Annual report pursuant to Section 13 and 15(d)

RELATED PARTY TRANSACTIONS

v3.3.1.900
RELATED PARTY TRANSACTIONS
 12 Months Ended
Dec. 31, 2015
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).
 
   
2015
    
2014
  
Beginning balance
  
$
10,077
    
$
3,462
  
New loans and renewals
    
22,550
      
21,594
  
Repayments and renewals
    
(15,114
)
    
(14,979
)
Effect of changes in related parties
    
(162
)
    
---
  
Ending Balance
  
$
17,351
    
$
10,077
  

Deposits from principal officers, directors, and their affiliates at December 31, 2015 and 2014 were $72.9 million and $80.3 million, respectively.  The majority of the deposit balances for each year are associated with institutional accounts of affiliated organizations of one of the Company’s directors.

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 $17.7 million at December 31, 2015.