RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2020

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 and Directors as of December 31, 2020 and 2019.

The table below summarizes related party loans.

	December 31, 2020			December 31, 2019
Balance at beginning of the year	$	2,651,907		$	4,401,710
New loans or advances		5,244,062			370,275
Repayments		(1,925,955	)		(2,120,078	)
Balance at the end of the year	$	5,970,014		$	2,651,907

At December 31, 2020 and 2019, total deposits held by related parties were $5,681,634 and $4,343,903, respectively.

The Company also leased office space from a related party during the year ended December 31, 2019 as discussed in the Leases footnote.