Note 11 - Deposits

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Deposit Liabilities Disclosures [Text Block]

NOTE 11:         DEPOSITS

Deposits are comprised of the following at December 31, 2020 and 2019:

	December 31, 2020								December 31, 2019
	Weighted Average Rate			Balance		Percentage of Deposits			Weighted Average Rate			Balance		Percentage of Deposits
Non-interest bearing transaction		0.00	%	$	144,911,156		15.4	%		0.00	%	$	87,598,281		10.7	%
Interest bearing transaction		0.35	%		560,970,668		59.8	%		0.93	%		487,621,927		59.3	%
Savings		0.13	%		47,839,075		5.1	%		0.28	%		39,203,818		4.8	%
		0.27	%		753,720,899		80.3	%		0.76	%		614,424,026		74.8	%
Certificates:
0.00% - 0.99%		0.62	%		49,395,262		5.2	%		0.65	%		30,075,341		3.7	%
1.00% - 1.99%		1.47	%		13,875,409		1.5	%		1.65	%		29,828,669		3.6	%
2.00% - 3.99%		2.41	%		121,680,971		13.0	%		2.49	%		147,078,496		17.9	%
		1.86	%		184,951,642		19.7	%		2.10	%		206,982,506		25.2	%
Total Deposits		0.58	%	$	938,672,541		100.0	%		1.10	%	$	821,406,532		100.0	%

The aggregate amount of certificates of deposit with a minimum balance of $100,000 was approximately $103,356,000 and $123,765,000 as of December 31, 2020 and 2019, respectively. The aggregate amount of certificates of deposit with a minimum balance of $250,000 was approximately $35,412,000 and $54,654,000, as of December 31, 2020 and 2019, respectively.

A summary of certificates of deposit by maturity as of December 31, 2020, is as follows:

2021	$	140,242,445
2022		36,240,989
2023		2,269,299
2024		1,805,072
2025		1,061,795
Thereafter		3,332,042
	$	184,951,642

A summary of interest expense on deposits is as follows:

		Years ended December 31,
	2020			2019			2018
Transaction accounts	$	2,948,835		$	6,144,802		$	4,427,407
Savings accounts		78,806			119,730			105,592
Certificate accounts		3,912,688			4,754,944			2,524,098
Early withdrawal penalties		(15,503	)		(28,023	)		(33,811	)
	$	6,924,826		$	10,991,453		$	7,023,286

The Bank utilizes brokered deposits as an additional funding source. The aggregate amount of brokered deposits was approximately $35,000 and $53,548,000 as of December 31, 2020 and 2019, respectively.