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Related Party Transactions
 12 Months Ended
Dec. 31, 2013
Related Party Transactions
Note 19. Related Party Transactions

The Company and its subsidiaries are involved in certain transactions with directors and executive officers, their immediate families, their business interests, or affiliates of such directors and officers (collectively referred to as “related parties”) in the normal course of business. The following table summarizes deposit transactions with related parties in the periods indicated:

 

     December 31,  
     2013     2012     2011  
(Amounts in thousands)                   

Beginning balance

    $ 2,589      $ 3,837      $ 17,114   

Increase in deposits, including new accounts

      907        311        1,294   

Decrease in deposits, including closed accounts

      (574 )      (1,559 )      (14,571 ) 
  

 

 

    

 

 

    

 

 

  

Ending balance

    $ 2,922      $ 2,589      $ 3,837   
  

 

 

    

 

 

    

 

 

  

Changes in the composition of the Company’s subsidiary board members and executive officers resulted in a net increase in deposits of $103 thousand in 2013, $166 thousand in 2012, and $14.07 million in 2011.

All loans and commitments with related parties have been made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with unrelated parties. The following table summarizes loan transactions with related parties in the periods indicated:

 

     December 31,  
     2013     2012     2011  
(Amounts in thousands)                   

Beginning balance

    $ 16,617      $ 18,406      $ 12,459   

Increase in existing loans, including new loans

      2,037        2,580        10,079   

Decrease in existing loans, including loans paid off

      (1,473 )      (4,369 )      (4,132 ) 
  

 

 

    

 

 

    

 

 

  

Ending balance

    $ 17,181      $ 16,617      $ 18,406   
  

 

 

    

 

 

    

 

 

  

Changes in the composition of the Company’s subsidiary board members and executive officers resulted in a net decrease in loans of $613 thousand in 2013 and $2.79 million in 2012. Changes in loans during 2011 were not attributed to the change in composition of the Company’s directors and executive officers.

The Company’s other operating expense includes legal fees and lease expense associated with related parties. Legal fees paid to related parties totaled $57 thousand in 2013, $63 thousand in 2012, and $80 thousand in 2011. Lease expense paid to related parties totaled $134 thousand in 2013, $171 thousand in 2012, and $164 thousand in 2011.