RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2022

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) or board members, were customers of, and had loans and other transactions with the Corporation. These loans are summarized as follows for the years ended December 31, 2022 and 2021 (in thousands):


	2022		2021
Balance at beginning of year	$	51,192	$	56,052
New loans or additional advances	990		2,642
Effect of changes in composition of related parties	(22,607)		(122)
Repayments	(1,513)		(7,380)
Balance at end of year	$	28,062	$	51,192

Deposits from principal officers, directors, and their affiliates at December 31, 2022 and 2021 were $28.4 million and $46.7 million, respectively.

The Bank leases its branch located at 1365 New Scotland Road, Slingerlands, New York, under a lease agreement through July 2024 from a former member of the Corporation's Board of Directors with monthly rent and CAM expenses totaling $4 thousand per month. This Board member retired from the Corporation's Board of Directors as of June 7, 2022. Rent and CAM paid to this Board member while serving on the Board totaled $25 thousand and $50 thousand for the years ended December 31, 2022 and 2021, respectively.

The Bank leases its branch located at 2 Rush Street, Schenectady, New York, under a lease agreement through February, 2033 from a member of the Corporation's Board of Directors with monthly rent and CAM expense totaling $8 thousand per month. Rent and CAM paid to this Board member totaled $102 thousand and $101 thousand for the years ended December 2022 and 2021, respectively.

WMG provided trust services to members of the Board of Directors, certain Corporation officers, and their immediate families directly, or through entities in which they are principal owners or board members. WMG fee income for the trust services provided totaled $0.6 million and $0.7 million for the years ended December 31, 2022 and 2021, respectively.