Deposits |
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Dec. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banking and Thrift [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits A stratification of time deposits at December 31, 2016 and 2015 is presented in the following table:
Interest on time deposits was $743 thousand, $853 thousand and $917 thousand in 2016, 2015 and 2014, respectively. Scheduled maturities of time deposits at December 31, 2016 are presented as follows:
As of December 31, 2016, $36.4 million in securities held-to-maturity and $71.9 million securities available-for-sale were pledged as collateral for our local agency deposits. Our deposit portfolio includes deposits offered through the Promontory Interfinancial Network that are comprised of Certificate of Deposit Account Registry Service® ("CDARS") balances included in time deposits and Insured Cash Sweep® ("ICS") balances included in money market deposits. In addition, in 2016, we began offering deposits through Reich & Tang Deposit Networks, LLC, comprised of Demand Deposit MarketplaceSM ("DDM") balances, mostly in money market deposits. Through these two networks we are able to offer our customers access to FDIC-insured deposit products in aggregate amounts exceeding current insurance limits. When we place funds through CDARS, ICS and DDM, on behalf of a customer, we typically receive matching deposits through the network's reciprocal deposit program. We consider the reciprocal deposits to be in-market deposits as distinguished from traditional out-of-market brokered deposits. We had $15.1 million and $14.3 million in CDARS and $29.0 million and $12.2 million in ICS balances in the reciprocal deposit program at December 31, 2016 and 2015, respectively. In addition, we had $36.4 million in DDM balances in the reciprocal deposit program at December 31, 2016. We also have the ability to place deposits through the networks for which we receive no matching deposits ("one-way" deposits). One-way CDARS deposits totaled $361 thousand and $355 thousand at December 31, 2016 and 2015, respectively. The aggregate amount of deposit overdrafts that have been reclassified as loan balances was $229 thousand and $84 thousand at December 31, 2016 and 2015, respectively. Collectability of these overdrafts is subject to the same credit review process as other loans. The Bank accepts deposits from shareholders, directors and employees in the normal course of business, and the terms are comparable to those with non-affiliated parties. The total deposits from directors and their businesses, and executive officers were $7.3 million and $8.3 million at December 31, 2016 and 2015, respectively. |