Related Party Transactions

12 Months Ended

Dec. 31, 2014

Related Party Transactions [Abstract]

Related Party Transactions

Related Party Transactions

Certain directors, executive officers and companies with which they are affiliated are customers of, and have banking transactions with, the Bank in the ordinary course of business. These loans were made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable arms-length transactions. A summary of loan transactions with directors, including their affiliates, and executive officers follows:

	For the Years Ended December 31,				For the Nine Months Ended December 31,
	2014		2013		2012
Balance, Beginning of Period	$	230,722	$	273,330	$	315,338
New Loans	1,116		10,956		5,364
Less Loan Payments	29,641		53,564		47,372
Balance, End of Period	$	202,197	$	230,722	$	273,330

Loans to all employees, officers, and directors of the Company, in the aggregate constituted approximately 3.4% and 5.7% of the Company’s total shareholders' equity at December 31, 2014 and 2013, respectively.  At December 31, 2014 and 2013, deposits from executive officers and directors of the Company and the Bank and their related interests in the aggregate approximated $15.1 million and $6.8 million, respectively.

The Company leased office space from a related party during the year ended December 31, 2014. The lease is with a company in which the related party, who is both a director and an officer of the Company, has an ownership interest.  The Company incurred expenses of $81,000, $79,000, and $58,000 for rent for the years ended December 31, 2014 and 2013, and the nine months ended December 31, 2012, respectively, related to this lease.   Management is of the opinion that the transactions with respect to office rent were made on terms that are comparable to those which would be made with unaffiliated persons.