Deposits

12 Months Ended

Dec. 31, 2024

Deposits

Deposits

Note 7. Deposits

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

	December 31,
	2024		2023
(dollars in thousands)
Noninterest-bearing deposits	$	100,747	$	116,922
Interest-bearing deposits:
Interest-bearing checking		25,487		28,571
Money Market		81,513		26,836
Savings		75,444		93,104
Time deposits, $250,000 or more		1,133		2,501
Time deposits below $250,000		24,865		32,133
Total interest- bearing deposits		208,442		183,145
Total Deposits	$	309,189	$	300,067

Interest expense on deposits for the years ended December 31, 2024 and 2023 is as follows:

	2024		2023
(dollars in thousands)
Interest-bearing checking	$	50	$	10
Money Market		2,154		76
Savings		42		89
Time deposits, $250,000 or more		15		47
Time deposits below $250,000		272		291
Total Interest Expense	$	2,533	$	513

The Bank recognized $0.2 million of fee income from deposits for the years ended December 31, 2024 and 2023.

At December 31, 2024, the scheduled maturities of time deposits are approximately as follows:

(dollars in thousands)	Amount
Maturing in:
2025	$	13,711
2026		6,272
2027		1,633
2028		1,829
2029		2,318
2030 and thereafter		235
Total Time Deposits	$	25,998

Deposit balances of executive officers and directors and their affiliated interests totaled approximately $1.7 million and $2.4 million at December 31, 2024 and 2023, respectively.

The Bank had no brokered deposits at December 31, 2024 and 2023.  

The aggregate amount of time deposit accounts that equal or exceed the $250,000 insured limit totaled $1.1 million and $2.5 million at December 31, 2024 and 2023, respectively.

(dollars in thousands)	Amount
Maturing in:
Three months or less	$	—
Over three months through six months		—
Over six months through twelve months		552
Over twelve months		581
Total Time Deposits of $250,000 or More	$	1,133