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DEPOSITS

3 Months Ended

Mar. 31, 2020

DEPOSITS

DEPOSITS

NOTE 6 – DEPOSITS

The Company’s deposits are summarized below:

		March 31, 2020			December 31, 2019
		(dollars in thousands)
Noninterest-bearing deposits		$	676,341		$	689,116
Interest-bearing deposits:
Interest-bearing demand			810,074			814,639
Money market			472,532			477,765
Savings			444,137			438,927
Time			327,219			356,408
Total interest-bearing deposits			2,053,962			2,087,739
Total deposits		$	2,730,303		$	2,776,855

Money market deposits include $24,510,000 and $14,309,000 of reciprocal transaction deposits as of March 31, 2020 and December 31, 2019, respectively. Time deposits include $3,679,000 and $3,538,000 of reciprocal time deposits as of March 31, 2020 and December 31, 2019, respectively.

The aggregate amounts of time deposits in denominations of $250,000 or more amounted to $28,060,000 and $44,754,000 as of March 31, 2020 and December 31, 2019, respectively. The aggregate amounts of time deposits in denominations of $100,000 or more amounted to $110,055,000 and $130,293,000 as of March 31, 2020 and December 31, 2019, respectively.

The components of interest expense on deposits for the three months ended March 31, 2020 and 2019 are as follows:

		Three Months Ended March 31,
		2020			2019
		(dollars in thousands)
Interest-bearing demand		$	251		$	417
Money market			394			370
Savings			70			68
Time			880			1,128
Total interest expense on deposits		$	1,595		$	1,983

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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

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X

- References

No definition available.

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