Related Party Transactions

12 Months Ended

Dec. 31, 2020

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 $1.4 million and $1.3 million at December 31, 2020 and 2019, respectively. One new loan was approved during 2020 of which no additional borrowings were utilized.  During 2020, subsequent advances totaled $9.4 million and payments of $9.3 million were received.  The difference in related borrowings amounted to $124 thousand, net increase.  Deposits of directors, executive officers and companies in which they have a direct or indirect ownership as of December 31, 2020 and 2019, amounted to $38.3 million and $33.7 million, respectively.