Annual report pursuant to Section 13 and 15(d)

RELATED PARTY TRANSACTIONS (Tables)

v2.4.1.9
RELATED PARTY TRANSACTIONS (Tables)
 12 Months Ended
Dec. 31, 2014
RELATED PARTY TRANSACTIONS [Abstract]  
Schedule of Loans and Leases Receivable, Related Parties

The following schedule summarizes the changes in loan amounts outstanding to these persons during the periods indicated (dollars in thousands):

 

 

 

 

 

 

 

 

 

2014

 

2013

Loans outstanding at January 1

$           34,883

 

$          51,543

 

New loans and advances
15,731 

 
8,496 

 

Loan repayments

(18,932)

 
(7,440)

 

Reclassification (1) (2)
2,875 

 
(17,716)

Balance at December 31

$           34,557

 

$          34,883

 

 

 

 

 

 

(1)

On January 1, 2014, the Company completed its acquisition of StellarOne, increasing the Company’s Board of Directors by eight directors and adding principal officers and affiliated companies.

(2)

Includes loans (i) to persons no longer affiliated with the Company and therefore not considered related party loans as of December 31, 2014 or (ii) that were not considered related party loans in 2013 that subsequently became related party loans in the current year.  For 2013, loans in the aggregate of $17.5 million to two former directors who retired from the Company’s Board of Directors in April 2013 are included.