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Financial Instruments With Off-Balance-Sheet Risk
12 Months Ended
Dec. 31, 2013
Investments All Other Investments [Abstract]  
Financial Instruments With Off-Balance-Sheet Risk

25. Financial Instruments With Off-Balance-Sheet Risk

The Company is a party to various financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit, which are recorded when they are funded. Such commitments involve, to varying degrees, elements of credit risk in excess of the amounts recognized in the accompanying consolidated financial statements.

At December 31, 2013 and 2012, the Company had made various commitments to extend credit of $375.2 million and $348.6 million, respectively. The Company’s management does not anticipate any material loss as a result of these transactions.

Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being fully drawn upon, the total commitment amounts disclosed above do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if considered necessary upon extension of credit, is based on management’s credit evaluation of the counterparty.

Standby letters of credit represent commitments by the Company to meet the obligations of certain customers, if called upon. These financial instruments are considered guarantees in accordance with ASC 460. Outstanding standby letters of credit as of December 31, 2013, were $106.5 million and expire between 2014 and 2040. Outstanding standby letters of credit as of December 31, 2012, were $92.2 million and expire between 2013 and 2040. Net unamortized fees related to letters of credit origination were $0.2 million and $54,000 in 2013 and 2012, respectively. Net unamortized costs related to letters of credit origination were $0.3 million and $0.4 million in 2013 and 2012, respectively.