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Commitments, Contingencies and Indemnifications

6 Months Ended

Jun. 30, 2022

Commitments, Contingencies and Indemnifications

Commitments, Contingencies and Indemnifications

Note 25. Commitments, contingencies and indemnifications

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Litigation

The Company may be subject to litigation and administrative proceedings arising in the ordinary course of its business and as such, has entered into agreements which provide for indemnifications against losses, costs, claims, and liabilities arising from the performance of individual obligations under such agreements. The Company has had no prior claims or payments pursuant to these agreements and the individual maximum exposure is unknown as this would involve future claims that may be made against the Company that have not yet occurred. However, based on history and experience, the risk of loss is expected to be remote. Management is not aware of any other contingencies that would require accrual or disclosure in the consolidated financial statements.

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Unfunded Loan Commitments

The table below presents unfunded loan commitments for SBC loans.

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​	​	​	​	​	​	​
(in thousands)	​	June 30, 2022		​	December 31, 2021
Loans, net	​	$	762,637	​	$	455,119
Loans, held for sale at fair value	​	$	22,818	​	$	24,150
Investments held to maturity	​	$	2,318	​	$	—

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Commitments to Originate Loans

GMFS enters into IRLCs with customers who have applied for residential mortgage loans and meet certain credit and underwriting criteria. These commitments expose GMFS to market risk if interest rates change, and the loan is not economically hedged or committed to an investor. GMFS is also exposed to credit loss if the loan is originated and not sold to an investor and the borrower does not perform. Commitments to originate loans do not necessarily reflect future cash requirements as some commitments are expected to expire without being drawn upon.

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The table below presents commitments to originate residential agency loans.

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​	​	​	​	​	​	​
(in thousands)	​	June 30, 2022		​	December 31, 2021
Commitments to originate residential agency loans	​	$	338,320	​	$	346,660
​	​	​	​	​	​	​

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- Definition

The entire disclosure for commitments and contingencies.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-URI http://asc.fasb.org/topic&trid=2127136

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 440
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 954
-SubTopic 440
-Section 50
-Paragraph 1
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 440
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-Section 50
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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