Deposit Accounts

12 Months Ended

Dec. 31, 2014

Deposit Accounts

Deposit Accounts

8. Deposit Accounts

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

	2014		Weighted Average Interest Rate		2013		Weighted Average Interest Rate
	(dollars in thousands)
Transaction accounts
Noninterest-bearing checking	$	456,754	0.00	%	$	366,755	0.00	%
Interest-bearing checking	131,635		0.11	%	120,886		0.11	%
Money market	526,256		0.32	%	427,577		0.29	%
Regular passbook	74,508		0.14	%	76,412		0.14	%
Total transaction accounts	1,189,153		0.16	%	991,630		0.15	%
Certificates of deposit accounts
Up to $100,000	123,862		0.91	%	125,313		0.80	%
Over $100,000 to $250,000	163,819		1.00	%	130,711		0.93	%
Over $250,000	153,992		0.76	%	58,632		0.95	%
Total certificates of deposit accounts	441,673		0.89	%	314,656		0.88	%
Total deposits	$	1,630,826	0.36	%	$	1,306,286	0.33	%

The aggregate annual maturities of certificates of deposit accounts at December 31, 2014 are as follows:

	2014
	Balance		Weighted Average Interest Rate
	(dollars in thousands)
Within 3 months	$	83,268	0.95	%
4 to 6 months	66,023		1.02	%
7 to 12 months	136,616		0.77	%
13 to 24 months	142,396		0.89	%
25 to 36 months	10,400		1.06	%
37 to 60 months	2,405		1.43	%
Over 60 months	565		1.01	%
Total	$	441,673	0.89	%

The average cost of deposits was 0.34% for 2014 and 2013.

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

	2014		2013		2012
	(in thousands)
Checking accounts	$	161	$	110	$	82
Passbook accounts	110		103		266
Money market accounts	1,443		1,043		727
Certificates of deposit accounts	3,323		2,809		4,778
Total	$	5,037	$	4,065	$	5,853

Accrued interest on deposits, which is included in accrued expenses and other liabilities, was $136,000 at December 31, 2014 and $94,000 at December 31, 2013.