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RELATED PARTIES

12 Months Ended

Dec. 31, 2013

NOTE 10 – RELATED PARTIES

Certain directors and executive officers of the Bank, including their immediate families and companies in which they are principal owners, were loan customers of the Bank. At year-end 2013 and 2012, the Bank had $7.8 million and $2.9 million in loan commitments to directors and executive officers, of which $6.9 million and $1.4 million were outstanding at year-end 2013 and 2012, respectively, as reflected in the following table. The line item entitled “Adjustments” primarily relates to Board member retirements during 2013 and 2012.


	2013			2012
Beginning balance	$	1,418,000		$	1,242,000
New loans		6,309,000			324,000
Repayments		(252,000	)		(110,000	)
Adjustments		(591,000	)		(38,000	)

Ending balance	$	6,884,000		$	1,418,000

Related party deposits and repurchase agreements totaled $3.9 million and $3.3 million at year-end 2013 and 2012, respectively.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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