Annual report pursuant to Section 13 and 15(d)

DEPOSITS

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DEPOSITS
 12 Months Ended
Dec. 31, 2011
DEPOSITS [Abstract]  
DEPOSITS
NOTE 7 - DEPOSITS

Deposits at year-end were as follows (dollars in thousands):

   
2011
    
2010
  
             
Noninterest bearing demand
   $ 324,253     $ 255,897  
Interest bearing demand
     204,402       216,827  
Savings and money market accounts
     381,498       355,657  
Certificates of deposit
     305,136       448,239  
    $ 1,215,289     $ 1,276,620  

The following table depicts the maturity distribution of certificates of deposit at December 31, 2011 (dollars in thousands):

2012
   $ 225,757  
2013
     39,187  
2014
     2,767  
2015
     27,231  
2016
     10,194  
After
     ---  
    $ 305,136  

Approximately $106,304,000 and $192,657,000 in certificates of deposit were in denominations of $100,000 or more at December 31, 2011 and 2010, respectively.  Brokered deposits totaled approximately $48,172,000 at December 31, 2010, all of which matured and were paid off during 2011.  Since the Bank was not categorized as "well capitalized" at December 31, 2011 and 2010, regulatory waiver is required to accept, renew or rollover brokered deposits.  The Bank has not issued brokered deposits since November of 2008.  At December 31, 2010, brokered deposits had interest rates ranging from 3.75% to 4.55%.