Purchased Receivables

9 Months Ended

Sep. 30, 2021

Purchased Receivables [Abstract]

Purchased Receivables

Purchased ReceivablesPurchased receivables are carried at their principal amount outstanding, net of an allowance for credit losses, and have a maturity of less than one year. There were no purchased receivables past due at September 30, 2021 or December 31, 2020, and there were no restructured purchased receivables at September 30, 2021 or December 31, 2020.

Income on purchased receivables is accrued and recognized on the principal amount outstanding using an effective interest method except when management believes doubt exists as to the collectability of the income or principal.  There were no nonperforming purchased receivables as of September 30, 2021 and December 31, 2020, respectively.

The following table summarizes the components of net purchased receivables for the periods indicated:

(In Thousands)	September 30, 2021	December 31, 2020
Purchased receivables	$20,118	$13,995
Allowance for credit losses - purchased receivables	—	(73)
Total	$20,118	$13,922

The following table sets forth information regarding changes in the ACL on purchased receivables for the three and nine-month periods ending September 30, 2021 and 2020, respectively: 

	Three Months Ended September 30,		Nine Months Ended September 30,
(In Thousands)	2021	2020	2021	2020
Balance, beginning of period	$—	$93	$—	$94
Charge-offs	—	—	—	—
Recoveries	—	—	—	—
Charge-offs net of recoveries	—	—	—	—
Benefit for purchased receivables	—	(6)	—	(7)
Balance, end of period	$—	$87	$—	$87