COMMITMENTS AND CONTINGENCIES |
9 Months Ended |
---|---|
Sep. 30, 2024 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies |
NOTE 8 - COMMITMENTS AND CONTINGENCIES
Lending Commitments
.
to meet the financing needs of its clients.
credit.
The Company’s maximum exposure
the contractual amount of those instruments.
letters of credit as it does for on-balance sheet instruments.
obligations were as follows:
September 30, 2024
December 31, 2023
(Dollars in Thousands)
Fixed
Variable
Total
Fixed
Variable
Total
Commitments to Extend Credit
$
214,353
$
499,853
$
714,206
$
207,605
$
534,745
$
742,350
Standby Letters of Credit
6,126
-
6,126
6,094
-
6,094
Total
$
220,479
$
499,853
$
720,332
$
213,699
$
534,745
$
748,444
(1)
Commitments include unfunded loans, revolving
Commitments to extend credit are agreements to lend to a client so long as there is no violation of
contract.
many of the commitments are expected to expire without being drawn
represent future cash requirements.
Standby letters of credit are conditional commitments issued by
party.
general, management does not anticipate any material losses as a result
potential losses arising from such transactions are reserved for in the same manner
facilities.
For both on- and off-balance sheet financial instruments, the Company
deemed necessary.
obtained upon extension of credit is based on management’s
include deposits held in financial institutions; U.S. Treasury
property, plant and
The allowance for credit losses for off-balance sheet credit commitments
adjusted as a provision for credit loss expense and is recorded in other liabilities.
allowance.
Three Months Ended September 30,
Nine Months Ended September 30,
(Dollars in Thousands)
2024
2023
2024
2023
Beginning Balance
$
3,139
$
3,120
$
3,191
$
2,989
Provision for Credit Losses
(617)
382
(669)
513
Ending Balance
$
2,522
$
3,502
$
2,522
$
3,502
Other Commitments.
In the normal course of business, the Company enters into lease commitments
leases. See Note 6 – Leases for additional information on the maturity of the
The Company has an outstanding commitment of up to $
1.0
funding technology solutions for community banks and commitments
8.9
investment.
investment fund commitments was $
0.4
1.2
Contingencies
.
there are
no
on the consolidated results of operations, financial position, or cash flows
Indemnification Obligation
.
indemnify the Visa U.S.A.
antitrust lawsuits challenging the practices of Visa
U.S.A. network, obtained Class B shares of Visa,
funded a litigation reserve for the Covered Litigation resulting in a reduction
first quarter of 2011, the Company sold its remaining
contract with the purchaser of the shares that requires a payment to the
revisions to the conversion ratio for its Class B shares.
earnings in the period incurred.
liquidated and at which time the aforementioned swap contract will be terminated.
0.2
million.
0.5
conversion rate related to additional funding by VISA of the merchant
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