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Off-Balance Sheet Contractual Obligations and Contingencies
12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Off-Balance Sheet Contractual Obligations and Contingencies Off-Balance Sheet Contractual Obligations and Contingencies
The Company is a party to financial instruments with off-balance sheet risk in the normal course of business. The contract or notional amounts of these instruments reflect the extent of the Company’s involvement in particular classes of financial instruments. The Company’s exposure is represented by the contractual amount of these commitments.
Investment Commitments
In 2014, the Company committed to an investment into an SBIC limited partnership. As of December 31, 2024, there was a $226,000 outstanding commitment to this partnership.
In 2020, the Company committed to an additional investment into an SBIC limited partnership. As of December 31, 2024, there was a $1.9 million outstanding commitment to this partnership.
In 2021, the Company committed to an investment into a bank technology limited partnership. As of December 31, 2024, there was a $402,000 outstanding commitment to this partnership.
Construction Commitment
The Company has one committed construction agreement to renovate a banking center, and there was approximately $12,000 remaining on this commitment as of December 31, 2024.
Contingencies
The Company and the Bank are involved, from time to time, in various legal matters arising in the ordinary course of business. While the outcome of these claims or litigation cannot be determined at this time, in the opinion of management, neither the Company nor the Bank are involved in such legal proceedings that the resolution is expected to have a material adverse effect on the consolidated results of operations, financial condition, or cash flows.