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Related Party Transactions

12 Months Ended

Jun. 30, 2020

Note 14: Related Party Transactions

At June 30, 2020 and 2019, the Company had loans outstanding to executive officers, directors, significant members and their affiliates (related parties). Changes in loans to executive officers and directors are summarized as follows:


	2020			2019
Balance, beginning of year	$	3,033		$	3,132
New loans		1,087			756
Repayments		(779	)		(855	)

Balance, end of year	$	3,341		$	3,033

Deposits from related parties held by the Company at June 30, 2020 and 2019 totaled $1,526,000 and $1,482,000, respectively.

In management’s opinion, such loans and other extensions of credit and deposits were made in the ordinary course of business and were made on substantially the same terms (including interest rates and collateral) as those prevailing at the time for comparable transactions with other persons. Further, in management’s opinion, these loans did not involve more than normal risk of collectability or present other unfavorable features.