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TRANSACTIONS WITH RELATED PARTIES AND THEIR AFFILIATES
 12 Months Ended
Dec. 31, 2023
TRANSACTIONS WITH RELATED PARTIES AND THEIR AFFILIATES  
TRANSACTIONS WITH RELATED PARTIES AND THEIR AFFILIATES

20.

TRANSACTIONS WITH RELATED PARTIES AND THEIR AFFILIATES

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Republic leases office facilities under operating leases from limited liability companies in which Republic’s Executive Chair/Chief Executive Officer and Vice Chair are partners. Rent expense and obligations under these leases are presented in Footnote 6 in this section of the filing.

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Loans made to executive officers and directors of Republic and their related interests during 2023 were as follows:

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(in thousands)

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​

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Beginning balance

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$

6,827

Effect of changes in composition of related parties

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2,861

New loans

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3,944

Repayments

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(2,687)

Ending balance

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$

10,945

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Deposits from executive officers, directors, and their affiliates totaled $117 million and $126 million as of December 31, 2023 and 2022.

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By an agreement dated December 14, 1989, as amended August 8, 1994, the Company entered into a split-dollar insurance agreement with a trust established by the Company’s deceased former Chair, Bernard M. Trager. Pursuant to the agreement, from 1989 through 2002 the Company paid $690,000 in total annual premiums on the insurance policies held in the trust. The policies are joint-life policies payable upon the death of Mrs. Jean Trager, as the survivor of her husband Bernard M. Trager. The cash surrender value of the policies was approximately $2 million as of December 31, 2023 and 2022.

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Pursuant to the terms of the trust, the beneficiaries of the trust will each receive the proceeds of the policies after the repayment of any unreimbursed portion of the $690,000 annual premiums paid by the Company. The unreimbursed portion constitutes indebtedness from the trust to the Company and is secured by a collateral assignment of the policies. As of December 31, 2023 and 2022, the unreimbursed portion was $140,000 and $240,000, and the net death benefit under the policies was approximately $5 million. Upon the termination of the agreement, whether by the death of Mrs. Trager or earlier cancellation, the Company is entitled to be repaid by the trust the amount of indebtedness outstanding at that time.