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RELATED PARTY TRANSACTIONS
 12 Months Ended
Dec. 31, 2015
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS

Members of the Board of Directors, certain Corporation officers, and their immediate families directly, or through entities in which they are principal owners (more than 10% interest), were customers of, and had loans and other transactions with the Corporation.  These loans are summarized as follows for the years ended December 31, 2015 and 2014 (in thousands):
 
2015
 
2014
Balance at beginning of year
$
37,802

 
$
26,408

New loans or additional advances
7,116

 
33,282

Repayments
(8,007
)
 
(21,888
)
Balance at end of year
$
36,911

 
$
37,802



Deposits from principal officers, directors, and their affiliates at year-end 2015 and 2014 were $11.8 million and $12.0 million, respectively.

The Bank leases its branch located at 7 Southside Drive, Clifton Park, New York under a month to month lease from a member of the Corporation's Board of Directors with monthly rent expense totaling $4 thousand. The Bank also leases from this Board of Directors member its branch located at 1365 New Scotland Road, Slingerlands, New York, under a lease agreement through August 2019 with monthly rent expense totaling $3 thousand per month. Annual rent paid to this Board of Directors member totaled $90 thousand, $73 thousand and $88 thousand for the years ended December 31, 2015, and 2014 and 2013, respectively. The Bank has entered into a lease agreement with this Board of Directors member to move its current Clifton Park location to a new location. For further information regarding this agreement, refer to Note 15.

The Bank utilized legal services from a local law firm in which a member of the Board of Directors is a principal owner. Services totaled $88 thousand, $67 thousand and $25 thousand for the years ended December 31, 2015, 2014 and 2013, respectively.