Related Party Transactions

12 Months Ended

Jun. 30, 2021

Note 14: Related Party Transactions

At June 30, 2021 and 2020, 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:


	2021			2020
Balance, beginning of year	$	3,341		$	3,033
New loans		1,700			1,087
Repayments		(1,818	)		(779	)

Balance, end of year	$	3,223		$	3,341

Deposits from related parties held by the Company at June 30, 2021 and 2020 totaled $2,176,000 and $1,526,000, 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.