Purchased Receivables

3 Months Ended

Mar. 31, 2022

Purchased Receivables [Abstract]

Purchased Receivables

Purchased Receivables

Purchased 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 March 31, 2022 or December 31, 2021, and there were no restructured purchased receivables at March 31, 2022 or December 31, 2021.

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 March 31, 2022 and December 31, 2021, respectively.

There was no activity and no balance in the ACL for purchased receivables as of March 31, 2022 and December 31, 2021.

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

(In Thousands)	March 31, 2022	December 31, 2021
Purchased receivables	$8,552	$6,987
Allowance for credit losses - purchased receivables	—	—
Total	$8,552	$6,987