RELATED-PARTY TRANSACTIONS

6 Months Ended

Jun. 30, 2021

RELATED-PARTY TRANSACTIONS

RELATED-PARTY TRANSACTIONS

NOTE 12 - RELATED-PARTY TRANSACTIONS

The Bank extends credit to certain covered parties including Company directors, executive officers and their affiliates. As of June 30, 2021 and December 31, 2020, 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):

	June 30, 2021		December 31, 2020
Balance, beginning of year	$	14,321	$	5,675
Funded loans		4,505		17,348
Payments collected		(6,000)		(8,702)
Balance, end of period	$	12,826	$	14,321

Deposits from related parties held by the Bank as of June 30, 2021 and December 31, 2020 totaled $24.1 million and $26.2 million, respectively.

The Company leases office spaces from entities controlled by one of the Company’s board members. During the six months ended June 30, 2021 and 2020, the Company incurred $0.1 million and $0.1 million, respectively, of expenses related to these leases.