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. |