RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2018

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

12. RELATED PARTY TRANSACTIONS

In the opinion of management, loans to our executive officers and directors are made on substantially the same terms, including interest rates and collateral, as those terms prevailing at the time for comparable loans with persons not related to the lender that do not involve more than the normal risk of collectability. There were no past due loans to our executive officers as of December 31, 2018 and 2017.

The table below summarizes related party loans.

	December 31, 2018			December 31, 2017
Balance at beginning of the year	$	4,569,780		$	3,944,140
New loans or advances		1,428,098			2,879,435
Repayments		(1,596,169	)		(2,253,795	)
Balance at the end of the year	$	4,401,710		$	4,569,780

At December 31, 2018 and 2017, total deposits held by related parties were $8,914,967 and $7,180,958, respectively.

The Company also leased office space from a related party as discussed in the Premises, Equipment and Leasehold Improvements footnote.