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Related Party Transactions
12 Months Ended
Dec. 31, 2020
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS
21. RELATED PARTY TRANSACTIONS
In the ordinary course of business, from time to time the Company enters into transactions with related parties, including, but not limited to, its officers and directors. These transactions are made on substantially the same terms and conditions, including interest rates and collateral requirements, as those prevailing at the same time for comparable transactions with other customers. They do not, in the opinion of management, involve greater than normal credit risk or include other features unfavorable to the Company. Any related party loans exceeding $500,000 require review and approval by the Board of Directors. During 2020, there were two loan transactions to an executive officer exceeding $500,000, and these loans were approved by the Board.
The outstanding balances of loans to related parties at December 31, 2020 and 2019 were $0.2 million and $1.0 million, respectively. Total deposits from related parties at December 31, 2020 and 2019 were $8.3 million and $4.9 million, respectively. During 2020, new loans and credit line advances to related parties were $1.7 million and repayments were $0.9 million.