Related party transactions |
9 Months Ended | |||||||||||||||||||||||||||||||||||
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Sep. 30, 2019 | ||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | ||||||||||||||||||||||||||||||||||||
Related party transactions | Related party transactions: (A) Loans: The Bank has made and expects to continue to make loans to the directors, certain management and executive officers of the Company and their affiliates in the ordinary course of business, in compliance with regulatory requirements. An analysis of loans to executive officers, certain management, and directors of the Bank and their affiliates is presented below:
Unfunded commitments to certain executive officers, certain management and directors and their associates totaled $26,114 and $15,000 at September 30, 2019 and December 31, 2018, respectively. (B) Deposits: The Bank held deposits from related parties totaling $271,090 and $287,156 as of September 30, 2019 and December 31, 2018, respectively. (C) Leases: The Bank leases various office spaces from entities owned by certain directors of the Company under varying terms. The Company had $92 and $116 in unamortized leasehold improvements related to these leases at September 30, 2019 and December 31, 2018, respectively. These improvements are being amortized over a term not to exceed the length of the lease. Lease expense for these properties totaled $128 and $381 for the three and nine months ended September 30, 2019 respectively, and $128 and $387 for the three and nine months ended September 30, 2018, respectively. (D) Aviation time sharing agreement: The Company is a participant to an aviation time sharing agreement with an entity owned by a certain director of the Company. During the three and nine months ended September 30, 2019, the Company made payments of $46 and $143, respectively, and $36 and $127 during the three and nine months ended September 30, 2018, respectively, under these agreements. (E) Registration rights agreement: The Company is party to a registration rights agreement with its former majority shareholder entered into in connection with the 2016 IPO, under which the Company is responsible for payment of expenses (other than underwriting discounts and commissions) relating to sales to the public by the shareholder of shares of the Company’s common stock beneficially owned by him. Such expenses include registration fees, legal and accounting fees, and printing costs payable by the Company and expensed when incurred. During the nine months ended September 30, 2018, the Company paid $0.7 million under this agreement. No such expenses were incurred for the three and nine months ended September 30, 2019. |