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Deposits

12 Months Ended

Dec. 31, 2019

Banking And Thrift [Abstract]

Deposits

Note 8. Deposits

The aggregate amounts of certificates of deposit, with a minimum denomination of $250,000, were $82.8 million and $39.1 million at December 31, 2019 and 2018, respectively.  

Time deposits include brokered deposits purchased through the Certificate of Deposit Account Registry Service (“CDARS”).  The balance of these time deposits was $2.2 million and $1.2 million at December 31, 2019 and 2018, respectively.  As long as the Bank maintains its current rating through CDARS rating service, it may purchase deposits up to 15% of its assets as of the most recent quarter end.  At December 31, 2019, the Bank could have purchased up to approximately $144.2 million in deposits through CDARS.  The decision to utilize this funding depends on the Bank’s liquidity needs and the pricing of CDARS deposits compared to other potential funding sources.

At December 31, 2019, the scheduled maturities of time deposits are as follows:

(Dollars in thousands)
2020	$	114,408
2021		57,115
2022		20,843
2023		27,811
2024		38,851
2025 and beyond		1,927
Total	$	260,955

Brokered deposits totaled $30.6 million and $84.4 million at December 31, 2019 and 2018, respectively.  Additionally, deposits obtained through the certificate of deposit listing service, QwickRate, totaled $19.2 million and $10.4 million at December 31, 2019 and 2018, respectively.

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- References

No definition available.

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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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