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Related Party Transactions

12 Months Ended

Dec. 31, 2020

Related Party Transactions [Abstract]

Related Party Transactions

Related Party Transactions

Certain directors, officers, and companies with which they are associated were customers of, and had banking transactions with, the Company or the Bank in the ordinary course of business.

The following table summarizes the activity in these loans for the periods indicated:

(in thousands)
Balance January 1, 2019			$	9,203
Advances/new loans			9,032
Removed/payments			(8,114)
Balance December 31, 2019			10,121
Advances/new loans			665
Removed/payments			(3,953)
Balance December 31, 2020			$	6,833

Deposits of directors, officers and other related parties to the Bank totaled $40,843,000 and $41,647,000 at December 31, 2020 and 2019, respectively.

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- References

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.

+ References

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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