DEPOSITS

12 Months Ended

Dec. 31, 2020

NOTE 8 – DEPOSITS

A summary of interest expense on deposits for the years ended December 31 follows:

	2020		2019		2018
	(In thousands)
Savings and interest-bearing checking	$	2,264	$	5,371	$	4,146
Reciprocal		2,158		6,024		1,292
Time		7,073		7,148		5,343
Brokered time		1,171		4,882		3,697
Total	$	12,666	$	23,425	$	14,478

Aggregate time deposits in denominations of $0.25 million or more amounted to $50.0 million and $71.5 million at December 31, 2020 and 2019, respectively.

A summary of the maturity of time deposits at December 31, 2020, follows:

	(In thousands)
2021	$	370,497
2022		40,671
2023		16,717
2024		5,072
2025		5,457
2026 and thereafter		603
Total	$	439,017

Reciprocal deposits represent demand, money market and time deposits from our customers that have been placed through IntraFi Network (formerly Promontory Interfinancial Network’s Insured Cash Sweep® service and Certificate of Deposit Account Registry Service®). This service allows our customers to access multi-million dollar FDIC deposit insurance on deposit balances greater than the standard FDIC insurance maximum.

A summary of reciprocal deposits at December 31 follows:

	2020		2019
	(In thousands)
Demand	$	515,092	$	383,953
Money market		3,308		4,416
Time		37,785		42,658
Total	$	556,185	$	431,027