Related Party Transactions

12 Months Ended

Dec. 31, 2016

Related Party Transactions [Abstract]

Related Party Transactions

11. RELATED PARTY TRANSACTIONS

The ESOP held 262,104 shares of the Corporation’s stock as of December 31, 2016, of which 12,113 shares have been pledged. In the normal course of business, the Bank has made loans at prevailing interest rates and terms to directors and executive officers of the Corporation and its subsidiaries, and to their affiliates. The aggregate indebtedness to the Bank of these related parties approximated $1,431,000 and $1,209,000 at December 31, 2016 and 2015, respectively. During 2016, approximately $2,311,000 of such loans were made, and repayments totaled approximately $2,217,000. None of these above mentioned loans were restructured, nor were any related party loans charged off during 2016 or 2015. Also, during 2016 and 2015, directors and executive officers had approximately $2,941,000 and $2,586,000, respectively, in deposits with the Bank.