Related Party Transactions

12 Months Ended

Dec. 31, 2023

Related Party Transactions

Related Party Transactions

NOTE 24 Related Party Transactions

In the ordinary course of business, the Bank has extended loans to executive officers, directors, and their affiliates (related parties). These loans are made on substantially the same terms and conditions as those prevailing at the time for comparable transactions with outsiders and are not considered to involve more than the normal risk of collectability. The following table presents the activity associated with loans made between related parties at December 31, 2023 and 2022:

	Year ended December 31,
(dollars in thousands)	2023		2022
Beginning balance	$	130	$	34
New loans and advances		1,313		145
Repayments		(665)		(95)
Changes to related parties (1)		257		46
Ending balance	$	1,035	$	130

(1) Represents changes related to directors that were added to the Board during the year.

Deposits from related parties held by the Bank at December 31, 2023 and 2022, amounted to $710 thousand and $587 thousand, respectively.