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Deposits

12 Months Ended

Dec. 31, 2020

Deposits [Abstract]

Deposits

NOTE 7 — DEPOSITS

The following is a summary of deposit balances by type at December 31, 2020 and 2019:

(In thousands)		2020			2019
NOW and demand		$	554,095		$	369,423
Regular savings			151,341			115,593
Money market deposits			353,793			270,471
Total non-certificate accounts			1,059,229			755,487
Certificate accounts of $250,000 or more			5,167			15,575
Certificate accounts less than $250,000			173,032			78,843
Total certificate accounts			178,199			94,418
Total deposits		$	1,237,428		$	849,905

At December 31, 2020 and 2019, the aggregate amount of brokered certificates of deposit was $114.1 million and $48.6 million respectively. Brokered certificates of deposit are not included in the totals for time deposits in denominations over $250,000 listed above.

At December 31, 2020, the scheduled maturities for certificate accounts for each of the following five years are as follows:

(In thousands)
2021		$	139,794
2022			36,161
2023			897
2024			175
2025			1,172
Total		$	178,199

Deposits from related parties held by the Company at December 31, 2020 and 2019 amounted to $8.8 million and $7.8 million, respectively.

 

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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.

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