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Mortgage Loans Held for Sale

9 Months Ended

Sep. 30, 2023

Receivable, Held-for-Sale [Abstract]

Note 4. Mortgage Loans Held for Sale

The following table provides the fair value and contractual principal balance outstanding of loans held for sale accounted for under the fair value options:


	September 30,		December 31,
	2023		2022
	(in thousands)
Mortgage loans held for sale, at fair value	$	14,103	$	1,979
Mortgage loans held for sale, contractual principal outstanding		13,998		1,979
Fair value less unpaid principal balance	$	105	$	-

At September 30, 2023 and at December 31, 2022, the Bank had 19 loans and 4 loans in the amount of $14.1 million and $2.0 million, respectively, were held for sale and accounted for under the fair value option accounting guidance for financial assets and financial liabilities.

At September 30, 2023, there were $6.8 million in loans held for sale that were greater than 90 days past due and non-accrual with a substandard risk rating. At December 31, 2022, there were no loans held for sale that were greater than 90 days past due.