Related Party Transactions

12 Months Ended

Dec. 31, 2022

15.

RELATED PARTY TRANSACTIONS

Loans to principal officers, directors, and their affiliates during 2022 and 2021 were as follows:


	2022			2021
Beginning balance	$	6,376		$	325
New loans		407			1,305
Effect of changes in composition of related parties		(4,654	)		4,774
Net repayments in existing accounts		(276	)		(28	)
Ending balance	$	1,853		$	6,376

Deposits from principal officers, directors, and their affiliates as of December 31, 2022 and 2021 were $65,326 and $34,211, respectively.

Two companies owned by a Director of the Company invested in the subordinated debentures issued by the Company. Refer to Note 11 for further information.