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RELATED-PARTY TRANSACTIONS
12 Months Ended
Dec. 31, 2023
Related Party Transactions [Abstract]  
RELATED-PARTY TRANSACTIONS RELATED-PARTY TRANSACTIONS
The Bank extends credit to certain covered parties including Company directors, executive officers, and their affiliates. As of December 31, 2023 and December 31, 2022, there were no delinquent or non-performing loans to any executive officer or director of the Company. These covered parties, along with principal owners, management, immediate family of management or principal owners, a parent company and its subsidiaries, trusts for the benefit of employees, and other parties, may be considered related parties. The following table presents a summary of related-party loan activity as of the dates noted (dollars in thousands):
December 31, 2023December 31, 2022
Balance, beginning of year$16,859 $12,833 
Funded loans13,427 15,079 
Payments collected(5,212)(11,053)
Changes in related parties284 — 
Balance, end of period$25,358 $16,859 
Deposits from related parties held by the Bank as of December 31, 2023 and December 31, 2022 totaled $16.3 million and $36.9 million, respectively.
The Company leases office spaces from entities controlled by one of the Company’s board members. During each of the years ended December 31, 2023 and 2022, the Company incurred $0.2 million of expense related to these leases.
The Company earned trust and investment management fees of $0.1 million from related parties during each of the years ended December 31, 2023 and 2022. Assets under management for those related parties totaled $111.6 million and $123.5 million as of December 31, 2023 and 2022, respectively.