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RELATED PARTY TRANSACTIONS | 12 Months Ended
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Dec. 31, 2023
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, 2023 and 2022 (in thousands):
|  | 2023 |  | 2022
Balance at beginning of year |  | $ | 28,062 |  |  | $ | 51,192 |
New loans or additional advances |  | 77 |  |  | 990 |
Effect of changes in composition of related parties |  | (4) |  |  | (22,607) |
Repayments |  | (2,077) |  |  | (1,513) |
Balance at end of year |  | $ | 26,058 |  |  | $ | 28,062 |
Deposits from principal officers, directors, and their affiliates at December 31, 2023 and 2022 were $36.0 million and $28.4 million, respectively. The Bank leases its branch located at 1365 New Scotland Road, Slingerlands, New York, under a lease agreement through July 2029 from a former member of the Corporation's Board of Directors who 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 for the year ended December 31, 2022. 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 $9 thousand and $8 thousand per month for the years ended December 31, 2023 and 2022, respectively. Rent and CAM paid to this Board member totaled $118 thousand and $102 thousand for the years ended December 2023 and 2022, 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 for each of the years ended December 31, 2023 and 2022, respectively.

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