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Note 16 - Transactions with Related Parties
 12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Related Party Transactions Disclosure [Text Block]

Note 16. Transactions with Related Parties

 

During the year, executive officers and directors (and companies controlled by them) were customers of and had transactions with the Company in the normal course of business. In management’s opinion, these transactions were made on substantially the same terms as those prevailing for other customers.

 

At December 31, 2021 and 2020, these loans totaled $1.6 million and $1.3 million, respectively. During 2021, total principal additions were $9.2 million and total principal payments were $8.9 million.  Included in principal additions is $9.2 million acquired from Fincastle.

 

Deposits from related parties held by the Bank at December 31, 2021 and 2020 amounted to $17.3 million and $6.9 million, respectively.