RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2024

Related Party Transactions [Abstract]

RELATED-PARTY TRANSACTIONS

NOTE 15 – RELATED PARTY TRANSACTIONS

At December 31, 2024 and 2023, the Company had loans outstanding to executive officers, directors, significant stockholders and their affiliates (related parties) in the amount of $11,696 and $8,331. Changes during 2024 are listed below.

	2024
Balance at January 1, 2024	$	8,331
New loans/advances		5,790
Repayments		(2,425	)
Balance at December 31, 2024	$	11,696

At December 31, 2024 and 2023, the Company had deposits from executive officers, directors, significant stockholders and their affiliates (related parties) in the amount of $11,652 and $10,157.

The Company has a director that is the Chief Executive Officer of a design and construction firm that the Company periodically engages to perform general contractor services. For the years ended December 31, 2024, 2023 and 2022, the Company paid the

design and construction firm $2,180, $5,768, and $287, and substantially all of these payments are capitalized as premises and equipment and depreciated over the estimated life of the property. At December 31, 2024 and 2023, the Company had no accrued payables outstanding to the design and construction firm.