Related Party Transactions

12 Months Ended

Dec. 31, 2018

Related Party Transactions

Related Party Transactions

NOTE 13: Related Party Transactions

Loans outstanding to directors and executive officers and certain of their affiliates totaled $2.05 million and $2.28 million at December 31, 2018 and 2017, respectively. Loan advances totaled $51,000 and repayments totaled $284,000 in the year ended December 31, 2018. Total deposits for directors and executive officers and certain of their affiliates were $4.93 million and $6.87 million at December 31, 2018 and 2017, 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.