Related Party Transactions

12 Months Ended

Dec. 31, 2019

Note 12: Related Party Transactions

At December 31, 2019 and 2018, the Company had loans outstanding to executive officers, directors and their affiliates (related parties). Annual activity consisted of the following:


	2019		2018

Beginning balance	$	879,142	$	930,096
New loans		—		—
Repayments		57,754		50,954
Ending balance	$	821,388	$	879,142

In management’s opinion, such loans and other extensions of credit are consistent with sound lending practices and are within applicable regulatory lending limitations. In management’s opinion these loans did not involve more than normal risk of collectability or present other unfavorable features.

Deposits from related parties held by the Bank at December 31, 2019 and 2018 totaled $2,321,000 and $1,403,200, respectively.