Note 7 - Related Party Balances and Transactions

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]

7. Related Party Balances and Transactions

In the ordinary course of business, the Bank maintains loan and deposit relationships with employees, principal officers and directors and their affiliates. The Bank has granted loans to principal officers and directors and their affiliates amounting to

$4.7

 million and

$5.3

 million at

December 

31,

2019

 and

2018,

respectively. During

2019,

there were

no

principal additions while total principal reductions associated with these loans were

$562,000.

Deposits from principal officers and directors and their affiliates held by the Bank at

December 

31,

2019

 and

2018

 totaled

$3.1

 m

illion and

$3.2

 million, respectively.

In addition, directors and their affiliates

may

provide certain professional and other services to the Corporation and the Bank in the ordinary course of busin

ess.  The Corporation did

not

pay directors or their affiliates for any such services in

2019.

  During

2018,

one

director was paid an immaterial amount for consulting services.