	%

Time certificates of deposits include

$10,180,000

and

$0

related to fixed rate brokered CDs at

December 31, 2019

and

2018,

respectively. In addition, time certificates of deposits include

$16,000,000

and

$0

related to fixed rate brokered certificates through the Certificate of Deposit Account Registry Service (“CDARS”) at

December 31, 2019

and

2018,

respectively.

At

December 31, 2019

and

2018,

the Company held

$201,398,000

and

$148,331,000,

respectively, in deposit accounts that met or exceeded the Federal Deposit Insurance Corporation (“FDIC”) requirements of

$250,000

and greater.

Time certificates of deposits with balances of

$250,000

and greater was

$49,636,000

and

$33,635,000

at

December 31, 2019

and

2018,

respectively.

At

December 31, 2019,

the scheduled maturities of time deposits were as follows:

Years ending December 31:	(In Thousands)
2020	$	202,266
2021		21,027
2022		4,943
2023		1,864
2024		1,579
Thereafter		1,385
Total	$	233,064

Interest expense on deposits was as follows:

	Years Ended
	December 31,
	2019		2018
	(In Thousands)
Checking	$	44	$	36
Savings		85		53
Money market		448		229
Time certificates of deposits		3,316		1,738
Total	$	3,893	$	2,056

At

December 31, 2019

and

2018,

the Company reclassified

$420,000

and

$70,000,

respectively, in overdrawn deposits as loans.

Related party deposits, including directors’ and executive officers’ deposit accounts at

December 31, 2019

and

2018

were

$4,757,000

and

$8,104,000,

respectively.