Related Party Transactions

9 Months Ended

Sep. 30, 2014

NOTE 12 — RELATED PARTY TRANSACTIONS

The Bank grants loans to its directors, executive officers and to certain related individuals or organizations in the ordinary course of business. These loans are offered at the same terms as loans to unrelated third parties. As of September 30, 2014 and December 31, 2013, these loan balances amounted to $25.6 million and $19.0 million, respectively. The activity and balance of these loans for the quarters and nine-month periods ended September 30, 2014 and 2013 were as follows:

	Quarter Ended September 30,				Nine-Month Period Ended September 30,
	2014		2013		2014		2013
	(In thousands)
Balance at the beginning of year	$	24,151	$	8,031	$	18,963	$	6,055
New loans		319		14,264		14,166		18,498
Repayments and sales		1,174		(3,289)		(7,485)		(5,315)
Credits of persons no longer considered related parties		-		-		-		(232)
Balance at the end of year	$	25,644	$	19,006	$	25,644	$	19,006

- 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+ Details