Purchased Receivables

9 Months Ended

Sep. 30, 2023

Purchased Receivables [Abstract]

Purchased Receivables

Purchased Receivables

Purchased receivables are carried at their principal amount outstanding, net of an ACL, and have a maturity of less than one year. There were no purchased receivables past due at September 30, 2023 or December 31, 2022, and there were no restructured purchased receivables at September 30, 2023 or December 31, 2022.

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, 2023 or December 31, 2022.

There was no activity and no balance in the ACL for purchased receivables as of September 30, 2023 or December 31, 2022.

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

(In Thousands)	September 30, 2023	December 31, 2022
Purchased receivables	$34,578	$19,994
Allowance for credit losses - purchased receivables	—	—
Total	$34,578	$19,994