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RELATED PARTY TRANSACTIONS | 12 Months Ended
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Dec. 31, 2023
Related Party Transactions [Abstract] |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS Loans to principal officers, directors, and their affiliates as of December 31, 2023 and 2022 were as follows:
(dollars in thousands) | 2023 |  | 2022
Beginning balance | $ | 113,435 |  |  | $ | 99,865 |
New loans and advances | 69,822 |  |  | 54,085 |
Effect of changes in related parties | 230 |  |  | (10,463) |
Repayments and renewals | (51,006) |  |  | (30,052) |
Ending balance | $ | 132,481 |  |  | $ | 113,435 |
Deposits from principal officers, directors, and their affiliates at year end 2023 and 2022 were $22.5 million and $16.2 million, respectively. The Company and Bank are an investor in certain funds managed by Centerfield Capital (“Centerfield”), a private equity investment firm. Faraz Abbasi, a director of the Company, is a Managing Partner and an owner of Centerfield. As of December 31, 2023 and 2022, the Company had an aggregate investment balance of approximately $3.0 million and $2.3 million, respectively, in such funds, which are included in other assets on the consolidated balance sheet, and had remaining commitments to invest up to approximately $2.3 million and $2.8 million, respectively. Under the terms of the applicable funds, Centerfield is entitled to customary management fees with respect to the amounts under management and investment gains, and it is estimated that Mr. Abbasi’s interest in such fees was less than $25,000 annually for the years ended December 31, 2023 and 2022.

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