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Related Party Transactions
12 Months Ended
Dec. 31, 2017
Related Party Transactions [Abstract]  
Related Party Transactions

11. RELATED PARTY TRANSACTIONS

 

The ESOP held 256,225 shares of the Corporation’s stock as of December 31, 2017, of which 6,607 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 $1,079,000 and $1,431,000 at December 31, 2017 and 2016, respectively. During 2017, approximately $2,345,000 of such loans were made, and repayments totaled approximately $2,534,000. None of these above mentioned loans were restructured, nor were any related party loans charged off during 2017 or 2016. Also, during 2017 and 2016, directors and executive officers had approximately $2,072,000 and $2,941,000, respectively, in deposits with the Bank.