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Commitments and Contingencies | 3 Months Ended
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Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | Commitments and Contingencies In the normal course of business, to meet the financial needs of its customers, the Bank is a party to financial instruments with off-balance sheet risk. These financial instruments include commitments to extend credit and standby letters of credit. 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. Letters of credit are conditional commitments issued by the Bank to guarantee the performance of a customer to a third party. Letters of credit and other commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Because many of the letters of credit and commitments are expected to expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. Commitments to make loans are generally made for a period of 90 days or less. As of March 31, 2025, the Company’s outstanding fixed rate loan commitments have interest rates ranging from 6.50% to 9.75%. The following table provides information on commitments outstanding at March 31, 2025 and December 31, 2024.
($ in thousands) |  | March 31, 2025 |  | December 31, 2024
Commitments to extend credit |  |  |  |
Fixed |  | $ | 224,291 |  |  | $ | 261,794 |
Variable |  | 488,744 |  |  | 497,686 |
Total commitments to extend credit |  | $ | 713,035 |  |  | $ | 759,480 |
Letters of credit |  |  |  |
Fixed |  | $ | 8,750 |  |  | $ | 8,980 |
Variable |  | 21,165 |  |  | 18,981 |
Total letters of credit |  | $ | 29,915 |  |  | $ | 27,961 |
Total commitments outstanding |  | $ | 742,950 |  |  | $ | 787,441 |
The Bank had a reserve for off-balance sheet credit exposures of $1.5 million and $1.1 million as of March 31, 2025 and December 31, 2024, respectively. The reserve was estimated based on the historic losses experienced by the Company. Losses are charged against the allowance when management believes the required funding of these exposures is uncollectible. While this evaluation is completed on a regular basis, it is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. In the normal course of business, the Company may become involved in litigation arising from banking, financial and other activities. Management, after consultation with legal counsel, does not anticipate that the future liability, if any, arising out of current proceedings will have a material effect on the Company’s financial condition, operating results, or liquidity.

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