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Related Party Transactions
 12 Months Ended
Dec. 31, 2013
Related Party Transactions [Abstract]  
Related Party Transactions

Note 18. Related Party Transactions

In the normal course of business, the Company grants loans to executive officers, directors and members of their immediate families, as defined, and to entities in which these individuals have more than a 10% equity ownership. Such loans are transacted at terms, including interest rates, similar to those available to unrelated customers.

 

Changes in loans outstanding to such related parties during 2013 and 2012 are as follows:

 

                                         
     2013     2012  

Balance, beginning of year

    $ 122      $ 2,068,939   

Additional Loans

      58        483   

Repayments

      (143 )      (2,069,300 ) 
  

 

 

    

 

 

  

Balance, end of year

    $ 37      $ 122   
  

 

 

    

 

 

  

Related party deposits aggregated approximately $3,063,909 and $3,224,946 as of December 31, 2013 and 2012, respectively.

The Company leased office space to a director of the Company during 2012 and 2011. Rental income under these leases for the years ended December 31, 2013, 2012 and 2011 was approximately $0, $15,266 and $25,601 respectively. During 2013, the Company did not lease office space to any director.

The Company paid legal fees of approximately $3,725 and $75 to an attorney who was a director of the Company during 2012 and 2011 respectively. During 2013, there were no legal fees paid to any director for legal services.

Receivables due from affiliates aggregated approximately $400 and $39,000 for rent paid on its behalf as of December 31, 2013 and 2012 respectively.