Annual report pursuant to Section 13 and 15(d)

Note 11 - Related Party Transactions

v3.24.0.1
Note 11 - Related Party Transactions
 12 Months Ended
Dec. 31, 2023
Notes to Financial Statements  
Related Party Transactions Disclosure [Text Block]

NOTE 11 –RELATED PARTY TRANSACTIONS

 

Loans to principal officers, directors, and their affiliates were as follows (dollars in thousands).

 

   

2023

    

2022

  

Beginning balance

   $ 25,907     $ 25,779  

New loans and renewals

     50,100       14,535  

Repayments and renewals

     (52,510 )     (14,407 )

Effect of changes in related parties

     —       —  

Ending balance

   $ 23,497     $ 25,907  

 

Deposits from principal officers, directors, and affiliates at December 31, 2023 and 2022 were $127.7 million and $153.3 million, respectively.  The majority of the deposit balances for each year are associated with institutional accounts of affiliated organizations.

 

During 2015, the Bank entered into a back-to-back swap agreement (see Note 1 – Derivatives) with a company affiliated with one of the Company’s directors.  The total notional amount of the agreement was $9.5 million and $10.7 million at December 31, 2023 and 2022, respectively.