Transactions with Executive Officers, Directors and Principal Stockholders

12 Months Ended

Dec. 31, 2019

Related Party Transactions [Abstract]

Transactions with Executive Officers, Directors and Principal Stockholders

Note 15 – Transactions with Executive Officers, Directors and Principal Stockholders

Loans to principal officers, directors, and their affiliates during the years ended December 31, 2019 and 2018 were as follows:

	2019		2018
	(dollars in thousands)
Balance, January 1	$	56,903	$	56,300
New loans		8,684		5,041
Repayments		(8,178)		(4,438)
Balance, December 31	$	57,409	$	56,903

Deposits from principal officers, directors, and their affiliates at December 31, 2019 and 2018 were $24.5 million and $39.7 million respectively.

The Company has had, and may be expected to have in the future, banking transactions in the ordinary course of business with its executive officers, directors, principal stockholders, their immediate families and affiliated companies (commonly referred to as related parties). The Company leases banking offices from related party entities. In addition, the Company also utilizes an advertising and public relations agency at which one of the Company’s directors is President and CEO and a principal owner. For these transactions, the expenses are not significant to the operations of the Company.