Deposits

12 Months Ended

Dec. 31, 2021

Deposits [Abstract]

Deposits

Deposits

Deposits were $2.91 billion and $2.34 billion as of December 31, 2021 and December 31, 2020, respectively. This increase was a result of customers receiving funds from government stimulus programs, customers depositing the proceeds from their PPP2 loans, and customers maintaining higher deposit balances. Deposits are summarized below:

	December 31,
(in thousands)	2021		2020
Noninterest-bearing demand deposits	$	1,149,672	$	943,615
Interest-bearing deposits:
NOW accounts	503,383		402,572
Money market accounts	733,044		506,902
Savings accounts	191,076		146,264
Time deposits less than or equal to $250,000	243,596		247,665
Time deposits greater than $250,000	89,577		93,342
Total interest-bearing deposits	1,760,676		1,396,745
Total deposits	$	2,910,348	$	2,340,360

As of December 31, 2021, the scheduled maturities of all outstanding time deposits were as follows:

Years ending December 31,	Amount
(in thousands)
2022	$	221,509
2023	56,118
2024	19,119
2025	12,044
2026	10,666
Thereafter	13,717
	$	333,173

As of December 31, 2021 and December 31, 2020, deposits from directors, executive officers, their immediate family members, and their affiliates totaled approximately $71.8 million and $81.0 million, respectively.