RELATED PARTY TRANSACTIONS

9 Months Ended

Sep. 30, 2020

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

18. RELATED PARTY TRANSACTIONS

In the ordinary course of business, from time to time the Company enters into transactions with related parties, including, but not limited to, its officers and directors. These transactions are made on substantially the same terms and conditions, including interest rates and collateral requirements, as those prevailing at the same time for comparable transactions with other customers. They do not, in the opinion of management, involve greater than normal credit risk or include other features unfavorable to the Company. Any related party loans exceeding $0.5 million require review and approval by the Board of Directors. During the three months ended September 30, 2020, there were no loans originated to related parties exceeding $0.5 million. During the nine months ended September 30, 2020, there were two loans originated to related parties exceeding $0.5 million, both of which were sold during the second quarter. During the three and nine months ended September 30, 2019, there were one and two loans, respectively, originated to related parties exceeding $0.5 million.

The outstanding balances of loans to related parties at September 30, 2020 and December 31, 2019 were $0.2 million and $1.0 million, respectively. Total deposits from related parties at September 30, 2020 and December 31, 2019 were $9.2 million and $4.9 million, respectively. During the third quarter of 2020, there was one new loan and credit line advance to related parties and repayments were $0.2 million.