Note 8 - Deposits

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Deposit Liabilities Disclosures [Text Block]

Note

8

.  Deposits

Deposits at

December 31, 2019

and

2018,

are summarized as follows:  

	2019					2018
	Amount		Percent			Amount		Percent
Non-interest bearing checking	$	13,664,986		5.78	%	$	14,057,719		6.29	%
Interest bearing checking		62,473,596		26.44	%		54,292,074		24.30	%
Money market		22,452,316		9.50	%		25,032,543		11.20	%
Savings		25,008,034		10.58	%		25,719,932		11.51	%
Certificates of deposit		112,714,572		47.70	%		104,346,261		46.70	%
Interest bearing		222,648,518		94.22	%		209,390,810		93.71	%
Total	$	236,313,504		100.00	%	$	223,448,529		100.00	%

Interest expense on deposits is summarized as follows:

	Years Ended December 31,
	2019		2018
Money market	$	60,802	$	75,107
Savings		18,742		18,854
Certificates of deposit		2,252,016		1,483,780
Interest bearing checking		491,115		184,372
	$	2,822,675	$	1,762,113

Deposits from directors, principal officers, and their immediate families at

December 31, 2019

and

2018

were

$2,990,865

and

$2,458,030

respectively.

The aggregate amount of public deposits at

December 31, 2019

and

2018

was

$36,835,122

and

$24,778,080,

respectively.

The aggregate amount of certificates of deposit with a minimum denomination of

$100,000

was approximately

$63.9

million and

$56.3

million at

December 31, 2019

and

2018,

respectively. Of these certificates of deposit, there was approximately

$17.1

million and

$17.0

million at

December 31, 2019

and

2018,

respectively with minimum denominations of

$250,000.

At

December 31, 2019,

scheduled maturities of certificates of deposit are as follows:

2020	$	56,769,146
2021		29,877,614
2022		13,255,921
2023		5,171,822
2024		7,640,069
	$	112,714,572

The Company held brokered deposits of approximately

$20.8

million and

$21.1

million, respectively at

December 31, 2019

and

2018.

The broker receives a fee from the Company for the brokered deposits. Total fee expenses of

$

1,950

were recognized for the years ended

December 31, 2019

and

2018,

respectively.