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DEPOSITS

12 Months Ended

Dec. 31, 2020

Deposits [Abstract]

DEPOSITS

11.          DEPOSITS

The Company’s deposits consisted of the following at the dates indicated:

​

​	​	​	​	​	​	​
​		December 31,			December 31,
​	​	2020		​	2019
Demand deposits	​	$	678,365	​	$	572,341
NOW accounts and savings	​		399,772	​		314,125
Money market	​		516,560	​		489,206
Time deposits	​		243,700	​		325,511
Total	​	$	1,838,397	​	$	1,701,183

​

The Company accepts deposits related to real estate transactions qualifying under Section 1031, Tax Deferred Exchanges, of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). These deposits fluctuate as the sellers of real estate have up to six months to invest in replacement real estate to defer the income tax on the property sold. The Company also accepts deposits related to business escrow services. During 2020, the Company started to wind down its escrow services. Deposits related to these activities totaled $4.0 million and $44.4 million at December 31, 2020 and 2019, respectively.

At December 31, 2020, aggregate annual maturities of time deposits are as follows:

​

​	​	​	​
Year ending December 31,		​
2021	​	$	193,455
2022	​		39,261
2023	​		6,051
2024	​		2,501
2025	​		2,432
Total	​	$	243,700

​

Interest expense, net of early withdrawal penalty, recognized on interest bearing deposits at the dates indicated consisted of the following:

​

​	​	​	​	​	​	​	​	​	​
​		December 31,			December 31,			December 31,
​	​	2020		​	2019		​	2018
NOW accounts and savings	​	$	417	​	$	252	​	$	167
Money market	​		2,721	​		2,912	​		1,895
Time deposits	​		3,816	​		5,001	​		2,400
Total	​	$	6,954	​	$	8,165	​	$	4,462

​

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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

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- References

No definition available.

+ Details

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