Note 8 - Time Deposits

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Deposit Liabilities Disclosures [Text Block]

NOTE

8

– TIME DEPOSITS

Following are maturities of time deposits at

December 31, 2018

and

2017:

	At December 31, 2018					At December 31, 2017
	Weighted-					Weighted-
	Average					Average
Maturity	Rate			Amount		Rate			Amount
One year or less		1.51	%	$	30,457,540		1.06	%	$	31,916,859
Over one through three years		2.20	%		43,552,518		1.28	%		27,678,266
Over three through five years		1.58	%		3,528,518		1.26	%		3,454,209
Over five years					-					-
		1.90	%	$	77,538,576		1.17	%	$	63,049,334

At

December 31, 2018

and

2017,

the Bank had

$10.7

million and

$14.1

million, respectively, in time deposits of

$250,000

or more. At

December 31, 2018

and

2017,

$6.4

million and

$11.9

million, respectively, of such time deposits mature within

one

year.

Interest expense on time deposits in denominations of

$250,000

or more amounted to

$133,000

and

$82,000

for the years ended

December 31, 2018

and

2017,

respectively.