Note 5 – Deposits

Deposits consist of the following at the dates indicated:


	At June 30, 2020		At December 31, 2019
	(Dollars in thousands)
Demand deposits:
Non-interest bearing	$	89,623	$	61,229
Interest bearing		83,974		56,703
Money market accounts		153,724		141,398
Savings accounts		61,506		53,628
Time deposits		161,658		170,518

	$	550,485	$	483,476

The increase in total deposits was primarily due to an overall increase in net core deposits, partially offset by a decrease in time deposits. A majority of the growth in core deposits during the six months ended June 30, 2020 was due to PPP loan proceeds and other government stimulus funds being left on deposit at the Bank, in additional to organic growth. The Company’s strategic focus remains on organic growth of lower-cost core deposits among its retail and commercial customers in an effort to manage interest expense and strengthen customer relationships.