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Related Party Transactions

12 Months Ended

Dec. 31, 2019

6. Related Party Transactions

In the ordinary course of business, CTB has made extensions of credit and had transactions with certain directors and executive officers of CTBI or our subsidiaries, including their associates (as defined by the Securities and Exchange Commission). We believe such extensions of credit and transactions were made on substantially the same terms, including interest rate and collateral, as those prevailing at the same time for comparable transactions with other persons.

Activity for related party extensions of credit during 2019 and 2018 is as follows:

(in thousands)	2019			2018
Related party extensions of credit, beginning of period	$	19,463		$	16,832
New loans and advances on lines of credit		1			6,425
Repayments		(1,686	)		(3,794	)
Increase (decrease) due to changes in related parties		20,038			0
Related party extensions of credit, end of period	$	37,816		$	19,463

The aggregate balances of related party deposits at December 31, 2019 and 2018 were $20.9 million and $16.6 million, respectively.

A director of CTBI is a shareholder in a law firm that provided services to CTBI and its subsidiaries during the years 2019, 2018, and 2017. Approximately $1.1 million in legal fees and $0.1 million in expenses paid on behalf of CTBI, $1.2 million total, were paid to this law firm during each of the years 2019, 2018, and 2017.