RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2024

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 were no extensions of credit to related parties exceeding $0.5 million originated during the year ended December 31, 2024 and one extension of credit to related parties exceeding $0.5 million originated during the year ended December 31, 2023.

During 2024, all new loans and credit line advances to related parties were $0.2 million and repayments were $0.1 million. The outstanding balances of loans to related parties at both December 31, 2024 and 2023 were $0.4 million. Total deposits from related parties at December 31, 2024 and 2023 were $6.4 million and $9.7 million, respectively.