Related-Party Transactions

12 Months Ended

Dec. 31, 2016

NOTE 16 — RELATED-PARTY TRANSACTIONS

Loans to related parties and their affiliates were as follows:

	Years Ended December 31,
(Dollars in thousands)	2016			2015
Beginning balance	$	35,765		$	36,647
New loans and advances		88,711			77,327
Effect of changes in composition of related parties		(6,018	)		—
Repayments		(89,173	)		(78,209	)
Ending balance	$	29,285		$	35,765

Advances and repayments of related party loans include activity on revolving credit and asset-based lending arrangements.

Related party deposits at December 31, 2016 and 2015 were $14,634,000 and $20,773,000, respectively.

Trinitas Capital Management, LLC

Trinitas Capital Management, LLC (“Trinitas”) is an independent CLO asset manager formed in 2015. Certain of the Company’s officers and other personnel serve as officers or managers of Trinitas and certain members of the Company’s board of directors also hold minority membership interests in Trinitas. The Company does not hold any membership interests in Trinitas.

As described in Note 8 – Variable Interest Entities, the Company, through its subsidiary TCA, provides certain middle and back office services to Trinitas as the asset manager of various CLO funds issued by Trinitas (Trinitas IV and Trinitas V). For the year ended December 31, 2016, TCA earned fees from Trinitas totaling $907,000. No asset management fees were earned by TCA from Trinitas for the years ended December 31, 2015 or 2014. The Company holds investments in the subordinated notes of Trinitas IV and Trinitas V, CLOs managed by Trinitas, with a carrying amount of $3,380,000 as of December 31, 2016. The Company also holds an investment in the subordinated notes of Trinitas VI, for which Trinitas acts as asset manager, formed to be the issuer of a future CLO offering, in the amount of $21,217,000 as of December 31, 2016.

Triumph Consolidated Cos., LLC

As described in Note 18 – Equity and Noncontrolling Interests, Triumph Consolidated Cos., LLC holds a warrant to purchase shares of the Company’s common stock. Certain of the Company’s directors and executive officers are directors, officers, investors, or other interest holders in Triumph Consolidated Cos., LLC.