Commitments, Contingencies and Indemnifications

12 Months Ended

Dec. 31, 2023

Commitments, Contingencies and Indemnifications

Commitments, Contingencies and Indemnifications

Note 24. Commitments, contingencies and indemnifications

Litigation

The Company may be subject to litigation and administrative proceedings arising in the ordinary course of its business and as such, has entered into agreements which provide for indemnifications against losses, costs, claims, and liabilities arising from the performance of individual obligations under such agreements. The Company has had no prior claims or payments pursuant to these agreements and the individual maximum exposure is unknown as this would involve future claims that may be made against the Company that have not yet occurred. However, based on history and experience, the risk of loss is expected to be remote. Management is not aware of any other contingencies that would require accrual or disclosure in the consolidated financial statements.

Unfunded Loan Commitments

The table below presents unfunded loan commitments.

(in thousands)	December 31, 2023		December 31, 2022
Loans, net	$	745,782	$	881,519
Loans, held for sale	$	19,327	$	20,546
Preferred equity investment	$	436	$	1,147