Concentrations

6 Months Ended

Jun. 30, 2024

Concentrations [Abstract]

Concentrations

NOTE 12 – Concentrations

The Bank has a significant concentration of deposits with two customers that accounted for approximately 12% of its deposits as of both June 30, 2024 and December 31, 2023. The Bank also has a significant concentration of short-term borrowings from one customer that accounted for 95% and 85% of the outstanding balance of securities sold under agreements to repurchase as of June 30, 2024 and December 31, 2023, respectively. The Company expects to maintain the relationships with these customers for the foreseeable future.