RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2019

NOTE 15 – RELATED PARTY TRANSACTIONS

The Company enters into various credit arrangements with its executive officers, directors and their affiliates, in the ordinary course of business. These arrangements generally take the form of commercial lines of credit, personal lines of credit, mortgage loans, term loans or revolving arrangements secured by personal residences.

Loans to principal officers, directors, and their affiliates during 2019 were as follows:


Beginning balance	$	24,339
New loans/advances	1,144
Repayments	(9,122)
Ending balance	$	16,361

Deposits from principal officers, directors, and their affiliates at year end 2019 and 2018 were $49,292 and $40,273.

The Bank has entered into various lease agreements between 2014 and 2018 with certain outside directors of the Company for branch and office facilities within Williamson County and Rutherford County, Tennessee. At December 31, 2019,

the approximate future minimum operating lease payments due under non-cancelable operating and capital leases are reported in Note 7, “Leases”.

Rent expense attributable to related party leases in 2019, 2018 and 2017, was $2,124, $3,893 and $2,582, respectively. The future minimum rent payments of $23,165 are associated with related parties. The Company also paid a company affiliated with an outside director $0 during 2019 and 2018, and $831 during 2017 for construction of leasehold improvement. In addition, the Company also paid a company affiliated with an outside director $970, $1,027 and $997 for the procurement of various insurance policies during the years ended December 31, 2019, 2018 and 2017, respectively. In 2018, the Bank sold five trucks for an aggregate of $325 to one of the Company’s directors.