Related-Party Transactions

12 Months Ended

Dec. 31, 2020

Note 13:

Related-Party Transactions

At December 31, 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

Year ended December 31, 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 $177,000, $184,000 and $184,000 for the years ended December 31, 2020, 2019 and 2018, respectively. In addition, payroll and office sharing arrangements were in place between the Company and certain of its affiliates.

During the year, the Bank sold two loans to Haines Capital Group, LLC, a related party of the Company, totaling $20.4 million in principal and accrued interest. The loans were sold in-full, at par value and without recourse.