Transactions with Directors and Officers

12 Months Ended

Dec. 31, 2022

Related Party Transactions [Abstract]

Transactions with Directors and Officers

NOTE 14. Transactions with Directors and Officers

The Bank grants loans to and accepts deposits from its directors, principal officers and related parties of such persons during the ordinary course of business. The aggregate balance of loans to directors, principal officers and their related parties was $5.1 million and $5.4 million at December 31, 2022 and 2021, respectively. These balances reflect total principal additions of $418 thousand and total principal payments of $713 thousand, during 2022. The reduction in the prior year balance was due to a change in composition of related parties. The aggregate balance of deposits from directors, principal officers and their related parties was $11.1 million and $13.9 million at December 31, 2022 and 2021, respectively.