Related Party Transactions

9 Months Ended

Sep. 30, 2024

Related Party Transactions

Related Party Transactions

Note 13: Related Party Transactions

At September 30, 2024 and December 31, 2023, the Company had loans outstanding to executive officers, directors, significant shareholders, and their affiliates (related parties), in the amount of $959 and $1,053, respectively.

Deposits from related parties held by the Company at September 30, 2024 and December 31, 2023 totaled $1,235 and $992, respectively.

In management’s opinion, such loans and other extensions of credit and deposits were made in the ordinary course of business and were made on substantially the same terms (including interest rates and collateral) as those prevailing at the time for comparable transactions with other persons. Further, in management’s opinion, these loans did not involve more than normal risk of collectability or present other unfavorable features.

A summary of loans to directors, executive officers, and their affiliates as of September 30, 2024 and December 31, 2023 is as follows:

	September 30,		December 31,
	2024		2023
Beginning balance	$	1,053	$	1,195
New Loans		54		—
Repayments		(148)		(142)
Ending balance	$	959	$	1,053

The Company’s Board-approved law firm is Duncan & Brandt, P.C, which is solely owned by the Company’s Vice Chairman Jonathan Brandt. The Company pays an annual retainer to Duncan & Brandt of $15 and $15 for the three months ended September 30, 2024 and 2023, respectively and $45 and $42 for the nine months ended September 30, 2024 and 2023. In addition to the annual retainer, the firm received various fees for legal services rendered in the normal course of business

of $5 and $7 for the three months ended September 30, 2024 and 2023 and $11 and $11 for the nine months ended September 30, 2024 and 2023, respectively.