Related party transactions

9 Months Ended

Sep. 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	5,870
Change in related party status	4,167
Repayments	(8,200)
Loans outstanding at Loans outstanding at September 30, 2020	$	32,717

Unfunded commitments to certain executive officers, certain management and directors and their associates totaled $25,934 and $19,404 at September 30, 2020 and December 31, 2019, respectively.

(B) Deposits:

The Bank held deposits from related parties totaling $268,179 and $238,781 as of September 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 $60 and $86 in unamortized leasehold improvements related to these leases at September 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 $125 and $381 for the three and nine months ended September 30, 2020 respectively and $128 and $381 for the three and nine months ended September 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 nine months ended September 30, 2020, the Company made payments of $17 and $108, respectively, and $46 and $143 during the three and nine months ended September 30, 2019, respectively, under these agreements.