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Commitments and Contingent Liabilities | 6 Months Ended
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Jun. 30, 2022
Commitments and Contingent Liabilities |
Commitments and Contingent Liabilities | 16. Commitments and Contingent Liabilities The Company had various outstanding commitments to extend credit approximating $236.1 million and $216.6 million along with standby letters of credit of $12.1 million and $13.1 million as of June 30, 2022 and December 31, 2021, respectively. The Company’s exposure to credit loss in the event of nonperformance by the other party to these commitments to extend credit and standby letters of credit is represented by their contractual amounts. The Bank uses the same credit and collateral policies in making commitments and conditional obligations as for all other lending. The carrying amount of the reserves for AmeriServ obiligations related to unfunded commitments and standby letters of credit was $840,000 at June 30, 2022 and $989,000 at December 31, 2021. Additionally, the Company is also subject to a number of asserted and unasserted potential claims encountered in the normal course of business. In the opinion of the Company, neither the resolution of these claims nor the funding of these credit commitments will have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows.

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