RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2021

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, 2021 and 2020 (in thousands):


	2021		2020
Balance at beginning of year	$	56,052	$	59,973
New loans or additional advances	2,642		7,461
Effect of changes in composition of related parties	(122)		—
Repayments	(7,380)		(11,382)
Balance at end of year	$	51,192	$	56,052

Deposits from principal officers, directors, and their affiliates at December 31, 2021 and 2020 were $46.7 million and $39.5 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 $50 thousand and $51 thousand for the years ended December 31, 2021 and 2020, respectively.

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 $101 thousand and $106 thousand for the years ended December 2021 and 2020, 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 $726 thousand and $614 thousand for the years ended December 31, 2021 and 2020, respectively.