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IMMATERIAL CORRECTION OF PRIOR PERIOD ERROR
 12 Months Ended
Dec. 31, 2023
Immaterial Correction of Prior Period Error [Abstract]  
Immaterial Correction of Prior Period Error

22.  IMMATERIAL CORRECTION OF PRIOR PERIOD ERROR

The Company identified an immaterial prior period error in the Consolidated Statements of Cash Flows related to cash flow activity of certain of the Company’s portfolio mortgage loans and third-party brokered loans erroneously being included in the cash flow activity for loans held for sale. The Company assessed the materiality of this change in presentation on prior period consolidated financial statements in accordance with SEC Staff Accounting Bulletin No. 99, “Materiality,” (ASC Topic 250, Accounting Changes and Error Corrections). Based on this assessment, the Company concluded that these error corrections in its Consolidated Statements of Cash Flows are not material to any previously presented consolidated financial statements. The corrections had no impact on the Consolidated Balance Sheets, Consolidated Statements of Comprehensive Income (Loss), or Consolidated Statements of Changes in Stockholders’ Equity, or notes to these consolidated financial statements, for any previously presented interim or annual consolidated financial statements. Accordingly, the Company corrected the previously reported immaterial errors for the years ended December 31, 2022 and 2021 in this Annual Report on Form 10-K.

The financial reporting periods affected by this error include the Company’s previously reported audited consolidated financial statements for the fiscal years ended December 31, 2021 and 2022, and the Company’s previously reported interim unaudited consolidated financial statements for each of the fiscal year-to-date periods ended March 31, 2023; June 30, 2023; and September 30, 2023. In addition, the Company expects to present the corrected interim 2023 amounts in its 2024 consolidated interim financial statements upon the filing of each of its Quarterly Reports on Form 10-Q on a year-to-date basis as a correction to applicable 2023 periods. A summary of the immaterial corrections to the Company’s previously reported audited consolidated financial statements follows.

Corrected Consolidated Statement of Cash Flows for the Year Ended December 31, 2022 (in thousands):

   
Year Ended December 31, 2022
  
    As Reported     Immaterial Correction     As Corrected  
Proceeds from sales of loans held for sale
  
$
783,212
    
$
(120,918
)
  
$
662,294
  
Loans originated for sale
  
$
(719,413
)
  
$
120,918
    
$
(598,495
)

Corrected Consolidated Statement of Cash Flows for the Year Ended December 31, 2021 (in thousands):

   
Year Ended December 31, 2021
  
    As Reported     Immaterial Correction     As Corrected  
Proceeds from sales of loans held for sale
  
$
1,577,953
    
$
(63,992
)
  
$
1,513,961
  
Loans originated for sale
  
$
(1,500,995
)
  
$
63,992
    
$
(1,437,003
)