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DEPOSITS | 9 Months Ended
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Sep. 30, 2020
DEPOSITS |
DEPOSITS | NOTE 6 – DEPOSITS The Company’s deposits are summarized below:
|  | September 30, 2020 |  | December 31, 2019
|  | (dollars in thousands)
Noninterest-bearing deposits |  | $ | 850,306 |  | $ | 689,116
Interest-bearing deposits: |  |  |  |  |  |
Interest-bearing demand |  |  | 885,719 |  |  | 814,639
Money market |  |  | 475,047 |  |  | 477,765
Savings |  |  | 497,682 |  |  | 438,927
Time |  |  | 307,907 |  |  | 356,408
Total interest-bearing deposits |  |  | 2,166,355 |  |  | 2,087,739
Total deposits |  | $ | 3,016,661 |  | $ | 2,776,855
Money market deposits include $7,407,000 and $14,309,000 of reciprocal transaction deposits as of September 30, 2020 and December 31, 2019, respectively. Time deposits include $3,540,000 and $3,538,000 of reciprocal time deposits as of September 30, 2020 and December 31, 2019, respectively. The aggregate amounts of time deposits in denominations of $250,000 or more amounted to $24,734,000 and $44,754,000 as of September 30, 2020 and December 31, 2019, respectively. The aggregate amounts of time deposits in denominations of $100,000 or more amounted to $102,115,000 and $130,293,000 as of September 30, 2020 and December 31, 2019, respectively. The components of interest expense on deposits are as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2020 |  | 2019 |  | 2020 |  | 2019
|  | (dollars in thousands)
Interest-bearing demand |  | $ | 123 |  | $ | 347 |  | $ | 536 |  | $ | 1,175
Money market |  |  | 96 |  |  | 497 |  |  | 608 |  |  | 1,356
Savings |  |  | 37 |  |  | 70 |  |  | 157 |  |  | 207
Time |  |  | 587 |  |  | 1,086 |  |  | 2,179 |  |  | 3,356
Total interest expense on deposits |  | $ | 843 |  | $ | 2,000 |  | $ | 3,480 |  | $ | 6,094

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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=120398452&loc=d3e534808-122878 + Details
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- References No definition available. + Details
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