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RELATED PARTY TRANSACTIONS
 12 Months Ended
Dec. 31, 2022
RELATED PARTY TRANSACTIONS [Abstract]  
RELATED PARTY TRANSACTIONS [Text Block]
NOTE 8 – RELATED-PARTY
 
TRANSACTIONS
The
 
Corporation
 
has
 
granted
 
loans
 
to
 
its
 
directors,
 
executive
 
officers,
 
and
 
certain
 
related
 
individuals
 
or
 
entities
 
in
 
the
 
ordinary
course of business. The movement and balance of these loans were as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amount
(In thousands)
Balance at December 31,
 
2020
(1)
$
504
New loans
 
286
Payments
(108)
Other changes
261
Balance at December 31,
 
2021
(1)
943
New loans
 
89
Payments
(149)
Balance at December 31,
 
2022
(1)
$
883
(1) Includes loans granted to related parties which were then
 
sold in the secondary market.
These loans
 
were made
 
subject to
 
the provisions
 
of the
 
Federal Reserve’s
 
Regulation O
 
- “Loans
 
to Executive
 
Officers, Directors
and
 
Principal
 
Shareholders
 
of
 
Member
 
Banks,”
 
which
 
governs
 
the
 
permissible
 
lending
 
relationships
 
between
 
a
 
financial
 
institution
and its executive officers, directors, principal
 
shareholders, their families,
 
and related parties.
 
Amounts related to changes in the status
of those who are considered
 
related parties are reported as other
 
changes in the table above,
 
which, for 2021, was mainly related
 
to the
addition
 
of
three
 
new
 
executive
 
officers
 
and
 
the
 
departure
 
of
one
 
executive
 
officer.
 
There
 
were
 
no
 
changes
 
in
 
the
 
status of
 
related
parties during 2022.
From
 
time
 
to
 
time,
 
the
 
Corporation,
 
in
 
the
 
ordinary
 
course
 
of
 
its
 
business,
 
obtains
 
services
 
from
 
related
 
parties
 
or
 
makes
contributions to non-profit organizations that have some association
 
with the Corporation.