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Interest-Bearing Deposits
 6 Months Ended
Jun. 30, 2021
Interest-bearing Deposits  
Interest-Bearing Deposits

Note 6: Interest-Bearing Deposits

 

Interest-bearing deposits consisted of the following as of June 30, 2021 and December 31, 2020:

 

(in thousands)  June 30, 2021   December 31, 2020 
Savings  $73,481   $49,714 
Money market   972,758    844,445 
Interest checking accounts   136,336    146,553 
Time, $250 or more   28,168    7,568 
Other time   26,506    40,034 
Total interest-bearing deposits  $1,237,249   $1,088,314 

 

Time deposits totaled $54.7 million and $47.6 million as of June 30, 2021 and December 31, 2020, respectively. As of June 30, 2021, scheduled maturities of time deposits for the next five years were as follows:

 

(in thousands)  June 30, 2021 
Year     
2021  $53,320 
2022   834 
2023   509 
2024   11 
2025   — 
Total time deposits  $54,674 

 

Total deposits include deposits offered through the IntraFi Network (formerly Promontory Interfinancial Network) that are comprised of Certificate of Deposit Account Registry Service® (“CDARS”) balances included in time deposits and Insured Cash Sweep® (“ICS”) balances included in money market deposits. Through this network the Company offers customers access to Federal Deposit Insurance Corporation (“FDIC”) insured deposit products in aggregate amounts exceeding current insurance limits. When funds are deposited through CDARS and ICS on behalf of a customer, the Company has the option of receiving matching deposits through the network’s reciprocal deposit program or placing deposits “one-way,” for which the Company receives no matching deposits. The Company considers the reciprocal deposits to be in-market deposits as distinguished from traditional out-of-market brokered deposits. The following table shows the composition of network deposits for June 30, 2021 and December 31, 2020. There were no one-way deposits at June 30, 2021 and December 30, 2020. The composition of network deposits as of June 30, 2021 and December 31, 2020 was as follows:

 

(in thousands)  June 30, 2021   December 31, 2020 
CDARS  $22,397   $35,534 
ICS   344,796    266,519 
Total network deposits  $367,193   $302,053 

 

As of June 30, 2021 and December 31, 2020, deposits from related parties (directors, shareholders, and officers) totaled $57.8 million and $42.5 million, respectively.

 

Interest expense recognized on interest-bearing deposits for periods ended June 30, 2021, and 2020 consisted of the following:

 

   For the three months ended   For the six months ended 
(in thousands)  June 30, 2021   June 30, 2020   June 30, 2021   June 30, 2020 
Savings  $19   $24   $34   $63 
Money market   475    1,665    1,057    3,406 
Interest checking accounts   37    103    75    218 
Time, $250 or more   8    333    15    719 
Other time   29    134    86    220 
Total interest expense on interest-bearing deposits  $568   $2,259   $1,267   $4,626