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Note 7 - Deposits

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Deposit Liabilities Disclosures [Text Block]

Note 7. Deposits

The following table presents the balance of deposits held, by category as of

September 30, 2020

and

December 31, 2019.

(In thousands)		September 30, 2020				December 31, 2019
Non-interest bearing		$	161,871			$	88,135
Interest bearing:
NOW			29,518				26,864
Savings			91,169				64,020
Money market			142,909				99,115
Certificates of deposit, less than $250,000			160,610				193,942
Certificates of deposit, $250,000 or greater			50,359				67,550
Brokered deposits			90,995				229,909
Interest bearing, Total			565,560				681,400
Total Deposits		$	727,431			$	769,535

On

July 22, 2020,

the Company completed the purchase of prepaid debit card deposits of

$50.0

million from a prominent national provider and processor of prepaid debit cards for corporate, consumer and government clients. The prepaid debit card deposits totaled approximately

$60.0

million as of

September 30, 2020,

which is included in the non-interest bearing deposits.

As of

September 30, 2020,

contractual maturities of Certificates of Deposit (“CDs”), and brokered deposits is summarized as follows:

(In thousands)		CDs less than $250,000				CDs $250,000 or greater				Brokered Deposits				Total
1 year or less		$	139,850			$	41,249			$	85,398			$	266,497
More than 1 year through 2 years			17,847				8,163				4,848				30,858
More than 2 years through 3 years			1,256				694				499				2,449
More than 3 years through 4 years			913				-				250				1,163
More than 4 years through 5 years			744				253				-				997
		$	160,610			$	50,359			$	90,995			$	301,964

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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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