Annual report pursuant to Section 13 and 15(d)

RELATED PARTY TRANSACTIONS

v3.3.1.900
RELATED PARTY TRANSACTIONS
 12 Months Ended
Dec. 31, 2015
RELATED PARTY TRANSACTIONS [Abstract]  
RELATED PARTY TRANSACTIONS

 

18.RELATED PARTY TRANSACTIONS

The Company, through its subsidiaries, has entered into loan transactions with its directors, principal officers, and affiliated companies in which they are principal stockholders.  Such transactions were made in the ordinary course of business on substantially the same terms, including interest rates and collateral, as those prevailing at the same time for comparable transactions with other customers, and did not, in the opinion of management, involve more than normal credit risk or present other unfavorable features.  There were no changes in terms or loan modifications from the preceding period. The following schedule summarizes the changes in loan amounts outstanding to these persons during the periods indicated (dollars in thousands):

 

 

 

 

 

 

 

 

 

2015

 

2014

Loans outstanding at January 1

$

 34,557 

 

$

 34,883 

New loans and advances

 

 5,854 

 

 

 15,731 

Loan repayments

 

 (7,948)

 

 

 (18,932)

Reclassification(1)

 

 (22,031)

 

 

 2,875 

Balance at December 31

$

 10,432 

 

$

 34,557 

 

 

 

 

 

 

(1)

Includes loans (i) to persons no longer affiliated with the Company and therefore not considered related party loans as of period end or (ii) that were not considered related party loans in the prior year that subsequently became related party loans in the current year.

 

The Company, through its subsidiaries, has also entered into deposit transactions with its directors, principal officers, and affiliated companies in which they are principal stockholders, all of which are under the same terms as other customers.  The aggregate amount of these deposit accounts was  $5.5 million  and $14.7 million, for the years ended December 31, 2015 and 2014, respectively.