Related Party Transactions

12 Months Ended

Dec. 31, 2023

Related Party Transactions [Abstract]

Related Party Transactions

Related Party Transactions

In the ordinary course of business, the Corporation has made loans and commitments to extend credit to certain directors and executive officers of the Corporation and companies in which directors have an interest ("Related Parties"). These loans and commitments have been made on substantially the same terms, including interest rates and collateral requirements, as those prevailing at the same time for comparable transactions with customers not related to the lender and did not involve more than the normal risk of collectability or present other unfavorable terms.

The following table provides a summary of activity for loans to Related Parties during the year ended December 31, 2023:

(Dollars in thousands)
Balance at January 1, 2023	$	—
Additions	45
Amounts collected and other reductions	(45)
Balance at December 31, 2023	$	—

The following table provides additional information regarding transactions with Related Parties:

(Dollars in thousands)	At December 31, 2023
Commitments to extend credit	$	130
Deposits received	801

During 2023, the Corporation paid $150 thousand and $692 thousand in capital contributions to NewSpring Mezzanine Capital IV, LP and NewSpring Mezzanine Capital V, LP, respectively, in the normal course of business in substantially the same terms as available for others. Anne Vazquez, an alternate director of the Corporation, is a General Partner of NewSpring Capital, LLC and NewSpring Mezzanine Capital.