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FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK
 12 Months Ended
Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract]  
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK
In the normal course of business, the Company has various outstanding credit commitments that are not reflected in the financial statements. These commitments are made to satisfy the financing needs of the Company's clients. The associated credit risk is controlled by subjecting such activity to the same credit and quality controls as exist for the Company's lending and investing activities. The commitments involve diverse business and consumer customers and are generally well collateralized. Collateral held varies, but may include residential real estate, commercial real estate, property and equipment, inventory and accounts receivable. Commitments do not necessarily represent future cash requirements as a portion of the commitments have some reduced likelihood of being exercised. Additionally, many of the commitments are subject to annual reviews, material change clauses or requirements for inspections prior to draw funding that could result in a curtailment of the funding commitments.

A summary of the financial instruments with off-balance sheet credit risk is as follows at December 31 for the years indicated:

(In thousands)20212020
Commercial real estate development and construction$621,725 $871,290 
Residential real estate-development and construction885,80694,096
Real estate-residential mortgage54,072335,288
Lines of credit, principally home equity and business lines2,096,8741,947,706
Standby letters of credit70,64271,777
Total commitments to extend credit and available credit lines$3,729,119 $3,320,157 
As of December 31, 2021, the total reserve for unfunded commitments was $0.3 million as compared to $1.6 million at December 31, 2020, and is accounted for in other liabilities in the Consolidated Statements of Financial Condition. See Note 1 for more information on the accounting policy for the allowance for unfunded commitments.