RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2022

In the normal course of business, the Bank makes loans to its directors and executive officers and to companies in which they have a significant ownership interest. Such loans amounted to approximately $28.3 million and $21.9 million at December 31, 2022 and 2021, respectively. The activity in loans to current directors, executive officers, and their affiliates during the year ended December 31, 2022, is summarized as follows ($ in thousands):


Loans outstanding at beginning of year	$	21,855
Advances/new loans	7,487
Removed/payments	(1,004)
Loans outstanding at end of year	$	28,338

Deposits from principal officers, directors, and their affiliates at year-end 2022 and 2021 were $16.8 million and $14.8 million.