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, from time to time the Company enters into transactions with related parties, including, but not limited to, its officers and directors. They do not, in the opinion of management, involve greater than normal credit risk or include other features unfavorable to the Company. Any related party loans exceeding $0.5 million require review and approval by the Board of Directors. There was one extension of credit to related parties exceeding $0.5 million originated during the year ended December 31, 2023 and no extensions of credit to related parties originated during the year ended December 31, 2022.

During 2023, all new loans and credit line advances to related parties were $4.0 million and repayments were $5.6 million. The outstanding balances of loans to related parties at December 31, 2023 and 2022 were $0.4 million and $3.9 million, respectively. Total deposits from related parties at December 31, 2023 and 2022 were $9.7 million and $5.8 million.