NOTE 16 — COMMITMENTS

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.

Financial instruments whose contract amount represents credit risk as of December 31 were as follows:

	2013				2012

	Fixed Rate		Variable Rate		Fixed Rate		Variable Rate

Commitments to extend credit and unused lines of credit	$	16,196	$	453,500	$	2,691	$	392,674
Commercial letters of credit		—		12,318		—		13,933

Commitments to make loans are generally made for periods of 60 days or less. Interest rates on fixed rate commitments range from 2.95% to 19.8% with maturities ranging from 1 year to 5 years.