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COMMITMENTS AND CONTINGENCIES | 12 Months Ended
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Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract] |
COMMITMENTS AND CONTINGENCIES | 14. COMMITMENTS AND CONTINGENCIES The Company, in the ordinary course of business, is a party to litigation arising from the conduct of its business. Management does not consider that these actions depart from routine legal proceedings and believes that such actions will not affect its financial position or results of its operations in any material manner. There are various outstanding commitments and contingencies, such as guarantees and credit extensions, including mostly variable-rate loan commitments of $1.2 billion and $1.1 billion at December 31, 2024 and 2023, respectively, which are not included in the accompanying consolidated financial statements. These commitments include unused commercial and home equity lines of credit. The Company issues financial standby letters of credit that are irrevocable undertakings by the Company to guarantee payment of a specified financial obligation. Most of the Company’s financial standby letters of credit arise in connection with lending relations and have terms of one year or less. The maximum potential future payments the Company could be required to make equal the contract amount of the standby letters of credit and amounted to $28.3 million and $23.3 million at December 31, 2024 and 2023, respectively. The fair value of the Company’s liability for financial standby letters of credit was insignificant at December 31, 2024. For commitments to originate loans, the Company’s maximum exposure to credit risk is represented by the contractual amount of those instruments. Those commitments represent ultimate exposure to credit risk only to the extent that they are subsequently drawn upon by customers. The Company uses the same credit policies and underwriting standards in making loan commitments as it does for on-balance-sheet instruments. For loan commitments, the Company would generally be exposed to interest rate risk from the time a commitment is issued with a defined contractual interest rate. The Company is also obligated under legally binding and enforceable agreements to purchase goods and services from third parties, including data processing service agreements. The Company is a limited partner in several Small Business Investment Company (“SBIC”) funds. The Company had unfunded commitments of $9.4 million and $10.3 million for its investment in SBIC qualified funds at December 31, 2024 and 2023, respectively.

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