Related Party Transactions

12 Months Ended

Dec. 31, 2022

In the normal course of business, the Company may enter into transactions with various related parties. In management’s opinion, such loans, other extensions of credit, and deposits were made in the ordinary course of business and were made on substantially the same terms (including interest rates and collateral) as those prevailing at the time for comparable transactions with other persons. Further, in management’s opinion, these loans did not involve more than the normal risk of collectability or present other unfavorable features.

Related party loans and extensions of credit at December 31, 2022 and 2021 totaled $21.9 million and $11.4 million, respectively.

The following table presents the change in related party loans as of December 31, 2022 and 2021.


	Twelve Months Ended
	December 31, 2022		December 31, 2021
Balance at the beginning of period	$	11,364	$	2,089
Effect of change in composition of directors and executive officers	—		—
New Term Loans	21,810		11,352
Repayment of term loans	(11,324)		(2,072)
Changes in balances of revolving lines of credit	10		(5)
Balance at end of period	$	21,860	$	11,364

Deposits from related parties held by the Company at December 31, 2022 and 2021 totaled $33.7 million and $28.8 million, respectively.