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Related Party Transactions
12 Months Ended
Dec. 31, 2019
Related Party Transactions [Abstract]  
Related Party Transactions

11. RELATED PARTY TRANSACTIONS

 

The ESOP held 251,119 shares of the Corporation’s stock as of December 31, 2019, of which 49,339 shares have been pledged to secure the ESOP’s debt to the Corporation. 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 $1,381,000 and $1,567,000 at December 31, 2019 and 2018, respectively. During 2019, approximately $346,000 of such loans were made, and repayments totaled approximately $532,000. None of these above mentioned loans were restructured, nor were any related party loans charged off during 2019 or 2018. Also, during 2019 and 2018, directors and executive officers had approximately $2,502,000 and $2,015,000, respectively, in deposits with the Bank.