Deposits

12 Months Ended

Dec. 31, 2021

Note 11 – Deposits

Deposits are summarized as follows:

	December 31,
	2021		2020
	(In thousands)
NOW account and other demand deposits	$	90,285	$	15,237
Non‑interest bearing demand deposits		220,152		47,269
Money market deposits		204,888		60,281
Passbook		70,750		64,127
Certificates of deposit		201,977		128,716
Total	$	788,052	$	315,630

The Bank accepts two types of deposits from a deposit placement service called the Certificate of Deposit Account Registry Service (“CDARS”). Reciprocal deposits are the Bank’s own retail deposits in amounts in excess of the insured limits. The CDARS program allows banks to place their customers’ funds in FDIC‑insured certificates of deposit at other banks and, at the same time, receive an equal sum of funds from the customers of other banks in the CDARS Network. These deposits totaled $141.6 million and $35.8 million at December 31, 2021 and 2020, respectively and are not considered to be brokered deposits.

One‑way deposits are also available using the CDARS program. With the one‑way program, the Bank accepts deposits from CDARS even though there is no customer account involved. These one-way deposits, which are considered to brokered deposits, totaled $223 thousand and $9.6 million at December 31, 2021 and 2020, respectively.

At December 31, 2021 and 2020, the Bank had $5.0 million and $15.1 million in (non-CDARS) brokered deposits, respectively.

Scheduled maturities of certificates of deposit for the next five years are as follows:

Maturity	Amount
	(In thousands)
2022	$	191,943
2023		8,103
2024		834
2025		796
2026		237
Thereafter		64
	$	201,977

Certificates of deposit of $250 thousand or more totaled $20.4 million and $18.9 million at December 31, 2021 and 2020, respectively.

The Company has a significant concentration of deposits with five long‑time customers that accounted for approximately 22% of its deposits as of December 31, 2021. The Company expects to maintain the relationships with the customers for the near term.

Deposits from principal officers, directors, and their affiliates totaled $22.7 million and $838 thousand at December 31, 2021 and 2020, respectively.