Note 20 - Related Party Transactions

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]

Note

20.

    Related Party Transactions

In the normal course of business, the Company grants loans to executive officers, directors and members of their immediate families, as defined, and to entities in which these individuals have more than a

10%

equity ownership. The transactions are completed under the same terms applied to transaction with unrelated

third

parties. There was

one

loan granted to a related party with an outstanding balance of

$100,000

as of

December 31, 2019.

No

loan was granted or repaid during

2020.

Therefore, the outstanding balance of the loan remained

$100,000

as of

December 31, 2020.

As of

December 

31,

 

2020

and

2019,

deposits by related parties aggregated

$189,000

and

$469,000,

respectively.

For the year ended

December 

31,

2019,

service fees for credit analysis paid to affiliates of members of the Board of Directors aggregated

$39,000.