Related Party Transactions

12 Months Ended

Dec. 31, 2022

Related Party Transactions [Abstract]

Related Party Transactions

Note 13 – Related Party Transactions

In the ordinary course of business, the Bank has granted loans to senior officers and directors and their affiliated companies amounting to $20.2 million and $20.1 million at December 31, 2022 and 2021, respectively. Two new loans were approved during 2022 of which no additional borrowings were utilized. During 2022, subsequent advances totaled $12.5 million and payments of $21.9 million were received. The difference in related borrowings amounted to $151 thousand, net increase. Deposits of directors, executive officers and companies in which they have a direct or indirect ownership as of December 31, 2022 and 2021, amounted to $41.5 million and $43.7 million, respectively.