Note 11 - Deposits

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Deposit Liabilities Disclosures [Text Block]

NOTE 11 Deposits

Deposits and their weighted average interest rates at December 31, 2023 and 2022 are summarized as follows:

	2023								2022
(Dollars in thousands)	Weighted Average Rate			Amount		Percent of Total			Weighted Average Rate			Amount		Percent of Total
Noninterest checking		0.00	%	$	244,015		25.0	%		0.00	%	$	325,603		33.2	%
Interest checking		0.85			140,975		14.4			0.38			147,497		15.0
Savings accounts		0.11			107,864		11.1			0.08			123,389		12.6
Money market accounts		2.16			249,246		25.5			0.73			253,498		25.8
					742,100		76.0						849,987		86.6
Certificates by rate:
0-0.99%					17,699		1.8						53,645		5.4
1-1.99%					5,164		0.5						8,049		0.8
2-2.99%					2,652		0.3						3,521		0.4
3-3.99%					17,163		1.8						5,493		0.6
4-4.99%					96,806		9.9						61,231		6.2
5-5.99%					95,209		9.7						0		0.0
Total certificates		4.43			234,693		24.0			2.59			131,939		13.4
Total deposits		1.75		$	976,793		100.0	%		0.60		$	981,926		100.0	%

At December 31, 2023 and 2022 the Company had $414.5 million and $373.9 million, respectively, of deposit accounts with balances of $250,000 or more. The Company had $107.0 million and $55.1 million of certificate accounts that had been acquired through a broker at December 31, 2023 and 2022, respectively.

Certificates had the following maturities at December 31, 2023 and 2022:

	2023						2022
(Dollars in thousands)	Amount		Weighted Average Rate				Amount		Weighted Average Rate
Remaining term to maturity
2024	$	187,673		4.46	%	2023	$	72,737		1.86	%
2025		34,567		4.40		2024		47,563		3.60
2026		11,505		4.36		2025		10,101		3.32
2027		639		0.63		2026		747		0.45
2028		309		1.62		2027		777		0.73
2029 and herafter		0		0.00		2028 and hereafter		15		0.28
Total	$	234,693		4.43			$	131,939		2.59

At December 31, 2023 and 2022, the Company had pledged mortgage-backed and related securities with a fair market value of approximately $41.6 million and $45.9 million, respectively, as collateral for certain deposits.

Deposits from directors, executive officers and their related parties held by the Company at December 31, 2023 and 2022 amount to $1.2 million and $0.7 million, respectively.

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

(Dollars in thousands)	2023		2022
Checking accounts	$	1,037		220
Savings accounts		110		75
Money market accounts		4,577		882
Certificate accounts		6,566		555
Total	$	12,290		1,732