Deposits

12 Months Ended

Dec. 31, 2023

Deposits

Deposits

Note 7. Deposits

The following table summarizes the major classifications of deposit balances as of the dates indicated:

	December 31,
	2023		2022
(dollars in thousands)
Noninterest-bearing deposits	$	116,922	$	143,262
Interest-bearing deposits:
Interest-bearing checking		28,571		40,086
Money Market		26,836		15,791
Savings		93,104		113,101
Time deposits, $100,000 or more		12,501		19,999
Time deposits below $100,000		22,133		30,708
Total interest- bearing deposits		183,145		219,685
Total Deposits	$	300,067	$	362,947

Interest expense on deposits for the years ended December 31, 2023 and 2022 is as follows:

	2023		2022
(dollars in thousands)
Interest-bearing checking	$	10	$	11
Money Market		76		12
Savings		89		59
Time deposits, $100,000 or more		162		183
Time deposits below $100,000		176		206
Total Interest Expense	$	513	$	471

The Bank recognized $0.2 million of fee income from deposits for the years ended December 31, 2023 and 2022.

At December 31, 2023, the scheduled maturities of time deposits are approximately as follows:

(dollars in thousands)	Amount
Maturing in:
2024	$	22,577
2025		4,587
2026		3,514
2027		1,722
2028		1,995
2027 and thereafter		239
Total Time Deposits	$	34,634

Deposit balances of executive officers and directors and their affiliated interests totaled approximately $2.4 million and $2.1 million at December 31, 2023 and 2022, respectively.

The Bank had no brokered deposits at December 31, 2023 and 2022.  

The aggregate amount of time deposit accounts that equal or exceed the $250,000 insured limit totaled $2.5 million and $5.1 million at December 31, 2023 and 2022, respectively.