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RELATED PARTY TRANSACTIONS | 12 Months Ended
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Dec. 31, 2020
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) 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, 2020 and 2019 (in thousands):
|  | 2020 |  | 2019
Balance at beginning of year |  | $ | 59,973 |  |  | $ | 62,741 |
New loans or additional advances |  | 7,461 |  |  | 1,895 |
Effect of changes in composition of related parties |  | — |  |  | 4,456 |
Repayments |  | (11,382) |  |  | (9,119) |
Balance at end of year |  | $ | 56,052 |  |  | $ | 59,973 |
Deposits from principal officers, directors, and their affiliates at December 31, 2020 and 2019 were $39.5 million and $18.3 million, respectively. The Bank leases its branch located at 1365 New Scotland Road, Slingerlands, New York, under a lease agreement through July 2022 from a member of the Corporation's Board of Directors with monthly rent expense totaling $4 thousand per month. Annual rent paid to this Board of Directors member totaled $51 thousand, $52 thousand, and $45 thousand for the years ended December 31, 2020, 2019, and 2018, respectively. The Bank utilized legal services from a local law firm in 2019 and 2018 which a former member of the Board of Directors is a principal owner. Services totaled $10 thousand, and $28 thousand for the years ended December 31, 2019 and 2018, respectively. The Bank did not utilize legal services from the same local law firm for the year ended December 31, 2020. The Bank entered into a lease agreement in 2018 related to 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 expense totaling $8 thousand per month. Rent paid to this Board of Directors member totaled $106 thousand, $93 thousand and $84 thousand for the years ended December 2020, 2019 and 2018, respectively. The Bank leases its branch located at 127 Court Street, Binghamton, New York under a lease agreement through June 2030 with monthly lease payments of $5 thousand. The lease originated with an entity in whom the employer of a Director of the Corporation had a twenty percent interest. In July 2017, the employer of the Director sold its interest in the property to an unrelated third party from which the Bank continues to lease the property. CFS offered insurance products to its customers through the same employer of a Director of the Corporation during the year ended December 31, 2018. CFS earned income of less than $1 thousand related to these insurance products during the year ended December 31, 2018. The Bank purchased insurance products from the same employer of a Director of the Corporation in the amount of $34 thousand during the year ended December 31, 2018. 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 $614 thousand, $580 thousand, and $593 thousand for the years ended December 31, 2020, 2019, and 2018, respectively.

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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -URI http://asc.fasb.org/topic&trid=2122745 + Details
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