Related Party Transactions

6 Months Ended

Jun. 30, 2024

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 shareholders, 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 June 30, 2024 and December 31, 2023, the aggregate amounts of loans to related parties were approximately $1.0 million and $1.4 million, respectively. During the six months ended June 30, 2024, there were no loan originations to related parties and repayments from related party loans totaled $363,000. Related party unfunded commitments at June 30, 2024 and December 31, 2023 were approximately $475,000 and $402,000, respectively. Deposits account balances for related parties at June 30, 2024 and December 31, 2023, totaled approximately $19.2 million and $19.6 million, respectively.