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COMMITMENTS AND CONTINGENCIES | 9 Months Ended
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Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract] |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES The Corporation is a party to certain financial instruments with off-balance sheet risk such as commitments under standby letters of credit, unused portions of lines of credit, overdraft protection and commitments to fund new loans. In accordance with GAAP, these financial instruments are not recorded in the financial statements. The Corporation's policy is to record such instruments when funded. These transactions involve, to varying degrees, elements of credit, interest rate and liquidity risk. Such transactions are generally used by the Corporation to manage clients' requests for funding and other client needs. The following table lists the contractual amounts of financial instruments with off-balance sheet risk at September 30, 2015 and December 31, 2014 (in thousands):
| September 30, 2015 |  | December 31, 2014
| Fixed Rate |  | Variable Rate |  | Fixed Rate |  | Variable Rate
Commitments to make loans | $ | 25,955 |  |  | $ | 26,904 |  |  | $ | 23,756 |  |  | $ | 11,082 |
Unused lines of credit | $ | 1,707 |  |  | $ | 189,001 |  |  | $ | 812 |  |  | $ | 185,235 |
Standby letters of credit | $ | — |  |  | $ | 14,303 |  |  | $ | — |  |  | $ | 16,747 |
On March 26, 2015, the New York Surrogate’s Court for Chemung County entered an order approving two stipulations that discontinued litigation against the WMG of the Bank and approved settlements of the litigations. Under the terms of the settlements, the Bank agreed to pay the two parties $12.1 million, in total. Payments for the two settlements, offset by $7.9 million of insurance proceeds, occurred during the second quarter of 2015. In the normal course of business, there are various outstanding claims and legal proceedings involving the Corporation or its subsidiaries. Except for the above matter, we believe that we are not a party to any pending legal, arbitration, or regulatory proceedings that could have a material adverse impact on our financial results or liquidity.

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