LOAN COMMITMENTS AND OTHER RELATED ACTIVITIES

12 Months Ended

Dec. 31, 2019

Loan Commitments And Other Related Activities [Abstract]

LOAN COMMITMENTS AND OTHER RELATED ACTIVITIES

NOTE 20 – LOAN COMMITMENTS AND OTHER RELATED ACTIVITIES

Some financial instruments, such as loan commitments, credit lines, letters of credit, and overdraft protection, 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 are used to make such commitments as are used for loans, including obtaining collateral at exercise of the commitment.

The contractual amounts of financial instruments with off-balance-sheet risk at year end were as follows:

	2019				2018
	Fixed Rate		Variable Rate		Fixed Rate		Variable Rate
Commitments to make loans	$	48,999	$	—	$	28,731	$	—
Unused lines of credit	89,040		701,326		128,313		526,271
Standby letters of credit	7,119		48,750		8,293		31,731

Commitments to make loans are generally made for periods of over 365 days. The fixed rate loan commitments have interest rates ranging from 2.82% to 12.00% and maturity terms ranging from less than 1 year to 25 years.