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RELATED PARTY TRANSACTIONS
 3 Months Ended
Mar. 31, 2025
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS RELATED PARTY TRANSACTIONS
In the ordinary course of business, the Bank has made loans to certain directors, their related interests with which they are associated, and beneficial owners with more than 5% of any class of the Company’s voting securities. The balance of these loans outstanding and activity in related party loans for the three months ended March 31, 2025 and 2024 follows:
Three Months Ended
March 31,
(dollars in thousands)20252024
Balance, beginning of period$27,734 $5,928 
New credit granted— — 
Repayments(967)(615)
Balance, end of period$26,767 $5,313 
Directors and related interests deposits at March 31, 2025 and December 31, 2024, amounted to approximately $64.7 million and $62.9 million, respectively.
The Company leases its Ramona branch office from a beneficial owner who holds more than 5% of the Company’s voting securities and is a former member of the Company’s Board of Directors under an operating lease expiring in 2027 on terms considered to be prevailing in the market at the time of the lease. Total lease expense for the three months ended March 31, 2025 and 2024 was $11 thousand and $11 thousand, respectively,
and future minimum lease payments under the lease were $96 thousand and $107 thousand, respectively as of March 31, 2025 and December 31, 2024.
In April 2022, the holding company entered into an investment commitment of $2.0 million with the Castle Creek Launchpad Fund I (“Launchpad”). A director of the Company is a member of the Investment Committee for Launchpad. At March 31, 2025 and December 31, 2024, total capital contributions made to this investment were $1.2 million and $1.2 million, respectively.