RELATED-PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2020

RELATED-PARTY TRANSACTIONS

RELATED-PARTY TRANSACTIONS

NOTE 16 – RELATED-PARTY TRANSACTIONS

The Bank extends credit to certain covered parties including Company directors, executive officers and their affiliates. As of December 31, 2020 and December 31, 2019, there were no delinquent or non-performing loans to any

executive officer or director of the Company. These covered parties, along with principal owners, management, immediate family of management or principal owners, a parent company and its subsidiaries, trusts for the benefit of employees, and other parties, may be considered related parties. The following presents a summary of related-party loan activity as of the dates noted (in thousands):

	December 31, 2020		December 31, 2019
Balance, beginning of year	$	5,675	$	2,659
Funded loans		17,348		11,618
Payments collected		(8,702)		(8,602)
Balance, end of year	$	14,321	$	5,675

Deposits from related parties held by the Bank as of December 31, 2020 and December 31, 2019 totaled $26.2 million and $28.5 million, respectively.

The Company leases office spaces from entities controlled by one of the Company’s board members. During the years ended December 31, 2020 and 2019, the Company incurred $0.2 million and $0.3 million, respectively, of expense related to these leases.

The Company earned trust and investment management fees of $0.2 million from related parties during the years ended December 31, 2020 and 2019. Assets under management for those related parties totaled $92.1 million and $137.1 million as of December 31, 2020 and 2019, respectively.