Related Party Transactions

9 Months Ended

Sep. 30, 2020

NOTE 11 – RELATED PARTY TRANSACTIONS

A summary of loans to directors, executive officers, and their affiliates follows:


	September 30, 2020			December 31, 2019
	(in thousands)
Beginning balance	$	1,172		$	1,289
New loans		38			378
Repayments		(166	)		(495	)

Ending balance	$	1,044		$	1,172

Deposits from directors, executive officers, and their affiliates totaled $1.0 million and $1.7 million at September 30, 2020 and December 31, 2019, respectively.

The Company utilizes the services of law firms in which certain of the Company’s directors are partners. Fees paid to the firms for these services were $6,000 and $8,000 during the three months ended September 30, 2020 and 2019, respectively, and $21,000 and $29,000 for the nine months ended September 30, 2020 and 2019, respectively.