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| DEPOSITS |
Note 8 DEPOSITS The composition of the Company's interest bearing deposits at December 31 was as follows:
At December 31, 2019 and 2018, $1.6 million in overdrawn deposit accounts were reclassified as loans. Time deposits that meet or exceed the FDIC insurance limit of $250,000 totaled $7.0 million and $6.5 million at December 31, 2019 and December 31, 2018, respectively. At December 31, the scheduled maturities of time deposits were as follows:
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- References No definition available.
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- Definition The entire disclosure for deposit liabilities including data and tables. It may include a description of the entity's deposit liabilities, the aggregate amount of time deposits (including certificates of deposit) in denominations of $100,000 or more at the balance sheet date; the aggregate amount of any demand deposits that have been reclassified as loan balances, such as overdrafts, at the balance sheet date; deposits that are received on terms other than those in the normal course of business, the amount of accrued interest on deposit liabilities; securities, mortgage loans or other financial instruments that serve as collateral for deposits; for time deposits having a remaining term of more than one year, the aggregate amount of maturities for each of the five years following the balance sheet date; and the weighted average interest rate for all deposit liabilities held by the entity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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