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Loan Commitments and Other Related Activities
12 Months Ended
Dec. 31, 2023
Loan Commitments and Other Related Activities [Abstract]  
Loan Commitments and Other Related Activities
Note 17 – Loan Commitments and Other Related Activities
 
Some financial instruments, such as loan commitments, credit lines, letters of credit, and overdraft protection, are issued to meet customer financing needs. These are agreements to provide credit or to support the credit of others, as long as conditions established in the contract are met, and usually have expiration dates. Commitments may expire without being used. Off‑balance‑sheet risk for credit loss exists up to the face amount of these instruments, although material losses are not anticipated. The same credit policies are used to make such commitments as are used for loans, including obtaining collateral at exercise of the commitment.
 
The contractual amounts of financial instruments with off‑balance‑sheet risk at year‑end were as follows:
 
   
2023
   
2022
 
   
(In thousands)
 
Commitments to make loans
 
$
7,560
   
$
15,160
 
Unfunded construction loans
    42,678       27,811  
Unused lines of credit – variable rates
   
3,302
     
13,341
 
 
Commitments to make loans are generally made for periods of 60 days or less.