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Related Party Transactions

12 Months Ended

Dec. 31, 2014

NOTE 16 — 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 December 31, 2014 and 2013, these loan balances amounted to $27.0 million and $19.0 million, respectively. The activity and balance of these loans for the years ended December 31, 2014, 2013 and 2012 were as follows:

	Year Ended December 31,
	2014		2013			2012
	(In thousands)
Balance at the beginning of year	$	18,963	$	6,055		3,772
New loans		21,797		18,499		2,435
Repayments and sales		(13,725)		(4,798)		(95)
Credits of persons no longer considered related parties		(24)		(793)		(57)
Balance at the end of year	$	27,011	$	18,963	$	6,055

- 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.

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