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Financial Instruments with Off-Balance Sheet Risk | 12 Months Ended
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Dec. 31, 2020
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. 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. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a client to a third party. 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. 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. The following table presents our financial instruments with off-balance sheet risk, as well as the activity in the allowance for off-balance sheet credit losses related to those financial instruments not considered unconditionally cancellable:
|  | December 31, 2020 |  | December 31, 2019
Beginning balance |  | $ | — |  |  | $ | — |
Initial impact of adopting ASC 326 |  | 2.3 |  |  | — |
Provision for credit loss expense |  | 1.4 |  |  | — |
Ending balance of allowance for off-balance sheet credit losses |  | $ | 3.7 |  |  | $ | — |
|  | December 31, 2020 |  | December 31, 2019
Unused credit card lines* |  | $ | 682.8 |  |  | $ | 671.8 |
Commitments to extend credit* |  | 2,280.0 |  |  | 2,067.0 |
Standby letter of credit |  | 59.0 |  |  | 42.7 |
* In conjunction with the adoption of ASC 326, the Company presented the December 31, 2019 balances to conform to the December 30, 2020 presentation.

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