NEW INDEPENDENT BANCSHARES, INC. AND SUBSIDIARY Notes to the Consolidated Financial Statements
NOTE 15.
STOCKHOLDERS ' EQUITY
New Independent Bancshares, Inc. The Company’ s Articles of Incorporation authorize 500,000 shares of $ 10 par common stock, 50,000 shares of no par preferred stock, and 50,000 shares of preferred stock Series I, having a par value of $ 20.
There were no stock transactions during 2025. During 2024, the Company issued 43,133 shares of stock, and acquired 666 shares of stock. The Company did not issue any shares to the ESOP during 2024. At December 31, 2025 and 2024, there were 257,741 shares of common stock issued and outstanding. There were 4,294 shares authorized, but not issued at December 31, 2025 and 2024.
New Washington State Bank At December 31, 2025 and 2024, there were 80,000 shares of $ 10 par common stock of the Bank authorized, issued, and outstanding.
NOTE 16.
RELATED PARTY TRANSACTIONS
Certain directors and officers of New Independent Bancshares, Inc. and its subsidiary and certain companies and individuals related to them incurred indebtedness in the form of loans as customers. These loans were made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with other customers and did not involve more than the normal risk of collectability. The activity of these loans is summarized below:
Balance at Beginning of Year Additions Reductions Balance at End of Year |
$
$
|
2025 6,147,305 1,071,586( 1,350,556) 5,868,335 |
$
$
|
2024 3,504,015 3,240,550( 597,260) 6,147,305 |
At December 31, 2025 and 2024, deposit accounts owned by those same individuals totaled $ 11,805,982 and $ 12,301,606, respectively.
The Bank has agreements with companies owned by one of the directors to lease property for the Bank ' s executive suite and one of the Bank ' s branch offices. During 2025 and 2024, payments of $ 231,989 and $ 218,709 respectively, were made in relation to these leases.
The New Independent Title and Insurance Company, LLC ' s income statement reflects $ 69,974 and $ 60,222 of expense paid to the Bank during 2025 and 2024, respectively, for reimbursement of expenses related to use of office space at one of the Bank ' s branches, wages and benefits for one employee, licenses, training, and other miscellaneous expenses.
The Bank obtained paving services from one of the Bank ' s directors during 2025 and 2024. The Bank paid $ 35,470 and $ 14,035, respectively, for this service.
2025 NWSB Annual Report | 51