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RELATED PARTY TRANSACTIONS
 12 Months Ended
Dec. 31, 2021
Related Party Transactions [Abstract]  
Related Party Transactions [Text Block]
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,
 
2019
$
1,032
New loans
 
425
Payments
(953)
Other changes
-
Balance at December 31,
 
2020
504
New loans
 
286
Payments
(108)
Other changes
261
Balance at December 31,
 
2021
$
943
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.
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.