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Commitments and Contingencies | 9 Months Ended
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Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Commitments and Contingencies | Note 7 – Commitments and Contingencies In the ordinary course of operations, the Company offers various financial products to its customers to meet their credit and liquidity needs. These instruments involve elements of credit and interest rate risk in excess of the amount recognized in the consolidated balance sheets. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instruments for commitments to extend credit and stand-by letters of credit written is represented by the contractual amount of these instruments. The Company uses the same credit policies in making commitments and conditional commitments as it does for on-balance sheet commitments. Subject to its normal credit standards and risk monitoring procedures, the Company makes contractual commitments to extend credit. Commitments generally have fixed expiration dates or other termination clauses and may require the payment of a fee. Since many of the commitments may expire without being completely drawn upon, the total commitment amounts do not necessarily represent future cash requirements. As of September 30, 2025 and December 31, 2024, the Company had outstanding loan commitments of $243.6 million and $283.2 million, respectively. Of these amounts, $35.5 million and $32.9 million were unconditionally cancelable at the sole discretion of the Company as of the same respective dates. Conditional commitments are issued by the Company in the form of financial stand-by letters of credit, which guarantee payment to the underlying beneficiary (i.e., third party) if the customer fails to meet its designated financial obligation. As of September 30, 2025 and December 31, 2024, commitments under outstanding financial stand-by letters of credit totaled $9.5 million and $12.5 mil lion, respectively. The credit risk of issuing stand-by letters of credit can be greater than the risk involved in extending loans to customers. The Company recorded no provision for credit losses for unfunded commitments for either the three months or nine months ended September 30, 2025. The reserve for unfunded commitments, which is included in other liabilities on the consolidated balance sheets, w as $0.9 million as o f both September 30, 2025 and December 31, 2024. As part of the sale of substantially all of its MSR portfolio during 2024, the Company recorded a reserve for estimated putbacks, transition costs, and unearned sales proceeds. The putbacks related to industry-standard items, including prepayments or early delinquencies of the underlying mortgages, all of which were subject to term limits per the respective sales agreements. As of September 30, 2025, all such term limits have expired. The reserve for unearned sales proceeds relates to the Company providing certain documentation to the buyers. In the three and nine months ended September 30, 2025, the Company received $0.7 million and $1.0 million, respectively, of pr eviously unearned sale proceeds, which resulted in a corresponding release of the reserve and were reported as income on sale of MSRs on the consolidated statements of operations. As of September 30, 2025 and December 31, 2024, the reserve was $0.6 million and $1.8 million, respectively, and was included in other liabilities on the consolidated balance sheet. The Company has investments in various partnerships and limited liability companies. Pursuant to these investments, the Company commits to an investment amount that may be fulfilled in future periods. At September 30, 2025 and December 31, 2024, the Company had future commitments outstanding totaling $5.2 million and $7.1 million, respectively, related to these investments.

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- Definition The entire disclosure for commitments, contingencies, and guarantees. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 450 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/450/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 440 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/440/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 460 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/460/tableOfContent + Details
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