DEPOSITS

9 Months Ended

Sep. 30, 2020

DEPOSITS

DEPOSITS

NOTE 5 — DEPOSITS

Major classifications of deposits at September 30, 2020 and December 31, 2019 consisted of:

(Dollars in thousands)	September 30,		December 31,
	2020		2019
Non-interest bearing demand	$	201,896	$	134,648
Interest bearing demand		313,563		218,847
Savings		204,093		173,069
Time certificates of deposits less than $250,000		181,364		210,916
Time certificates of deposits $250,000 or greater		16,525		23,006
Other time		1,778		1,142
Total deposits	$	919,219	$	761,628

Total deposits increased $157,591,000 to $919,219,000 as of September 30, 2020 due to increases in non-interest bearing, interest bearing and savings deposits. The increase in deposits was the result of many different factors including the deposit of at least $19,000,000 in stimulus funds, via check or ACH, $31,729,000 in PPP loan proceeds, higher levels of saving, a $58,000,000 increase in highly rate sensitive deposits and other normal fluctuations in deposits during the nine months ended September 30, 2020.