Mortgage Loans Held for Sale

6 Months Ended

Jun. 30, 2024

Receivable, Held-for-Sale [Abstract]

Mortgage Loans Held for Sale

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:

	June 30,		December 31,
	2024		2023
	(in thousands)
Mortgage loans held for sale, at fair value	$	37,764	$	9,980
Mortgage loans held for sale, contractual principal outstanding		37,654		9,864
Fair value less unpaid principal balance	$	110	$	116

At June 30, 2024 and December 31, 2023, the Bank had 23 loans and 19 loans in the amount of $37.8 million and $10.0 million, respectively, that were classified as held for sale and accounted for under the fair value option accounting guidance for financial assets and financial liabilities.

At June 30, 2024 and December 31, 2023, there were $4.4 million, for both periods, in loans held for sale that were greater than 90 days past due and non-accrual with a substandard risk rating.

As of June 30, 2024 and December 31, 2023, total nonaccrual loans held for sale were $4.4 million for both periods.