Contingencies

6 Months Ended

Jun. 30, 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 June 30, 2023 are generally short-term and are as follows:


(in thousands)	Approximate Contract Amount
Commitments to extend credit	$	1,243,158

Standby letters of credit	37,472
Commercial letters of credit	138
	$	1,280,768

The following table summarizes the changes in the allowance for credit losses for off-balance sheet exposures for the three and six month periods ended June 30, 2023 and 2022:


(in thousands)	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Balances at beginning of the period	$	2,002	$	1,702	$	1,702	$	1,702
Provision for credit losses	—		—		300		—
Balances at end of period	$	2,002	$	1,702	$	2,002	$	1,702