Deposits

9 Months Ended

Sep. 30, 2012

Deposits [Abstract]

DEPOSITS

NOTE 6 - DEPOSITS

The composition of the Bank’s deposits at September 30, 2012 and December 31, 2011 follows:

	(Expressed in Thousands) September 30, 2012
	Demand
	Noninterest Bearing		Interest Bearing		Savings		Time
Individuals, partnerships and corporations (includes certified and official checks)	$	30,655	$	38,107	$	88,571	$	66,297
United States Government		1		—		—		—
States and political subdivisions		605		8,548		2,755		3,068
Commercial banks and other depository institutions		119		—		105		490
Total	$	31,380	$	46,655	$	91,431	$	69,855
	(Expressed in Thousands) December 31, 2011
	Demand
	Noninterest Bearing		Interest Bearing		Savings		Time
Individuals, partnerships and corporations (includes certified and official checks)	$	31,319	$	41,702	$	80,857	$	70,125
United States Government		1		—		—		—
States and political subdivisions		540		6,189		4,723		3,176
Commercial banks and other depository institutions		55		—		—		490
Total	$	31,915	$	47,891	$	85,580	$	73,791

A maturity distribution of time certificates of deposit at September 30, 2012 and December 31, 2011, follows:

(dollars in thousands)	Maturities of Time Deposits
	September 30, 2012		December 31, 2011
12 month or less	$	35,048	$	43,761
12 months through 24 months		14,044		10,066
24 months through 36 months		7,970		6,703
36 months through 48 months		6,631		6,373
48 months through 60 months		5,395		6,223
Over 60 months		767		665
Total	$	69,855	$	73,791

Time deposits include certificates of deposit issued in denominations of $100,000 or more which amounted to $20,696,000 and $22,040,000 at September 30, 2012 and December 31, 2011, respectively. Interest expense on certificates of deposit of $100,000 or more was $74,251 and $122,591 for the three months ended September 30, 2012 and 2011, respectively. Interest expense on certificates of deposit of $100,000 or more was $266,426 and $347,879 for the nine months ended September 30, 2012 and 2011, respectively.

The following table presents other time deposits of $100,000 or more issued by domestic offices by time remaining until maturity of 3 months or less; over 3 through 6 months; over 6 through 12 months; and over 12 months.

	Maturities of Time Deposits in Excess of $100,000
(dollars in thousands)	September 30, 2012		December 31, 2011
Three Months or Less	$	2,831	$	4,411
Over Three and Less than Six Months		2,577		3,719
Over Six and Less than Twelve Months		3,684		5,103
Over Twelve Months		11,604		8,807
Total	$	20,696	$	22,040