Note 9 - Time Deposits

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Deposit Liabilities Disclosures [Text Block]

NOTE

9

– TIME DEPOSITS

Following are maturities of time deposits at

December 31, 2019

and

2018:

	At December 31, 2019					At December 31, 2018
	Weighted-					Weighted-
	Average					Average
Maturity	Rate			Amount		Rate			Amount
One year or less		2.09	%	$	55,567,378		1.51	%	$	30,457,540
Over one through three years		2.08	%		22,461,008		2.20	%		43,552,518
Over three through five years		1.85	%		3,359,475		1.58	%		3,528,518
		2.08	%	$	81,387,861		1.90	%	$	77,538,576

At

December 31, 2019

and

2018,

the Bank had

$12.4

million and

$10.7

million, respectively, in time deposits of

$250,000

or more. At

December 31, 2019

and

2018,

$10.8

million and

$6.4

million, respectively, of such time deposits mature within

one

year.

Interest expense on time deposits in denominations of

$250,000

or more amounted to

$212,000

and

$133,000

for the years ended

December 31, 2019

and

2018,

respectively.