Transactions with Related Parties

12 Months Ended

Dec. 31, 2013

Note 14.

Transactions with Related Parties

During the year, executive officers and directors (and companies controlled by them) were customers of and had transactions with the Company in the normal course of business. In management’s opinion, these transactions were made on substantially the same terms as those prevailing for other customers.

At December 31, 2013 and 2012, these loans totaled $2.1 million and $8.9 million, respectively. During 2013, total principal additions were $1.2 million and total principal payments were $2.1 million. Adjustments to related party loan balances during 2013 due to transition of related parties totaled approximately $5.9 million.

Deposits from related parties held by the Bank at December 31, 2013 and 2012 amounted to $5.1 million and $10.5 million, respectively.

- 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.

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