Related Party Transactions

12 Months Ended

Dec. 31, 2012

Related Party Transactions [Abstract]

Related Party Transactions

Note 13: Related Party Transactions

At December 31, 2012 and 2011, the Bank had loans outstanding to executive officers, directors, and their affiliates (related parties). In management’s opinion, such loans and other extensions of credit and deposits were made in the ordinary course of business and were made on substantially the same terms (including interest rates and collateral) as those prevailing at the time for comparable transactions with other persons. Further, in management’s opinion, these loans did not involve more than normal risk of collectibility or present other unfavorable features. Such loans are summarized below.

	2012 Twelve months			2011 Nine months
	(In thousands)
Aggregate balance – Beginning of period	$	2,340		$	2,377
New loans		202			—
Repayments		(123	)		(37	)
Aggregate balance – End of period	$	2,419		$	2,340

The Bank had no undrawn lines of credit to certain directors as of December 31, 2012 and $217,000 as of December 31, 2011.

Deposits from related parties held by the Bank at December 31, 2012 and 2011, totaled $679,000 and $515,000, respectively.

The Bank paid legal fees to a law firm of which a director of the Company is a member. The amounts paid totaled approximately $20,000 and $7,000 for the year ended December 31, 2012 and the nine month period ended December 31, 2011, respectively.

The Bank leases an in-store retail branch from a corporation in which a director of the Company holds an interest. The current five year lease provides for renewal options through fiscal 2020 and payments totaling approximately $30,000 per year through fiscal 2014 and $10,000 for fiscal 2015. Rental expense for this lease was $28,000 and $21,000 for the year ended December 31, 2012 and the nine month period ended December 31, 2011, respectively.