During 2004, the Company entered into a joint venture (50% ownership by the Company) with the Firm in connection with the building of the Company’s new headquarters facility. The Firm is considered a related party, as one of its principals is a Board member and shareholder of the Company. During 2016, 2015 and 2014, the Bank incurred approximately $1.1 million, $1.2 million and $1.2 million, respectively, in rent expense to the joint venture. In August 2011, the Company opened a new branch location in a facility which is leased from an entity owned by the Firm on terms considered by management to be arms-length and incurred less than $120,000 annually of rent expense on this facility during 2016, 2015, and 2014. In October 2013, the Company entered into a lease for a new branch location in a facility owned by a different member of the Company’s Board on terms considered by management to be arms-length and incurred less than $120,000 annually of rent expense on this facility during 2016, 2015, and 2014. In February 2016, the Company entered into a lease agreement for a location owned by a relative of a management team member. The building is to be used by a subsidiary of the Company on terms considered to be arms-length and incurred less than $120,000 of lease expense for the partial year. This amount is expected to exceed $120,000 in future years based on a full year of lease expense. This same individual received approximately $420,000 for his services to the Company during 2016. In addition, a payment of approximately $400,000 was made to another relative of the management team member for his services to the Company.