Note 16 - Transactions with Related Parties

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]

Note 16. Transactions with Related Parties

During the year, executive officers and directors (and their affiliates) were customers of and had transactions with the Company in the normal course of business. In management’s opinion, these transactions were made on substantially the same terms as those prevailing for other customers.

At December 31, 2023 and 2022, these loans totaled $1.1 million and $1.1 million, respectively. During 2023, total principal additions were $133 thousand and total principal payments were $135 thousand.  

Deposits from related parties held by the Bank at December 31, 2023 and 2022 amounted to $40.5 million and $27.5 million, respectively.