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9. Related Party Transactions

12 Months Ended

Dec. 31, 2017

Related Party Transactions [Abstract]

Related Party Transactions

The Company conducts transactions with its directors and executive officers, including companies in which they have beneficial interests, in the normal course of business. It is the policy of the Company that loan transactions with directors and officers are made on substantially the same terms as those prevailing at the time made for comparable loans to other persons. The following is a summary of activity for related party loans for 2017 and 2016:

(Dollars in thousands)
		2017				2016
Beginning balance		$	4,503				5,674
New loans			5,879				6,048
Repayments			(6,703	)			(7,219	)
Ending balance		$	3,679				4,503

At December 31, 2017 and 2016, the Company had deposit relationships with related parties of approximately $26.6 million and $27.8 million, respectively.

A director of the Company is an officer and partial owner of the construction company that renovated the Bank’s Corporate Center located at 518 West C Street, Newton, North Carolina during 2017. During 2017 the Company paid a total of approximately $2.6 million to this construction company for such renovation work. During 2016 the Company paid a total of approximately $209,000 to this construction company for such renovation work.