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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 Directors and executive officers of the Company, including their immediate families and companies in which they have a direct or indirect material interest, are considered to be related parties. In the ordinary course of business, the Company engages in various related party transactions, including extending credit, taking deposits and bank service transactions. The Company relies on the directors and executive officers for the identification of their associates. Loans to principal officers, directors and their related interests during 2023 were as follows:
Balance, beginning of year | $ | 91 |
New loans | 123 |
Repayments | (88) |
Director and officer relationship changes | 163 |
Balance, end of year | $ | 289 |
None of these loans are past due, on nonaccrual status or have been restructured to provide a reduction or deferral of interest or principal because of deterioration in the financial position of the borrower. There were no loans to a related party that were considered classified loans at December 31, 2023 or 2022. At December 31, 2023 and 2022, the Company had approximately $3.6 million and $4.0 million, respectively, in deposits from related parties, including directors and certain executive officers.

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