Deposit Accounts

12 Months Ended

Dec. 31, 2011

Deposit Accounts

Deposit Accounts

8. Deposit Accounts

Deposit accounts and weighted average interest rates consisted of the following at December 31:

			Weighted				Weighted
	2011		Average		2010		Average
	Balance		Interest Rate		Balance		Interest Rate
	(dollars in thousands)
Transaction accounts
Noninterest-bearing checking	$	112,313	0.00	%	$	47,229	0.00	%
Interest-bearing checking	63,620		0.23	%	21,137		0.14	%
Money market	132,509		0.66	%	113,333		0.97	%
Regular passbook	91,747		0.50	%	68,559		0.96	%
Total transaction accounts	400,189		0.37	%	250,258		0.72	%
Certificates of deposit accounts
Up to $100,000	199,823		1.38	%	207,164		1.76	%
Over $100,000 to $250,000	181,483		1.41	%	165,871		1.91	%
Over $250,000	47,382		1.34	%	35,947		1.76	%
Total certificates of deposit accounts	428,688		1.39	%	408,982		1.82	%
Total deposits	$	828,877	0.89	%	$	659,240	1.40	%

The aggregate annual maturities of certificates of deposit accounts at December 31, 2011 are as follows:

	2011
	Balance		Weighted average interest rate
	(in thousands)
Within 3 months	$	61,029	1.30	%
4 to 6 months	118,130		1.67	%
7 to 12 months	141,078		1.13	%
13 to 24 months	92,200		1.26	%
25 to 36 months	2,440		1.81	%
37 to 60 months	12,891		2.85	%
Over 60 months	920		1.30	%
Total	$	428,688	1.39	%

The average cost of deposits was 1.03% for 2011 and 1.51% for 2010.

Interest expense on deposit accounts for the years ended December 31 is summarized as follows:

	2011		2010		2009
	(in thousands)
Checking accounts	$	126	$	55	$	173
Passbook accounts	516		716		545
Money market accounts	906		939		711
Certificates of deposit accounts	6,740		7,901		11,618
Total	$	8,288	$	9,611	$	13,047

Accrued interest on deposits, which is included in accrued expenses and other liabilities, was $78,000 at December 31, 2011 and $55,000 at December 31, 2010.