Off-Balance Sheet Activities

12 Months Ended

Dec. 31, 2021

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 to 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 amount of financial instruments with off-balance sheet risk was as follows at December 31, 2021 and 2020:


	December 31, 2021				December 31, 2020
	Fixed Rate		Variable Rate		Fixed Rate		Variable Rate
Commitments to make loans	$	94,924	$	323,013	$	52,073	$	266,336
Unused lines of credit	13,265		663,903		24,328		673,919
Standby letters of credit	15,063		1,623		15,301		1,597

Commitments to make loans are generally made for periods of 60 days or less. The fixed rate loan commitments at December 31, 2021 have interest rates ranging from 0.56% to 9.00% and maturities ranging from six months to approximately 31 years. The fixed rate loan commitments at December 31, 2020 have interest rates ranging from 1.24% to 18.00% and maturities ranging from four months to 35 years.

The Corporation makes investments in limited partnerships, including certain small business investment corporations and low income housing partnerships. Capital contributions for investments in small business companies ("SBIC") and other limited partnerships, reported in FHLB and other equity interests on the consolidated balance sheet, as of December 31, 2021 and 2020 were $14.5 million and $11.8 million, respectively. Unfunded capital commitments in investments in SBIC's and other limited partnerships totaled $8.0 million and $3.7 million as of December 31, 2021 and 2020, respectively. These investments are accounted for either under the equity method of accounting.

The carrying value of investments in the low income housing partnerships, reported in FHLB and other equity interests on the consolidated balance sheet, as of December 31, 2021 and 2020 were $5.3 million and $6.0 million, respectively. The related amortization for the twelve months ended December 31, 2021, 2020 and 2019 were $691 thousand, $634 thousand and $531 thousand, respectively. Unfunded commitments, reported in accrued interest payable and other liabilities on the consolidated balance sheet, as of December 31, 2021 and 2020 were $2.1 million and $3.6 million, respectively.