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Financial Instruments with Off-Balance Sheet Risk
 12 Months Ended
Dec. 31, 2024
Financial Instruments With Off-balance Sheet Risk  
Financial Instruments with Off-Balance Sheet Risk Financial Instruments with Off-Balance Sheet Risk
Various commitments to extend credit are made in the normal course of banking business. Letters of credit are also issued for the benefit of customers. These commitments are subject to loan underwriting standards and geographic boundaries consistent with the Company’s loans outstanding.
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since some of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements.
Loan commitments outstanding and lines and letters of credit at December 31, 2024 and 2023 are as follows:
(dollars in thousands)20242023
Unfunded loan commitments$1,318,133 $1,981,334 
Unfunded lines of credit88,305 98,614 
Letters of credit69,051 87,146 
Total$1,475,489 $2,167,094 
As of December 31, 2024, the total reserve for unfunded commitments was $3.5 million as compared to $5.6 million at December 31, 2023 and is accounted for as a liability on the Consolidated Balance Sheets. See Note 1 of the Consolidated Financial Statements for more information on the accounting policy for the allowance for unfunded commitments.