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COMMITMENTS, CONTINGENT LIABILITIES AND RESTRICTIONS | 6 Months Ended
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Jun. 30, 2025
COMMITMENTS, CONTINGENT LIABILITIES AND RESTRICTIONS |
COMMITMENTS, CONTINGENT LIABILITIES AND RESTRICTIONS | NOTE I: COMMITMENTS, CONTINGENT LIABILITIES AND RESTRICTIONS 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 customers. These financial instruments consist primarily of commitments to extend credit and standby letters of credit. Commitments to extend credit are agreements to lend to customers, generally having fixed expiration dates or other termination clauses that may require payment of a fee. These commitments consist principally of unused commercial and consumer credit lines. Standby letters of credit generally are contingent upon the failure of the customer to perform according to the terms of an underlying contract with a third party. The credit risks associated with commitments to extend credit and standby letters of credit are essentially the same as that involved with extending loans to customers and are subject to the Company’s normal credit policies. Collateral may be obtained based on management’s assessment of the customer’s creditworthiness. The fair value of the standby letters of credit is immaterial for disclosure. The contract amounts of these commitments and contingencies are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30, |  | December 31,
(000’s omitted) | ​ | 2025 | ​ | 2024
Commitments to extend credit | ​ | $ | 1,774,987 | ​ | $ | 1,635,509
Standby letters of credit | ​ |  | 83,641 | ​ |  | 80,245
Total | ​ | $ | 1,858,628 | ​ | $ | 1,715,754
​ The Company entered into agreements to invest a total of $10.0 million and $8.5 million in investment tax credits generated by a solar energy producing company during the third quarter of 2024 and second quarter of 2025, respectively. The Company has elected to account for the investments using the proportional amortization method. At June 30, 2025, the balance of the Company’s investment in these tax credits was $6.9 million and the unfunded commitment related to the solar energy tax credit investments was $6.7 million. At December 31, 2024, the balance of the Company’s investment in these tax credits was $1.4 million and the unfunded commitment related to the solar energy tax credit investments was $1.3 million. These amounts were reflected in other assets and accrued interest and other liabilities, respectively, in the consolidated statements of condition. The Company funded $3.1 million of the total commitment during the three and six months ended June 30, 2025 and the Company expects to fund the remaining commitment by December 31, 2025 as capital calls are made. During the three and six months ended June 30, 2025, the Company recognized $2.5 million of federal tax credits and $2.7 million and $2.8 million, respectively, of amortization of income tax credit investments in income taxes in the consolidated statements of income related to solar energy tax credits. Legal Contingencies On at least a quarterly basis, the Company assesses its liabilities and contingencies in connection with pending or threatened legal proceedings or other matters in which claims for monetary damages are asserted. For those matters where it is probable that the Company will incur losses and the amounts of the losses are reasonably estimable, the Company records an expense and corresponding liability in its consolidated financial statements. To the extent such matters could result in exposure in excess of that liability, the amount of such excess is not currently estimable. The range of losses that are reasonably possible for matters where an exposure is not currently estimable or considered probable is not believed to be material in the aggregate. This is based on information currently available to the Company and involves elements of judgment and significant uncertainties.

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