Note 14 – Transactions with Executive Officers, Directors and Principal Stockholders

Loans to principal officers, directors, and their affiliates during the years ended December 31, 2020 and 2019 were as follows:

	2020		2019
	(dollars in thousands)
Balance, January 1	$	57,409	$	56,903
New loans		1,500		8,684
Repayments		(37,375)		(8,178)
Balance, December 31	$	21,534	$	57,409

Deposits from principal officers, directors, and their affiliates as of December 31, 2020 and 2019 were $55.4 million and $24.5 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.