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RELATED-PARTY TRANSACTIONS | 12 Months Ended
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Dec. 31, 2020
Related Party Transactions [Abstract] |
RELATED-PARTY TRANSACTIONS | RELATED-PARTY TRANSACTIONS General. Certain of our executive officers and directors, and their related interests, are clients of, or have had transactions with, the Bank in the ordinary course of business, including deposits, loans and other financial services-related transactions. From time to time, the Bank may make loans to executive officers and directors, and their related interests, in the ordinary course of business and on substantially the same terms and conditions, including interest rates and collateral, as those of comparable transactions with non-insiders prevailing at the time, in accordance with the Bank’s underwriting guidelines, and do not involve more than the normal risk of collectability or present other unfavorable features. As of December 31, 2020, no related party loans were categorized as nonaccrual, past due, restructured or potential problem loans. Deposits from related parties and their affiliates amounted to $24.1 million and $11.6 million at December 31, 2020 and 2019. There are certain deposits described below, which are not included in the foregoing amounts. Indemnification for Costs of Counsel for Current and Former Directors and Former Executive Officers in Connection with the Special Committee Investigation, SEC Investigation and Related Matters. As previously disclosed, the Company’s Board of Directors has authorized and directed the Company to provide indemnification, advancement, and/or reimbursement for the costs of separate, independent counsel retained by any then-current officer or director, in their individual capacity, with respect to matters related to (i) an investigation by the Special Committee of the Company’s Board of Directors, (ii) a formal order of investigation issued by the SEC on January 4, 2017 (since resolved), and (iii) any related civil or administrative proceedings against the Company as well as officers and directors currently or previously associated with the Company. During the year ended December 31, 2020, indemnification costs paid by us included $511 thousand incurred by Company director Jonah F. Schnel; $511 thousand incurred by Company director Robert D. Sznewajs; and $497 thousand incurred by Company director Richard Lashley. Such indemnification costs also included $198 thousand incurred by our former Chair, President and Chief Executive Officer Steven A. Sugarman; $1.1 million incurred by our former Interim Chief Financial Officer and Chief Strategy Officer J. Francisco A. Turner; $497 thousand incurred by our former Interim Chief Executive Officer and Chief Risk Officer Hugh Boyle; $544 thousand incurred by our former General Counsel Emeritus John C. Grosvenor; $511 thousand incurred by former Company director Halle J. Benett; and $511 thousand incurred by former Company director Jeffrey Karish. Indemnification costs were paid on behalf of other former Bank and Company directors in lesser amounts during the year ended December 31, 2020. During the year ended December 31, 2019, indemnification costs paid by us included $11.9 million incurred by Mr. Sugarman; $795 thousand jointly incurred by Mr. Turner and our former Chief Financial Officer James J. McKinney; $879 thousand incurred by Mr. Grosvenor; and $180 thousand incurred by former Bank director Cynthia Abercrombie. Indemnification costs were paid on behalf of other then current and former executive officers and directors in lesser amounts during the year ended December 31, 2019. During the year ended December 31, 2018, indemnification costs paid by us included $854 thousand incurred by Mr. Schnel and $854 thousand incurred by Mr. Sznewajs. Such indemnification costs also included $8.5 million incurred by Mr. Sugarman; $497 thousand incurred by our former Management Vice Chair Jeffrey T. Seabold; $400 thousand jointly incurred by Mr. Turner and Mr. McKinney; $415 thousand incurred by Mr. Grosvenor; $292 thousand incurred by Ms. Abercrombie; $854 thousand incurred by Mr. Benett and $854 thousand incurred by Mr. Karish. Indemnification costs were paid on behalf of other then current and former executive officers and directors in lesser amounts during the year ended December 31, 2018.

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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -URI http://asc.fasb.org/topic&trid=2122745 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39691-107864 + Details
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