RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2022

Loans to principal officers, directors, and their affiliates as of December 31, 2022 and 2021 were as follows:


(dollars in thousands)	2022		2021
Beginning balance	$	99,865	$	104,694
New loans and advances	54,085		74,115
Effect of changes in related parties	(10,463)		(62)
Repayments and renewals	(30,052)		(78,882)
Ending balance	$	113,435	$	99,865

Deposits from principal officers, directors, and their affiliates at year end 2022 and 2021 were $16.2 million and $30.2 million, respectively.

The Company and Bank are an investor in certain funds managed by Centerfield Capital (“Centerfield”), a private equity investment firm. Faraz Abbasi, a director of the Company, is a Managing Partner and an owner of Centerfield. As of December 31, 2022 and 2021, the Company had an aggregate investment balance of approximately $2.3 million in such funds, which are included in other assets on the consolidated balance sheet, and had remaining commitments to invest up to approximately $2.8 million and $3.2 million, respectively. Under the terms of the applicable funds, Centerfield is entitled to customary management fees with respect to the amounts under management and investment gains, and it is estimated that Mr. Abbasi’s interest in such fees was less than $25,000 annually for the years ended December 31, 2022 and 2021.