XML 32 R15.htm IDEA: XBRL DOCUMENT v3.25.0.1
Purchased Receivables
 12 Months Ended
Dec. 31, 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. Income on purchased receivables is accrued and recognized on the balance outstanding using an effective interest method except when management believes doubt exists as to the collectability of the income or principal. There were four nonperforming purchased receivables with a balance of $3.8 million as of December 31, 2024 for which management is not accruing income and one nonperforming purchased receivable with a balance of $808,000 as of December 31, 2023. The $3.6 million ACL at December 31, 2024 is associated with the $3.8 million nonperforming and past due purchased receivable balances. There are no purchased receivables past due at December 31, 2023, and there was no ACL associated with purchased receivables as of December 31, 2023.
    The following table summarizes the components of net purchased receivables at December 31, for the years indicated:
(In Thousands)20242023
Purchased receivables$77,727 $36,842 
Allowance for credit losses - purchased receivables(3,649)— 
Total$74,078 $36,842 
    
    The following table sets forth information regarding changes in the ACL on purchased receivables for the periods indicated: 
(In Thousands)202420232022
Balance at beginning of year$— $— $— 
Impact of acquisition of Sallyport Commercial Finance, LLC3,524 — — 
   Charge-offs— — — 
   Recoveries— — — 
Charge-offs net of recoveries— — — 
Provision for purchased receivables
125 — — 
Balance at end of year$3,649 $— $—