Note 4 - Related Party Transactions

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]

Note 4: Related Party Transactions

In the ordinary course of business, the Company, through its banking subsidiary, has granted loans to related parties, including executive officers and directors of NBI and its subsidiaries. Total funded credit extended to related parties amounted to $15,409 as of December 31, 2023 and $18,187 as of December 31, 2022. During 2023, total principal additions were $4,751 and principal payments were $7,529. During 2022, total principal additions totaled $5,145 and principal payments were $1,780.

The Company held $17,117 in deposits for related parties as of December 31, 2023 and $9,509 as of December 31, 2022.

The Company leased to a director a small office space. The lease was terminated during 2022. The lease payments totaled $2 in 2022. The Company has also contracted with a director's firm to prepare architectural plans for a new office in Roanoke, Virginia.  The arrangement is at arms-length and the Company paid the director's firm $79 in 2023 and $39 in 2022.