RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2021

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

NOTE 24. RELATED PARTY TRANSACTIONS

During 2021 and 2020, the Bank had loan and deposit relationships with certain related parties, principally directors and executive officers, their immediate families and their business interests. All of these relationships were in the ordinary course of business at rates and terms substantially consistent with similar transactions with unrelated parties.

Extensions of credit to this group (including immediate families and business interests) totaled $21.7 million and $16.0 million at December 31, 2021 and 2020, respectively. During 2021, $10.7 million of new extensions of credit were made to this group while net repayments of $5.1 million were received during the year on credit exposures as of December 31, 2021. Related party deposits totaled $31.3 million and $12.0 million at December 31, 2021 and 2020, respectively.

The Company leases land from a relative of a director/shareholder/executive officer of the Company. Lease expense under this arrangement totaled $14,400 in both the years ended December 31, 2021 and 2020, respectively, and is included in noninterest expense in the Consolidated Statements of Income.

Related parties held $0.6 million of the Company’s subordinated debt.