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DEPOSITS | 12 Months Ended
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Dec. 31, 2019
DEPOSITS |
DEPOSITS | NOTE 9 – DEPOSITS The Company’s interest-bearing deposits are summarized below as December 31:
|  |  |  |  |  |  |  | December 31, 2019 |  | December 31, 2018
|  |  |  |  |  |  |  | (dollars in thousands)
Interest-bearing demand |  |  |  |  |  |  |  | $ | 814,639 |  | $ | 856,919
Money market |  |  |  |  |  |  |  |  | 477,765 |  |  | 427,730
Savings |  |  |  |  |  |  |  |  | 438,927 |  |  | 421,698
Time |  |  |  |  |  |  |  |  | 356,408 |  |  | 424,747
Total interest-bearing deposits |  |  |  |  |  |  |  | $ | 2,087,739 |  | $ | 2,131,094
Money market deposits include $14,309,000 and $20,512,000 of reciprocal transaction deposits as of December 31, 2019 and 2018, respectively. Time deposits include $3,538,000 and $4,895,000 of reciprocal time deposits as of December 31, 2019 and 2018, respectively. The aggregate amounts of time deposits in denominations of $250,000 or more amounted to $44,754,000 and $36,875,000 as of December 31, 2019 and 2018, respectively. The aggregate amounts of time deposits in denominations of $100,000 or more amounted to $130,293,000 and $153,717,000 as of December 31, 2019 and 2018, respectively. At December 31, 2019, the scheduled maturities of time deposits are as follows (dollars in thousands):
Year ended December 31, |  |  |
2020 |  | $ | 257,937
2021 |  |  | 58,929
2022 |  |  | 23,423
2023 |  |  | 8,926
2024 |  |  | 7,023
Thereafter |  |  | 170
Total |  | $ | 356,408
Deposits of related parties amounted to $11,949,000 and $12,717,000 as of December 31, 2019 and 2018, respectively. The components of interest expense on deposits for the years ended December 31 are as follows:
|  | Year Ended December 31,
|  | 2019 |  | 2018 |  | 2017
|  | (dollars in thousands)
Interest-bearing demand |  | $ | 1,474 |  | $ | 1,378 |  | $ | 908
Money market |  |  | 1,837 |  |  | 685 |  |  | 704
Savings |  |  | 278 |  |  | 283 |  |  | 293
Time |  |  | 4,343 |  |  | 3,541 |  |  | 3,054
Total interest expense on deposits |  | $ | 7,932 |  | $ | 5,887 |  | $ | 4,959

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- Definition The entire disclosure for deposit liabilities including data and tables. It may include a description of the entity's deposit liabilities, the aggregate amount of time deposits (including certificates of deposit) in denominations of $100,000 or more at the balance sheet date; the aggregate amount of any demand deposits that have been reclassified as loan balances, such as overdrafts, at the balance sheet date; deposits that are received on terms other than those in the normal course of business, the amount of accrued interest on deposit liabilities; securities, mortgage loans or other financial instruments that serve as collateral for deposits; for time deposits having a remaining term of more than one year, the aggregate amount of maturities for each of the five years following the balance sheet date; and the weighted average interest rate for all deposit liabilities held by the entity. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 405 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=116652737&loc=d3e64164-112818 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.12) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 + Details
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- References No definition available. + Details
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