Related Party Transactions

12 Months Ended

Dec. 31, 2021

Related Party Transactions [Abstract]

Related Party Transactions

Note 6. Related Party Transactions

The Bank grants loans and letters of credit to its executive officers, directors and their affiliated entities.  Such loans are made in the ordinary course of business on substantially the same terms and conditions, including interest rates and collateral, as those prevailing at the same time for comparable transactions with unrelated persons, and, in the opinion of management, do not involve more than normal risk or present other unfavorable features.

The aggregate amount of such loans outstanding at December 31, 2021 was approximately $642,640 compared to $648,806 at December 31, 2020. During 2021, new loans and line of credit advances to such related parties was approximately $50,971 compared to $146,025 during 2020.  Repayments on loans to directors and officers were $57,137 and $357,065 during 2021 and 2020, respectively. The Bank maintains deposit accounts with some of its executive officers, directors and their affiliated entities.  Such deposit accounts at December 31, 2021 and December 31, 2020 amounted to approximately $2.3 million and $1.4 million, respectively.