RELATED PARTY TRANSACTIONS |
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Related Party Transactions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS In the ordinary course of business, the Company has granted 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, 2024 and 2023 follows:
Directors and related interests deposits at March 31, 2024 and December 31, 2023, amounted to approximately $16.5 million and $16.4 million, respectively. The Company leases the Ramona branch office from a beneficial owners with more than 5% of any class of the Company’s voting securities and 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 the three months ended March 31, 2024 and 2023 was $11 thousand for both periods, and future minimum lease payments under the lease were $140 thousand and $151 thousand, respectively as of March 31, 2024 and December 31, 2023. On April 2022, the holding company entered into a commitment of $2.0 million investment with the Castle Creek Launchpad Fund I (“Launchpad”). As of March 31, 2024, the holding company has committed to a $2.0 million investment in the Launchpad. A director of the Company is a member of the Investment Committee for Launchpad. At March 31, 2024 and December 31, 2023, total capital contributions made to this investment were $928 thousand and $910 thousand, respectively.
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