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Purchased Receivables
 6 Months Ended
Jun. 30, 2024
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 June 30, 2024 or December 31, 2023, and there were no restructured purchased receivables at June 30, 2024 or December 31, 2023.
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 June 30, 2024 and there was one nonperforming purchased receivable with a balance of $808,000 as of December 31, 2023 for which management was not accruing income.
There was no activity and no balance in the ACL for purchased receivables as of June 30, 2024 or December 31, 2023.
The following table summarizes the components of net purchased receivables for the dates indicated:
(In Thousands)June 30, 2024December 31, 2023
Purchased receivables$25,722 $36,842 
Allowance for credit losses - purchased receivables— — 
Total$25,722 $36,842