RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2018

NOTE 12 – RELATED-PARTY TRANSACTIONS

The Corporation 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, 2016	$	1,208

New loans		65
Payments		(189)
Other changes		-
Balance at December 31, 2017		1,084

New loans		57
Payments		(117)
Other changes		-
Balance at December 31, 2018	$	1,024

These loans were made subject to the provisions of 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 interests. Amounts related to changes in the status of those who are considered related parties are reported as other changes. There were no changes in the status of related parties during 2018 and 2017.

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. Management believes the terms of such arrangements are consistent with arrangements entered into with independent third parties.