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Deposits

12 Months Ended

Dec. 31, 2018

Deposits [Abstract]

Deposits

NOTE 8 – Deposits

The following is a detail of the deposit accounts:

		December 31,
(dollars in thousands)		2018			2017
Noninterest bearing		$	346,570		295,680
Interest bearing:
NOW accounts			186,795		229,945
Money market accounts			730,765		545,029
Savings			15,486		16,298
Time, less than $100,000			63,073		55,461
Time, $100,000 and over			305,447		238,710
Total deposits		$	1,648,136		1,381,123

During December 2018, the Company modified the account classification of $45.3 million from interest bearing to noninterest bearing which contributed to the increase in noninterest bearing accounts and the decrease in NOW accounts from December 31, 2017. In addition, at December 31, 2018 and 2017, time deposits greater than $250,000 were $214.0 million and $131.7 million, respectively.

Also, at December 31, 2018 and 2017, the Company had approximately $79.3 million and $28.1 million, respectively, of time deposits that were obtained outside of the Company’s primary market. Interest expense on time deposits greater than $100,000 was $4.7 million for the year ended December 31, 2018, $2.7 million for the year ended December 31, 2017, and $1.8 million for the year ended December 31, 2016.

At December 31, 2018 the scheduled maturities of certificates of deposit are as follows:

(dollars in thousands)
2019	$	241,771
2020		92,684
2021		24,513
2022		4,306
2023 and after		5,246
	$	368,520

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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=50488274&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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