RELATED PARTY TRANSACTIONS |
12 Months Ended |
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Dec. 31, 2015 | |
| Related Party Transactions [Abstract] | |
| RELATED PARTY TRANSACTIONS |
Note 16 RELATED PARTY TRANSACTIONS
At December 31, 2015 and 2014, certain officers and directors were indebted to the Companys bank subsidiary in the aggregate amount of $9.7 million and $14.3 million, respectively. During 2015, $7.6 million in new loans were made and repayments totaled $12.3 million. In the opinion of management, these loans were made on similar terms as loans to other individuals of comparable creditworthiness and were all current at year-end.
Deposits from certain directors, executive officers, and their related interests totaled $19.0 million and $18.8 million at December 31, 2015 and 2014, respectively.
Under a lease agreement expiring in 2024, the Bank leases land from a partnership in which several directors and officers have an interest. The lease agreement with Smith Interests General Partnership L.L.P. provides for annual lease payments of approximately $170,000, to be adjusted for inflation in future years. |
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- References No definition available.
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- 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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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