RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2023

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

20.          RELATED PARTY TRANSACTIONS

In the ordinary course of business, the Company may enter into transactions with related parties, including Directors, shareholders, officers and their associates. These transactions are on substantially the same terms, including rates and collateral, as loans to unrelated parties and do not involve more than normal risk of collection.

The following is a summary of the aggregate loan activity involving related party borrowers for the dates indicated:

	December 31,		December 31,
	2023		2022
Beginning of the year	$	38,276	$	33,581
Disbursements		1,611		8,187
Amounts paid		(10,044)		(3,492)
End of year (1)	$	29,843	$	38,276
Undisbursed commitments to related parties	$	857	$	2,468

(1) Amounts include $8.5 million of outstanding loans to former directors who retired in 2023, for which the Bank no longer considers related parties as of December 31, 2023.

At December 31, 2023 and 2022, the Company had deposits with directors, officers and their associates which totaled approximately $26.3 million and $32.7 million, respectively.