Annual report pursuant to Section 13 and 15(d)

RELATED PARTY TRANSACTIONS

v3.20.4
RELATED PARTY TRANSACTIONS
 12 Months Ended
Dec. 31, 2020
RELATED PARTY TRANSACTIONS [Abstract]  
RELATED PARTY TRANSACTIONS
NOTE 10 – RELATED PARTY TRANSACTIONS

Loans to principal officers, directors, and their affiliates were as follows (dollars in thousands).

   
2020
    
2019
  
Beginning balance
  
$
28,394
    
$
28,743
  
New loans and renewals
    
7,864
      
3,343
  
Repayments and renewals
    
(9,443
)
    
(3,548
)
Effect of changes in related parties
    
—
      
(144
)
Ending balance
  
$
26,815
    
$
28,394
  

Deposits from principal officers, directors, and affiliates at December 31, 2020 and 2019 were $158.1 million and $15.9 million, respectively.  The majority of the deposit balances for each year are associated with institutional accounts of affiliated organizations and were at market rates.
During 2015, the Bank entered into a back-to-back swap agreement (see Note 1 – Derivatives) with a company affiliated with one of the Company’s directors.  Terms were at market rates and the total notional amount of the agreement was $13.0 million and $14.0 million at December 31, 2020 and 2019, respectively.
During 2019, the Bank engaged a company affiliated with one of the Company’s directors for the reconfiguration of a portion of the corporate office building.  Total expenses related to this reconfiguration were not significant to the director’s company and terms were at market rates and were negotiated at arms’ length.