Related-Party Transactions

6 Months Ended

Jun. 30, 2020

Note 6: Related-Party Transactions

At June 30, 2020 and December 31, 2019, the Company had loans outstanding to executive officers, directors, significant shareholders and their affiliates (related parties) approximating $0 and $1.1 million, respectively. A summary of these loans is as follows (dollars in thousands):

	Balance Beginning of the Period		Additions		Collections/ Terminations			Balance End of the Period
Six months ended June 30, 2020	$	1,055	$	-	$	(1,055	)	$	-
Year ended December 31, 2019	$	6,897	$	2,613	$	(8,455	)	$	1,055

In management’s opinion, such loans and other extensions of credit and deposits were made in the ordinary course of business and were made on substantially the same terms (including interest rates and collateral) as those prevailing at the time for comparable transactions with other persons. Further, in management’s opinion, these loans did not involve more than normal risk of collectability or present other unfavorable features.

The Bank leases office and retail banking space in Woodward, Oklahoma from Haines Realty Investments Company, LLC, a related party of the Company. Lease expense totaled $46,000 for the three months ended June 30, 2020 and 2019, and $92,000 for the six months ended June 30, 2020 and 2019. In addition, payroll and office sharing arrangements were in place between the Company and certain of its affiliates.