Annual report pursuant to Section 13 and 15(d)

Related Party Transactions

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Related Party Transactions
 12 Months Ended
Dec. 31, 2011
Related Party Transactions [Abstract]  
Related Party Transactions

12. RELATED PARTY TRANSACTIONS

The Company 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):

 

     2011     2010  

Balance at January 1

    $ 21,679      $ 21,944   

Merged out balances

      —          (7,569 ) 

Merged in balances

      —          216   

Advances

      12,462        17,876   

Repayments

      (4,725 )      (10,788 ) 
  

 

 

    

 

 

  

Balance at December 31

    $ 29,416      $ 21,679   
  

 

 

    

 

 

  

The Company 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 $26.5 million and $20.8 million at December 31, 2011 and 2010, respectively.