Note 4 - Deposits

6 Months Ended

Jun. 30, 2022

Notes to Financial Statements

Deposit Liabilities Disclosures [Text Block]

Note 4 - Deposits

The aggregate amount of time deposits in excess of the Federal Deposit Insurance Corporation ("FDIC") insured limit, currently $250,000, at June 30, 2022 and December 31, 2021, were $76.0 million and $75.1 million, respectively. Deposits and weighted-average interest rates at the dates indicated are as follows:

	June 30, 2022					December 31, 2021
	Amount		Weighted-Average Interest Rate			Amount		Weighted-Average Interest Rate
	(Dollars in thousands)
Noninterest-bearing demand deposits	$	336,311		0.00	%	$	343,932		0.00	%
Interest-bearing demand deposits		192,114		0.01	%		196,970		0.01	%
Money market accounts		587,747		0.27	%		597,815		0.21	%
Savings accounts		195,029		0.05	%		194,620		0.05	%
Certificates of deposit		269,523		0.73	%		247,243		0.62	%
Total deposits	$	1,580,724		0.23	%	$	1,580,580		0.19	%

Maturities of certificates at the dates indicated are as follows:

	June 30, 2022		December 31, 2021
	(In thousands)
Within one year or less	$	169,555	$	153,472
After one year through two years		58,667		54,970
After two years through three years		20,487		17,620
After three years through four years		12,827		14,358
After four years through five years		7,987		6,823
Total certificates of deposit	$	269,523	$	247,243

Brokered certificates of deposits of $85.7 million and $65.7 million are included in the June 30, 2022 and December 31, 2021 certificate of deposits totals above, respectively.

At  June 30, 2022 and December 31, 2021, deposits included $118.6 million and $134.1 million, respectively, in public fund deposits. Investment securities with a carrying value of $60.2 million and $67.9 million were pledged as collateral for these deposits at  June 30, 2022 and December 31, 2021, respectively. This exceeds the minimum collateral requirements established by the Washington Public Deposit Protection Commission.

Interest on deposits by type for the periods shown was as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
	(In thousands)
Demand deposits	$	25	$	10	$	42	$	17
Money market accounts		323		275		621		561
Savings accounts		26		34		52		74
Certificates of deposit		422		506		798		1,107
Total interest expense on deposits	$	796	$	825	$	1,513	$	1,759