RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2023

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

In the ordinary course of business, the Company conducts transactions with its directors and executive officers, including companies in which such directors and executive officers have a beneficial interest. It is the Company’s policy to comply with federal regulations that require that loan and deposit transactions with directors and executive officers be made on substantially the same terms as those prevailing at the time for comparable loans and deposits to other persons.

Deposits from related parties held by the Company at December 31, 2023 and 2022 totaled $11,446 and $10,586, respectively.

Changes in related party loans for the years ended December 31, 2023 and 2022 are as follows:

	December 31,
	2023		2022
Balance, beginning of year	$	5,691	$	7,323
Additions for new directors	8,025		—
Advances	2,999		625
Repayments	(3,101)		(2,257)
Balance, end of year	$	13,614	$	5,691