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Related Party Transactions
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
Related Party Transactions

Note 14 – 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 $56.2 million and $54.3 million at December 31, 2024 and 2023, respectively. Five new loans were approved during 2024 for $1.1 million. During 2024, subsequent advances totaled $9.7 million and payments of $8.9 million were received. The difference in related borrowings amounted to $1.9 million, net increase. Deposits of directors, executive officers and companies in which they have a direct or indirect ownership as of December 31, 2024 and 2023, amounted to $43.2 million and $47.1 million, respectively.