RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2023

RELATED PARTY TRANSACTIONS [Abstract]

RELATED PARTY TRANSACTIONS

NOTE 8 – RELATED-PARTY TRANSACTIONS

The Corporation has 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

(1)

(In thousands)

Balance at December 31, 2021

$

943

Additions

89

Payments

(149)

Balance at December 31, 2022

883

Additions

333

Payments

(389)

Balance at December 31, 2023

$

827

(1) Includes loans granted to related parties which were then sold in the secondary market.

These loans were made subject to the provisions of the Federal Reserve Board’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. There were no changes in the

status of related parties during 2023 and 2022.

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.