DEPOSITS

9 Months Ended

Sep. 30, 2023

DEPOSITS

DEPOSITS

NOTE 5 — DEPOSITS

Major classifications of deposits at September 30, 2023 and December 31, 2022 consisted of:

(Dollars in thousands)	September 30,		December 31,
	2023		2022
Non-interest bearing demand	$	225,303	$	231,754
Interest bearing demand		299,451		335,559
Savings		217,810		260,086
Time certificates of deposits less than $250,000		218,617		151,575
Time certificates of deposits $250,000 or greater		29,454		13,400
Other time		1,668		1,125
Total deposits	$	992,303	$	993,499

Total deposits decreased $1,196,000 to $992,303,000 as of September 30, 2023 due to decreases in non-interest bearing demand, interest bearing demand and savings deposits. The decrease in deposits was mainly the result of a $13,876,000 decrease in municipal deposits offset by increased time deposits as the result of higher rate CD promotions during the nine months ended September 30, 2023. Time deposits increased during the nine months ended September 30, 2023 as the result of higher rate CD offerings along with an increase in brokered CDs of $20,250,000.