DEPOSITS

9 Months Ended

Sep. 30, 2024

DEPOSITS

DEPOSITS

NOTE 5 — DEPOSITS

Major classifications of deposits at September 30, 2024 and December 31, 2023 consisted of:

(Dollars in thousands)	September 30,		December 31,
	2024		2023
Non-interest bearing demand	$	212,037	$	198,569
Interest bearing demand		279,287		275,472
Savings		196,286		212,280
Time certificates of deposits less than $250,000		294,468		259,841
Time certificates of deposits $250,000 or greater		36,197		33,185
Other time		1,634		1,092
Total deposits	$	1,019,909	$	980,439

Total deposits increased $39,470,000 to $1,019,909,000 as of September 30, 2024 due to increases in non-interest bearing demand deposits, interest bearing demand deposits and time deposits. The increase in deposits was mainly the result of increased time deposits as the result of new higher rate CD promotions during the first nine months of 2024 which increased the balance of retail CDs by $33,251,000 and an increase of $4,930,000 in brokered CDs during the nine months ended September 30, 2024. There was also a $22,277,000 increase in municipal deposits in 2024, offset by a decrease of $15,994,000 in savings during the nine months ended September 30, 2024.