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DEPOSITS

12 Months Ended

Dec. 31, 2020

DEPOSITS

Note 10—DEPOSITS

The Company’s total deposits are comprised of the following at the dates indicated:

		December 31,				December 31,
(Dollars in thousands)		2020				2019
Non-interest bearing deposits		$	385,511			$	289,829
Interest bearing demand deposits and money market accounts			520,205				423,256
Savings			123,032				104,456
Time deposits			160,665				170,660
Total deposits		$	1,189,413			$	988,201

At December 31, 2020, the scheduled maturities of time deposits are as follows:

(Dollars in thousands)
2021		$	113,819
2022			30,413
2023			9,924
2024			3,018
2025			3,491
Time Deposits		$	160,665

Interest paid on time deposits of $100 thousand or more totaled $993 thousand, $1.1 million, and $717 thousand in 2020, 2019, and 2018, respectively.

Time deposits that meet or exceed the FDIC insurance limit of $250 thousand at year end 2020 and 2019 were $28.6 million and $32.2 million, respectively.

Deposits from directors and executive officers and their related interests at December 31, 2020 and 2019 amounted to approximately $36.3 million and $5.4 million, respectively.

The amount of overdrafts classified as loans at December 31, 2020 and 2019 were $61 thousand and $143 thousand, 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

+ Details

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