Commitments and Contingencies

9 Months Ended

Sep. 30, 2023

Commitments and Contingencies [Abstract]

Note 7. Commitments and Contingencies

Credit-Related Financial Instruments

The Company is a party to credit-related financial instruments with off-balance-sheet risk in the normal course of business in order to meet the financing needs of its customers. These financial instruments include commitments to extend credit, standby letters of credit and commercial letters of credit. Such commitments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the Consolidated Balance Sheets.

The Company’s exposure to credit loss is represented by the contractual amount of these commitments. The Company follows the same credit policies in making such commitments as it does for on-balance-sheet instruments.

Financial instruments whose contract amounts represent credit risk were outstanding as of September 30, 2023 and December 31, 2022 were as follows:

	September 30,		December 31,
(dollars in thousands)	2023		2022
Commitments to extend credit:
Home equity lines of credit	$	93,885	$	87,722
Commercial real estate, construction and development loans committed but not funded		84,076		67,107
Other lines of credit (principally commercial)		48,760		51,742
Total	$	226,721	$	206,571

Letters of credit	$	752	$	904