Related Party Transactions

12 Months Ended

Dec. 31, 2023

Related Party Transactions

Related Party Transactions

NOTE 15: Related Party Transactions

Loans outstanding to the Corporation’s management, including directors and senior officers and certain of their affiliates, totaled $1.21 million and $1.53 million at December 31, 2023 and 2022, respectively.  For the year ended December 31, 2023, the Corporation made $32,000 new loan advances to directors and senior officers and received repayments totaling $355,000. Total deposits of directors and senior officers and their related interests were $4.91 million and $5.02 million at December 31, 2023 and 2022, respectively.  In the opinion of management, these transactions were made in the ordinary course of business on substantially the same terms and conditions, including interest rates, collateral and repayment terms, as those prevailing at the same time for comparable transactions with unrelated persons, and, in the opinion of management and the Corporation’s Board of Directors, do not involve more than normal risk or present other unfavorable features.