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Note 9 - Deposits

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Deposit Liabilities Disclosures [Text Block]

Note 9. Deposits

The following table presents the balance of deposits held, by category, and the related weighted average stated interest rate as of December 31, 2021 and 2020.

		December 31, 2021								December 31, 2020
(In thousands)		Balance				Weighted Avg. Stated Interest Rate				Balance				Weighted Avg. Stated Interest Rate
Non-interest bearing		$	226,713				-			$	158,676				-
Interest bearing:
Negotiable order of withdrawal accounts			34,741				0.07	%			30,529				0.07	%
Savings			109,744				0.13	%			98,635				0.36	%
Money market			164,518				0.23	%			146,389				0.45	%
Certificates of deposit, less than $250,000			142,246				0.35	%			160,968				0.78	%
Certificates of deposit, $250,000 or greater			53,584				0.40	%			49,172				0.79	%
Brokered deposits			17,016				1.05	%			41,287				1.93	%
Interest bearing, Total			521,849				0.27	%			526,980				0.66	%
Total Deposits		$	748,562				0.19	%		$	685,656				0.51	%

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 are included in the non-interest-bearing deposits and money market deposits, which totaled approximately $138.9 million and $74.3 million as of December 31, 2021 and 2020, respectively.

The following table presents interest expense, by deposit category, and the related weighted average effective interest rate for each of the years in the three-year period ended December 31, 2021.

(In thousands)		Year ended December 31,
		2021								2020								2019
		Interest Expense				Weighted Avg. Effective Interest Rate				Interest Expense				Weighted Avg. Effective Interest Rate				Interest Expense				Weighted Avg. Effective Interest Rate
Negotiable order of withdrawal accounts		$	24				0.07	%		$	23				0.07	%		$	18				0.07	%
Savings			238				0.22	%			426				0.54	%			429				0.63	%
Money market			449				0.30	%			1,451				1.05	%			2,048				2.00	%
Certificates of deposit, less than $250,000			899				0.61	%			3,227				1.75	%			4,986				2.38	%
Certificates of deposit, $250,000 or greater			270				0.49	%			1,188				1.95	%			1,546				2.01	%
Brokered deposits			363				1.83	%			2,839				1.88	%			4,958				2.47	%
		$	2,243				0.43	%		$	9,154				1.43	%		$	13,985				2.05	%

As of December 31, 2021, contractual maturities of Certificates of Deposit (“CDs”) and brokered deposits are summarized as follows:

(In thousands)		CDs less than $250,000				CDs $250,000 or greater				Brokered Deposits				Total
1 year or less		$	104,971			$	28,050			$	15,023			$	148,044
More than 1 year through 2 years			23,259				24,274				996				48,529
More than 2 years through 3 years			4,622				250				748				5,620
More than 3 years through 4 years			3,806				1,010				249				5,065
More than 4 years through 5 years			5,588				-				-				5,588
		$	142,246			$	53,584			$	17,016			$	212,846

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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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (e)

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1406

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- References

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