Transactions with Executive Officers, Directors, and Principal Shareholders

12 Months Ended

Dec. 31, 2014

Related Party Transactions [Abstract]

Transactions with Executive Officers, Directors, and Principal Shareholders

TRANSACTIONS WITH EXECUTIVE OFFICERS, DIRECTORS, AND PRINCIPAL SHAREHOLDERS

The Bancorp has had, and may be expected to have in the future, banking transactions in the ordinary course of business with its executive officers, directors, principal shareholders, their immediate families and affiliated companies (commonly referred to as related parties), on the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with others. The activity relating to loans to such persons was as follows:

	For the Years Ended December 31,
	2014			2013			2012
	(in thousands)
Balance – January 1	$	7,273		$	3,272		$	3,657
Additions	5			9,280			14
Repayments	(7,269		)	(5,279		)	(399		)
Balance – December 31	$	9		$	7,273		$	3,272

Some current directors, nominees for director and executive officers of the Bancorp and entities or organizations in which they were executive officers or the equivalent or owners of more than 10% of the equity were customers of and had transactions with or involving the Bancorp in the ordinary course of business during the fiscal year ended December 31, 2014. None of these transactions involved amounts in excess of 5% of the Bancorp’s gross revenues during 2014 nor was the Bancorp indebted to any of the foregoing persons or entities in an aggregate amount in excess of 5% of the Bancorp’s total consolidated assets at December 31, 2014. Additional transactions with such persons and entities may be expected to take place in the ordinary course of business in the future.

For the year ended December 31, 2013 and 2012 the Bancorp has paid approximately  $0.2 million, and $0.4 million, respectively to Clipper Magazine and its division, Spencer Advertising Marketing as well as Jaxxon Promotions, Inc.  A director of the Bancorp was the Chief Executive Officer of Clipper Magazine until retiring in June 30, 2013. The director remains a 25% shareholder of Jaxxon Promotions, Inc., which the Bancorp paid $46,900 for services for the year ended December 31, 2014.

For the year ended December 31, 2014, 2013, and 2012 the Bancorp has paid approximately $11,300, $3,800, and $6,400, respectively to Jastrem Premium Landscapes. An immediate family member of an Executive Vice President of the Bank is the sole proprietor of Jastrem Premium Landscapes.