Common use of COMMITMENTS AND CONTINGENCIES Clause in Contracts

COMMITMENTS AND CONTINGENCIES. In the normal course of business, there are outstanding various commitments and contingent liabilities, such as commitments to extend credit and legal claims, which are not reflected in the financial statements. Commitments under outstanding standby letters of credit totaled $224,000 at June 30, 1999 and 1998. The following is a summary of the commitments to extend credit at June 30, 1999: 1999 1998 ---- ---- Loan commitments: Fixed rate $ 685,125 $1,585,597 Adjustable rate 1,183,000 - Undisbursed commercial and personal lines of credit 4,393,796 1,628,128 Undisbursed portion of construction loans in process 4,019,310 1,932,310 Other loans in process 159,603 249,893 ----------- ---------- Total commitments to extend credit $10,440,834 $5,395,928 =========== ==========

COMMITMENTS AND CONTINGENCIES. In the normal course of business, there are outstanding various commitments and contingent liabilities, such as commitments to extend credit and legal claims, which are not reflected in the financial statements. Commitments under outstanding standby letters of credit totaled $224,000 240,085 at June 30December 31, 1999 and 19982000. The following is a summary of the commitments to extend credit at June 30December 31, 2000 and 1999: 2000 1999 1998 ---- ---- Loan commitments: Fixed rate $ 685,125 $1,585,597 1,774,680 $ 1,480,055 Adjustable rate 1,183,000 - 865,500 342,500 Undisbursed commercial and personal lines of credit 4,393,796 1,628,128 8,210,294 4,432,524 Undisbursed portion of construction loans in process 4,019,310 1,932,310 2,893,217 3,306,878 Other loans in process 159,603 249,893 ----------- ---------- 5,884,984 7,138,963 --------------------------- Total commitments to extend credit $10,440,834 $5,395,928 $ 19,628,675 $ 16,700,920 =========== =================