Related Party Transactions

3 Months Ended

Mar. 31, 2023

Related Party Transactions [Abstract]

Related Party Transactions

14.Related Party Transactions

During the normal course of business, the Company may enter into transactions with significant stockholders, directors and principal officers and their affiliates (collectively referred to herein as “related parties”). It is the Company’s policy that all such transactions are on substantially the same terms as those prevailing at the time for comparable transactions with third parties. At March 31, 2023 and December 31, 2022, the aggregate amounts of loans to related parties were approximately $1.0 million and $1.5 million, respectively. During the three months ended March 31, 2023, loan originations to related parties totaled $123,000 and repayments from related party loans totaled $581,000. Related party unfunded commitments at March 31, 2023 and December 31, 2022 were $839,000 and $587,000, respectively. Deposits received from related parties at March 31, 2023 and December 31, 2022, totaled approximately $17.0 million and $16.0 million, respectively.