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TIME DEPOSITS
 12 Months Ended
Dec. 31, 2016
Banking and Thrift [Abstract]  
Deposit Liabilities Disclosures [Text Block]
NOTE 9 – TIME DEPOSITS
 
Following are maturities of time deposits at December 31, 2016 and 2015:
 
 
 
At December 31, 2016
 
At December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted-
 
 
 
 
Weighted-
 
 
 
 
 
 
Average
 
 
 
 
Average
 
 
 
 
Maturity
 
Rate
 
 
Amount
 
Rate
 
 
Amount
 
 
 
 
 
 
 
 
 
 
 
 
 
One year or less
 
 
0.84
%
 
$
39,693,113
 
 
0.73
%
 
$
39,107,831
 
Over one through three years
 
 
0.93
%
 
 
18,866,903
 
 
0.95
%
 
 
29,330,472
 
Over three through five years
 
 
1.17
%
 
 
5,000,566
 
 
1.16
%
 
 
5,661,734
 
Over five years
 
 
-
%
 
 
-
 
 
1.25
%
 
 
6,857
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0.90
%
 
$
63,560,582
 
 
0.85
%
 
$
74,106,894
 
 
At December 31, 2016 and 2015, the Bank had $11.8 million and $13.6 million, respectively, in time deposits of $250,000 or more. At December 31, 2016 and 2015, $6.7 million and $10.0 million, respectively, of such time deposits mature within one year.
 
Interest expense on time deposits in denominations of $250,000 or more amounted to $74,000 and $72,000 for the years ended December 31, 2016 and 2015, respectively.