Related Party Transactions

12 Months Ended

Dec. 31, 2024

Related Party Transactions

Related Party Transactions

Note 13: Related Party Transactions

At December 31, 2024 and 2023, the Company had loans outstanding to executive officers, directors, significant shareholders, and their affiliates (related parties), in the amount of $924 and $1,053, respectively.

Deposits from related parties held by the Company at December 31, 2024 and 2023 totaled $1,268 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 December 31, 2024 and 2023 is as follows:

	December 31,		December 31,
	2024		2023
Beginning balance	$	1,053	$	1,195
New Loans		54		—
Repayments		(183)		(142)
Ending balance	$	924	$	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 $60 and $57 for the years ended December 31, 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 $15 and $15 for the years ended December 31, 2024 and 2023.