Related Party Transactions

12 Months Ended

Dec. 31, 2011

23.

Related Party Transactions

Intercompany Transactions

Intercompany transactions include activities between the Company and the Bank. The former includes transactions disclosed in Note 21, Holding Company Condensed Financial Information. During 2010 and 2010, the Bank's trust department also managed certain of the assets of the Company's teammate benefit plans. During 2011, the management of the assets for one of the Company's benefit plans was transferred to an independent third party leaving the assets of one benefit plan to be managed by the Bank's trust department.

Related Party Transactions

Certain directors, executive officers, and their related interests are loan clients of the Bank. All such loans were made on substantially the same terms, including interest rates and collateral, as those prevailing at the same time for comparable transactions. The total loans outstanding to these related parties aggregated approximately $2.1 million and $2.2 million at December 31, 2011 and 2010, respectively. During 2011 net paydowns on related party loans were $67 thousand. In addition, during 2011 one loan that totaled $18 thousand at December 31, 2010 was no longer determined to have a related interest and was removed from this classification.

- Definition

The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

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Reference 2: http://www.xbrl.org/2003/role/presentationRef

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Reference 3: http://www.xbrl.org/2003/role/presentationRef

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-Name Statement of Financial Accounting Standard (FAS)

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

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Reference 6: http://www.xbrl.org/2003/role/presentationRef

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Reference 8: http://www.xbrl.org/2003/role/presentationRef

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+ Details