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Related Party Transactions
 12 Months Ended
Dec. 31, 2023
Related Party Transactions  
Related Party Transactions

(10) Related Party Transactions

 

The Company conducts transactions with its directors and executive officers, including companies in which they have beneficial interests, in the normal course of business. In accordance with Regulation O of the Federal Reserve, it is the policy of the Bank that loan transactions with directors and officers are made on substantially the same terms as those prevailing at the time made for comparable loans to other persons. The following is a summary of activity for related party loans for 2023 and 2022:

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

2023

 

 

2022

 

Beginning balance

 

$3,381

 

 

 

2,687

 

Disbursements

 

 

1,976

 

 

 

4,090

 

Repayments

 

 

(1,788)

 

 

(3,396)

Ending balance

 

$3,569

 

 

 

3,381

 

 

At December 31, 2023 and 2022, the Company had deposit relationships with related parties of approximately $52.5 million and $44.5 million, respectively.