Transactions with Affiliates and Related Parties

12 Months Ended

Dec. 31, 2023

Transactions with Affiliates and Related Parties

Transactions with Affiliates and Related Parties

2. Transactions with Affiliates and Related Parties

In the normal course of business, the Company makes loans to executive officers and directors of the Company and its subsidiary and to entities and individuals affiliated with those executive officers and directors. These loans are made on terms no less favorable to the Company than those prevailing at the time for comparable transactions with unrelated persons or, in the case of certain residential real estate loans, on terms that are widely available to employees of the Company who are not directors or executive officers.

Changes in the loans to such executive officers, directors and affiliates during 2023, 2022 and 2021 were as follows:

	Year Ended December 31,
(dollars in thousands)	2023		2022		2021
Balance at beginning of year	$	57,247	$	86,035	$	91,226
New loans made		5,884		10,776		2,659
Repayments		(10,099)		(39,564)		(7,850)
Balance at end of year	$	53,032	$	57,247	$	86,035

There were no noninterest expense and noninterest income to and from affiliates during the years ended December 31, 2023, 2022 and 2021. Additionally, the Company had no other liabilities with affiliates and no off-balance sheet commitments with affiliates to purchase and sell foreign currencies as of December 31, 2023 and 2022.