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Commitments and Contingent Liabilities | 9 Months Ended
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Sep. 30, 2025
Commitments and Contingent Liabilities |
Commitments and Contingent Liabilities | 14. Commitments and Contingent Liabilities The Company had various outstanding commitments to extend credit approximating $243.9 million and $233.2 million along with standby letters of credit of $7.8 million and $8.7 million as of September 30, 2025 and December 31, 2024, 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 Company uses the same credit and collateral policies in making commitments and conditional obligations as for all other lending. The Company estimates expected credit losses over the contractual period in which it is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancelable. The allowance for credit losses on off-balance sheet credit exposures is adjusted through the provision (recovery) for credit losses line on the Consolidated Statements of Operations. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. The Company recorded a provision for credit losses on unfunded commitments for the three months ended September 30, 2025 of $28,000 while a provision for credit losses recovery of $4,000 was recognized for the same 2024 period. For the nine months ended September 30, 2025 and 2024, the Company recorded a provision for credit losses recovery of $692,000 and $4,000, respectively. The carrying amount of the allowance for credit losses for the Company’s obligations related to unfunded commitments and standby letters of credit, which is reported in other liabilities on the Consolidated Balance Sheets, was $274,000 at September 30, 2025 compared to $966,000 at December 31, 2024. Additionally, the Company is 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 is expected to have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows.

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