Related Party Transactions

3 Months Ended

Mar. 31, 2025

Related Party Transactions

Related Party Transactions

Note 13: Related Party Transactions

At March 31, 2025 and December 31, 2024, the Company had loans outstanding to executive officers, directors, significant shareholders, and their affiliates (related parties), of $918 and $924, respectively.

Deposits from related parties held by the Company at March 31, 2025 and December 31, 2024 totaled $1,327 and $1,268, 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 March 31, 2025 and December 31, 2024 is as follows:

	March 31,		December 31,
	2025		2024
Beginning balance	$	924	$	1,053
New Loans		20		54
Repayments		(26)		(183)
Ending balance	$	918	$	924

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 March 31, 2025 and 2024, respectively. In addition to the annual retainer, the firm received various fees for legal services rendered in the normal course of business of $4 and $3 for the three months ended March 31, 2025 and 2024.