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Financial Instruments with Off-Balance Sheet Risk | 12 Months Ended
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Dec. 31, 2019
Financial Instruments with Off-Balance Sheet Risk [Abstract] |
Financial Instruments with Off-Balance Sheet Risk | FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its clients. These financial instruments include commitments to extend credit and standby letters of credit. These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of amounts recorded in the consolidated balance sheets. The Company evaluates each client’s creditworthiness on a case-by-case basis. The amount of collateral obtained is based on management’s credit evaluation of the client. Collateral held varies but may include accounts receivable, inventory, premises and equipment, and income-producing commercial properties. Commitments to extend credit are agreements to lend to a client as long as there is no violation of any condition established in the commitment contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Generally, commitments to extend credit are subject to annual renewal. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Commitments to extend credit to borrowers approximated $2,807.8 million at December 31, 2019, which included $764.1 million on unused credit card lines and $1,212.7 million with commitment maturities beyond one year. Commitments to extend credit to borrowers approximated $2,620.4 million at December 31, 2018, which included $726.7 million on unused credit card lines and $1,058.5 million with commitment maturities beyond one year. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a client to a third party. Most commitments extend for no more than two years and are generally subject to annual renewal. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to clients. The Company’s policy for obtaining collateral, and the nature of such collateral, is essentially the same as that involved in making commitments to extend credit. At December 31, 2019 and 2018, the Company had outstanding stand-by letters of credit of $42.7 million and $46.7 million, respectively. The estimated fair value of the obligation undertaken by the Company in issuing standby letters of credit is included in accounts payable and accrued expenses in the Company’s consolidated balance sheets.

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