Contingencies

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

From time to time the Company and its subsidiaries may be exposed to loss contingencies. In the ordinary, course of business, those contingencies may include, known but unasserted claims, and legal/regulatory inquiries or examinations. The Company records these loss contingencies as a liability when the likehood of loss is probable and an amount or range of loss can be reasonably estimated. In the opinion of management, the Company maintains a liability that is in an estimated amount sufficient to cover said loss contingencies, if any, at the reporting dates.

Financial instruments whose contract amount represents off-balance sheet credit risk at March 31, 2023 are generally short-term and are as follows:


(in thousands)	Approximate Contract Amount
Commitments to extend credit	$	1,208,897

Standby letters of credit	29,965
Commercial letters of credit	606
	$	1,239,468

The following table summarizes the changes in the allowance for credit losses for off-balance sheet exposures for the three months ended March 31, 2023:



(in thousands)	Allowance for Contingency Losses
Balances at beginning of the year	$	1,702

Provision for credit losses	300
Balances at March 31, 2023	$	2,002