Related party transactions

3 Months Ended

Mar. 31, 2021

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, 2021	$	24,675
New loans and advances	901
Change in related party status	(98)
Repayments	(2,724)
Loans outstanding at March 31, 2021	$	22,754

Unfunded commitments to certain executive officers, certain management and directors and their associates totaled $20,267 and $23,059 at March 31, 2021 and December 31, 2020, respectively.

(B) Deposits:

The Bank held deposits from related parties totaling $221,015 and $245,084 as of March 31, 2021 and December 31, 2020, respectively.

The Bank leases various office spaces from entities owned by certain directors of the Company under varying terms. The Company had $45 and $53 in unamortized leasehold improvements related to these leases at March 31, 2021 and December 31, 2020, respectively. These improvements are being amortized over a term not to exceed the length of the lease. Lease expense for these properties totaled $128 for the three months ended March 31, 2021 and 2020, 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 months ended March 31, 2021 and 2020, the Company made payments of $11 and $33, respectively, under these agreements.