IMMATERIAL CORRECTION OF PRIOR PERIOD ERROR

6 Months Ended

Jun. 30, 2024

IMMATERIAL CORRECTION OF PRIOR PERIOD ERROR [Abstract]

IMMATERIAL CORRECTION OF PRIOR PERIOD ERROR

13.  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.

The financial reporting periods affected by this error include 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. A summary of the immaterial corrections to the Company’s previously reported unaudited consolidated financial statements follows.

Corrected Consolidated Statement of Cash Flows for Six Months Ended June 30, 2023 (in thousands):

	As Reported			Immaterial Correction			As Corrected
Proceeds from sales of loans held for sale	$	233,170		$	(38,193	)	$	194,977
Loans originated for sale	$	(219,212	)	$	38,193		$	(181,019	)