Note 19 - Related Party Transactions

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]

NOTE 19 - RELATED PARTY TRANSACTIONS

Certain directors, executive officers and companies with which they are affiliated are customers of, and have banking transactions with, the Bank in the ordinary course of business. Loans to directors, executive officers and their affiliates are made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable arms-length transactions. A summary of loan transactions with directors, executive officers and their affiliates for the years indicated, is as follows:

	Years Ended December 31,
(Dollars in thousands)	2023			2022
Balance, Beginning of Period	$	683		$	466
New Loans		370			252
Less Loan Payments		(51	)		(35	)
Balance, End of Period	$	1,002		$	683

Loans to all employees, officers, and directors of the Company constituted approximately 3.44% and 2.10% of the Company’s total shareholders' equity at December 31, 2023 and 2022, respectively.  Deposits from executive officers and directors of the Company and their related interests were approximately $21.0 million and $19.6 million at December 31, 2023 and 2022 and have substantially the same terms, including interest rates, as those prevailing at the time with other non-related depositors.

The Company leased office space from a related party during the years ended December 31, 2023 and 2022. The lease is with a company in which the related party, who is a director of the Company, has an ownership interest.  The Company incurred rent expense of $110,000 and $96,500 for the years ended December 31, 2023 and 2022, respectively, related to this lease.  Management is of the opinion that the transactions with respect to office rent were made on terms that are comparable to those which would be made with unaffiliated persons.