Note 7: Time Deposits

Time deposits in denominations of $250,000 or more were approximately $3,777,000 and $5,333,000 at December 31, 2019 and 2018, respectively. Deposit accounts in excess of $250,000 are not insured by the FDIC. At December 31, 2019, approximately $6.8 million of our certificates of deposit had been obtained through the National CD Rateline program.

At December 31, 2019 and 2018, the scheduled maturities of time deposits were as follows:


	2019		2018

One year or less	$	32,896,686	$	49,799,669
Over one year to two years		25,095,507		13,936,624
Over two years to three years		10,338,194		10,332,065
Over three years to four years		4,837,993		3,488,891
Over four years to five years		3,861,470		2,989,892
Thereafter		208,082		1,769

	$	77,237,932	$	80,548,910

Interest expense during the years ended December 31, 2019 and 2018 for each major category of deposits was as follows:


	2019		2018

Deposit Type:

Savings	$	184,626	$	65,297
Interest-bearing demand		148,163		134,405
Certificates of deposit		1,615,806		1,229,600

Total	$	1,948,595	$	1,429,302