Related party transactions

6 Months Ended

Jun. 30, 2020

Related party transactions:

(A) Loans:

The Bank has made and expects to continue to make loans to the directors, certain management and executive officers of the Company and their affiliates in the ordinary course of business, in compliance with regulatory requirements.

An analysis of loans to executive officers, certain management, and directors of the Bank and their affiliates is presented below:


Loans outstanding at January 1, 2020	$	30,880
New loans and advances	5,619
Change in related party status	248
Repayments	(5,151)
Loans outstanding at June 30, 2020	$	31,596

Unfunded commitments to certain executive officers, certain management and directors and their associates totaled $20,302 and $19,404 at June 30, 2020 and December 31, 2019, respectively.

(B) Deposits:

The Bank held deposits from related parties totaling $277,904 and $238,781 as of June 30, 2020 and December 31, 2019, respectively.

The Bank leases various office spaces from entities owned by certain directors of the Company under varying terms. The Company had $68 and $86 in unamortized leasehold improvements related to these leases at June 30, 2020 and December 31, 2019, respectively. These improvements are being amortized over a term not to exceed the length of the lease. Lease expense for these properties totaled $128 and $256 for the three months and six months ended June 30, 2020 respectively and $124 and $253 for the three and six months ended June 30, 2019, respectively.

(D) Aviation time sharing agreement:

The Company is a participant to aviation time sharing agreements with entities owned by a certain director of the Company. During the three and six months ended June 30, 2020, the Company made payments of $58 and $91, respectively, and $70 and $97 during the three and six months ended June 30, 2019, respectively, under these agreements.