diff --git a/src/keys.ml b/src/keys.ml
index 18ec76ad..ef67bb0b 100644
--- a/src/keys.ml
+++ b/src/keys.ml
@@ -53,6 +53,17 @@ module Make (Conn : Pg.CONN) : S = struct
   let find_signkey pub = Pg.find_signkey conn pub |> unwrap_err_caqti
   let find_denomination h_pub = Pg.find_denom conn h_pub |> unwrap_err_caqti
 
+  let warn_key_state =
+    let first = ref true in
+    fun () ->
+      if !first then (
+        Logs.warn (fun m ->
+            m
+              "some keys found in database are missing from secmod, (unclean \
+               database/secmod state?)");
+        first := false;
+        ())
+
   let signkeys () : Signkey.t list result =
     let now = Timestamp.of_ptime @@ Ptime_clock.now () in
     let+ l = Pg.get_signkeys conn ~now |> unwrap_err_caqti in
@@ -64,10 +75,7 @@ module Make (Conn : Pg.CONN) : S = struct
     match missing_l with
     | [] -> l
     | _ ->
-        Logs.warn (fun m ->
-            m
-              "some signkeys found in database are missing from secmod, \
-               (unclean database/secmod state?)");
+        warn_key_state ();
         Logs.debug (fun m -> m "found %d active signkey(s)" (List.length l));
         l
 
@@ -81,10 +89,7 @@ module Make (Conn : Pg.CONN) : S = struct
     match missing_l with
     | [] -> l
     | _ ->
-        Logs.warn (fun m ->
-            m
-              "some denominations found in database are missing from secmod, \
-               (unclean database/secmod state?)");
+        warn_key_state ();
         Logs.debug (fun m ->
             m "found %d active denomination(s)" (List.length l));
         l