COMMITMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES

During the normal course of business, the Company becomes a party to financial instruments with off-balance sheet risk in order to meet the financing needs of its customers. These financial instruments include commitments to make loans and open-ended revolving lines of credit. Amounts as of the years ended December 31, 2023 and 2022, were as follows:


	2023				2022
(dollars in thousands)	Fixed Rate		Variable Rate		Fixed Rate		Variable Rate
Commercial loan lines of credit	$	96,814	$	2,373,830	$	140,022	$	2,129,211
Standby letters of credit	0		51,383		0		48,406
Real estate mortgage loans	302		4,271		377		5,668
Real estate construction mortgage loans	0		4,271		2,212		9,043
Home equity mortgage open-ended revolving lines	0		364,928		0		341,622
Consumer loan open-ended revolving lines	0		26,870		0		25,916
Total	$	97,116	$	2,825,553	$	142,611	$	2,559,866

The index on variable rate commercial loan commitments is principally the national prime rate. Interest rate ranges on commitments and open-ended revolving lines of credit for years ended December 31, 2023 and 2022, were as follows:


	2023		2022
	Fixed Rate	Variable Rate	Fixed Rate	Variable Rate
Commercial loan	1.00-14.50%	1.63-14.50%	1.99-14.50%	1.63-13.00%
Real estate mortgage loan	7.38%	4.63-13.50%	0.00-7.00%	3.13-12.50%
Consumer loan open-ended revolving line	15.00%	8.50-15.00%	15.00%	7.00-15.00%

Commitments, excluding open-ended revolving lines, generally have fixed expiration dates of one year or less. Open-ended revolving lines are monitored for proper performance and compliance on a monthly basis. Since many commitments expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. The Company follows the same credit policy (including requiring collateral, if deemed appropriate) to make such commitments as it follows for those loans that are recorded in its financial statements.

The Company’s exposure to credit losses in the event of nonperformance is represented by the contractual amount of the commitments. Management does not expect any significant losses as a result of these commitments.