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Related Party Transactions

12 Months Ended

Dec. 31, 2018

Related Party Transactions [Abstract]

Related Party Transactions

NOTE 18 — RELATED PARTY TRANSACTIONS

Oriental 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. The activity and balance of these loans for the years December 31, 2018, 2017, and 2016 was as follows:

	Year Ended December 31,
	2018			2017			2016
	(In thousands)
Balance at the beginning of year	$	28,138		$	29,020		$	31,475
New loans and disbursements		10,388			2,875			2,329
Repayments		(10,006)			(3,757)			(4,784)
Balance at the end of year	$	28,520		$	28,138		$	29,020

Oriental also hires professional services amounting to $1.5 million from a related party.

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No definition available.

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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.

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-URI http://asc.fasb.org/topic&trid=2122745

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