Related Party Transactions

12 Months Ended

Dec. 31, 2018

NOTE 17 – Related Party Transactions

Certain directors, executive officers, and companies with which they are affiliated, are clients of and have banking transactions with the Company in the ordinary course of business. These loans were made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with persons not related to the lender.

A summary of loan transactions with directors and executive officers, including their affiliates is as follows:


	For the years ended December 31,
(dollars in thousands)		2018		2017
Balance, beginning of year	$	15,276		14,825
New loans		5,686		6,843
Less loan payments		(6,993	)	(6,392	)
Balance, end of year	$	13,969		15,276

Deposits by executive officers and directors and their related interests at December 31, 2018 and 2017, were $2.7 million and $3.5 million, respectively.

The Company has a land lease with a director on the property for a branch office, with monthly payments of $5,388. In addition, the Company periodically enters into various consulting agreements with the director for development, administration and advisory services related to the purchase of property and construction of current and future branch office sites. Also, the Company contracts with the director on an annual basis to provide property management services for its four offices in the Greenville market. The Company paid the director approximately $21,000, $38,000, and $29,000 for these services during 2018, 2017, and 2016, respectively.