RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2020

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

NOTE P - RELATED PARTY TRANSACTIONS

In the normal course of business, the Bank makes loans to its directors and executive officers and to companies in which they have a significant ownership interest.  Such loans amounted to approximately $22.7 million and $23.7 million at December 31, 2020 and 2019, respectively.  The activity in loans to current directors, executive officers, and their affiliates during the year ended December 31, 2020, is summarized as follows:

($ in thousands)
Loans outstanding at beginning of year	$	23,697
New loans		318
Repayments		(1,330)
Loans outstanding at end of year	$	22,685

Deposits from principal officers, directors, and their affiliates at year-end 2020 and 2019 were $10.5 million and $6.2 million.