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Related-party Transactions
 12 Months Ended
Dec. 31, 2019
Related-party Transactions  
Related-party Transactions

NOTE 13 – Related-Party Transactions

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

 

 

 

 

 

 

 

 

    

Years ended December 31, 

 

 

2019

 

2018

 

 

 

 

 

 

 

Beginning balance

 

$

6,825

 

$

6,697

Adjustments for changes in directors and executive officers

 

 

 —

 

 

 —

New loans

 

 

1,641

 

 

2,121

Less: Participations sold

 

 

(4,779)

 

 

(310)

Repayments

 

 

(72)

 

 

(1,683)

 

 

 

 

 

 

 

Ending balance

 

$

3,615

 

$

6,825

 

Deposits from directors, executive officers, and their affiliates totaled $1,546 and $3,467 at December 31, 2019 and 2018, respectively.

The Company utilizes the services of a law firm in which one of the Company’s directors is a partner. Fees paid to the firm were $6 and $11 during the years ended 2019 and 2018, respectively. The Company also has an operating lease with the law firm for office space through 2020. Rent paid in 2019 and 2018 pertaining to this lease was $28 and $28, respectively.