RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2023

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

NOTE 13 — RELATED PARTY TRANSACTIONS

Certain directors, executive officers and immediate family members of First Keystone Corporation and its subsidiary, and companies in which they are principal owners (i.e., at least 10% ownership), were indebted to the Corporation at December 31, 2023 and 2022. The loans do not involve more than the normal risk of collectability nor present other unfavorable features.

A summary of the activity on the related party loans consists of the following:

(Dollars in thousands)

	2023		2022
Balance at January 1	$	9,647	$	11,184
Additions		909		3,645
Deductions		(1,358)		(5,182)
Balance at December 31	$	9,198	$	9,647

The summary of activity on the related party loans represent funds drawn and outstanding at the date of the consolidated financial statements. Commitments by the Bank to related parties on lines of credit and letters of credit for 2023 and 2022, presented an additional off-balance sheet risk to the extent of undisbursed funds in the amounts of $4,653,000 and $4,492,000 respectively, on the above loans.

Deposits from certain officers, directors and immediate family members and/or their related companies held by the Bank amounted to $26,988,000 and $27,248,000 at December 31, 2023 and 2022, respectively.