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Related Party Transactions | 12 Months Ended
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Dec. 31, 2019
Related Party Transactions [Abstract] |
Related Party Transactions | Note 13 – Related Party Transactions In the ordinary course of business, the Bank has granted loans to senior officers and directors and their affiliated companies amounting to $1.3 million and $1.5 million at December 31, 2019 and 2018, respectively. Six new loans were approved during 2019 of which no additional borrowings were utilized. During 2019, subsequent advances totaled $10.1 million and payments of $10.7 million were received. The difference in related borrowings amounted to $146 thousand, net decrease. Deposits of directors, executive officers and companies in which they have a direct or indirect ownership as of December 31, 2019 and 2018, amounted to $33.7 million and $26.1 million, respectively.

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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -URI http://asc.fasb.org/topic&trid=2122745 + Details
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