DEPOSITS

12 Months Ended

Dec. 31, 2023

DEPOSITS

DEPOSITS

NOTE 5 — DEPOSITS

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

(Dollars in thousands)	December 31,		December 31,
	2023		2022
Non-interest bearing demand	$	198,569	$	231,754
Interest bearing demand		275,472		335,559
Savings		212,280		260,086
Time certificates of deposits less than $250,000		259,841		151,575
Time certificates of deposits $250,000 or greater		33,185		13,400
Other time		1,092		1,125
Total deposits	$	980,439	$	993,499

Total deposits decreased $13,060,000 to $980,439,000 as of December 31, 2023 due to decreases in non-interest bearing demand, interest bearing demand and savings accounts while time deposits increased due to higher rate

CD offerings in 2023. The decrease in deposits was mainly the result of a $60,884,000 decrease in municipal deposits offset by an increase of $40,250,000 in brokered CDs, along with other normal fluctuations in deposits during 2023. As of December 31, 2023 the Corporation had $65,250,000 in brokered deposits (CDs) as compared to $20,000,000 at December 31, 2022.

The following is a schedule reflecting classification and remaining maturities of time deposits at December 31, 2023:

(Dollars in thousands)

Year Ending
2024	$	210,589
2025		27,592
2026		28,108
2027		3,020
2028		19,309
Thereafter		5,500
Total time deposits	$	294,118