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Related Party Transactions
 12 Months Ended
Dec. 31, 2020
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, 2020, 2019, and 2018 was as follows:

 

Year Ended December 31,

 

2020

 

2019

 

2018

 

(In thousands)

 

 

Balance at the beginning of year

$

22,312

 

$

28,520

 

$

28,138

New loans and disbursements

 

17,896

 

 

203

 

 

10,388

Repayments

 

(19,096)

 

 

(6,411)

 

 

(10,006)

Balance at the end of year

$

21,112

 

$

22,312

 

$

28,520

Oriental also hires professional services amounting to $3.2 million, $3.7 million and $3.8 million for the year ended December 31, 2020, 2019, and 2018, respectively, from a related party.