Note 7. Deposits

At December 31, 2013 and 2012, deposits consisted of the following:


	Weighted Average Interest Rate			2013		Weighted Average Interest Rate			2012
Non-interest bearing		—		$	55,358,161		—		$	65,176,125

Interest bearing:
Time certificates, less than $100,000		1.05	%		129,548,033		1.37	%		160,610,601
Time certificates, $100,000 or more		1.09	%		106,387,098		1.50	%		121,142,374
Money market		0.04	%		29,309,657		0.20	%		42,401,428
Savings		0.30	%		80,982,920		0.51	%		77,760,967
NOW		0.01	%		28,618,213		0.07	%		30,191,403

Total interest bearing					374,845,921					432,106,773

Total deposits				$	430,204,082				$	497,282,898

At December 31, 2013 and 2012, we did not have any certificates of deposit through the Certificate of Deposit Account Registry Service (CDARS) network included in time certificates. Included in total deposits above, approximately $24.7 million is related to deposits held for sale at December 31, 2012. There were no deposits held for sale at December 31, 2013.

Interest expense on deposits consists of the following:


	Year Ended December 31,
	2013		2012		2011
Time certificates, less than $100,000	$	1,821,591	$	2,706,666	$	3,380,456
Time certificates, $100,000 or more		1,600,519		2,225,726		2,567,071
Money market		40,481		71,808		88,813
Savings		349,998		330,842		235,628
NOW		8,718		16,435		11,610

	$	3,821,307	$	5,351,477	$	6,283,578

Contractual maturities of time certificates of deposit as of December 31, 2013 are summarized below:


	Weighted Average Interest Rate			Balance of Time Certificates of Deposit
Due within:
1 year		0.96	%	$	200,555,373
1-2 years		1.99	%		16,514,915
2-3 years		1.59	%		5,661,154
3-4 years		1.58	%		8,018,162
4-5 years		0.85	%		5,185,527

		1.07	%	$	235,935,131