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LOAN COMMITMENTS AND OTHER RELATED ACTIVITIES
 9 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
LOAN COMMITMENTS AND OTHER RELATED ACTIVITIES LOAN COMMITMENTS AND OTHER RELATED ACTIVITIES
Some financial instruments, such as loan commitments, credit lines, and letters of credit, are issued to meet customer financing needs. These are agreements to provide credit or to support the credit of others, as long as conditions established in the contract are met, and usually have expiration dates. Commitments may expire without being used. Off-balance sheet risk to credit loss exists up to the face amount of these instruments, although material losses are not anticipated. The same credit policies that are used for loans are used to make such commitments, including obtaining collateral at exercise of the commitment.
The contractual amounts of financial instruments with off-balance sheet risk at September 30, 2024 and December 31, 2023 were as follows:
September 30, 2024December 31, 2023
Unfunded loan commitments
$79,412 $7,392 
Unused lines of credit
200,109 178,440 
Standby letters of credit
211 186 
All unused lines of credit at September 30, 2024 and December 31, 2023 were variable rate lines of credit and the majority of unfunded loan commitments at September 30, 2024 and December 31, 2023 were commitments to fund variable rate loans. Unfunded loan commitments are generally entered into for periods of 90 days or less.
The Company maintains an ACL for its off-balance sheet loan commitments which is calculated by loan type using estimated line utilization rates based on historical usage. Loss rates for outstanding loans is applied to the estimated utilization rates to calculate the ACL for off-balance sheet loan commitments. At September 30, 2024 and December 31, 2023, ACL for off-balance sheet loan commitments totaled $664 and $839, respectively.