XML 39 R23.htm IDEA: XBRL DOCUMENT v3.24.1
Loans Held for Sale or Investment at Fair Value (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of Accounts, Notes, Loans and Financing Receivable The composition of the loan portfolio by classification as of December 31, 2023 and 2022, respectively, is summarized in the table below ($ in thousands):
Held for SaleHeld for Investment
December 31, 2023December 31, 2022December 31, 2023December 31, 2022
Total loan commitments$7,420 $15,080 $6,235 $98,157 
Less: construction holdbacks (1)
(2,988)(3,350)(214)(13,188)
Total principal outstanding4,432 11,730 6,021 84,969 
Change in fair value of loans24 (137)(388)(1,826)
Total loans at fair value$4,456 $11,593 $5,633 $83,143 
(1) Construction holdbacks include in process accounts such as payments, advances, interest reserve, accrued interest and other accounts.
The table below represents activity within the loan portfolio by classification for the period shown ($ in thousands):

Loans Held for SaleLoans Held for Investment
Balance at December 31, 2022
$11,593 $83,143 
Acquisitions— 350 
Originations12,359 — 
Proceeds from sales of loans (1)
(23,453)(45,484)
Additional fundings 4,880 6,498 
Interest receivable4 (1,181)
Payoffs and repayments(1,088)(39,131)
Fair value adjustment161 1,438 
Balance at December 31, 2023
$4,456 $5,633 

(1) Includes net realized loss on sale of loans.
Schedule of Loan Commitment Classified by Geographic Areas
The composition of the total loan commitment by state as of December 31, 2023 is summarized below ($ in thousands):

StateCommitmentPercent of Portfolio
Florida$8,536 62.5 %
Washington3,470 25.4 %
Arkansas553 4.0 %
Texas350 2.6 %
Michigan230 1.7 %
New Mexico221 1.6 %
Pennsylvania 176 1.3 %
Other119 0.9 %
Total$13,655 100.0 %
Schedule of Fair Value Measurements, Recurring and Nonrecurring
The following table presents the assets that are reported at fair value on a recurring basis as of December 31, 2023 and 2022, as well as the fair value of hierarchy of the valuation inputs used to measure fair value. We did not have any liabilities to report at fair value on a recurring basis as of December 31, 2023 and 2022.

AssetsCarryingFair Value Measurements Using
(In thousands)ValueLevel 1Level 2Level 3
December 31, 2023
Loans held for sale$4,456 $— $— $4,456 
Loans held for investment5,633 — — 5,633 
Total measured$10,089 $— $— $10,089 
December 31, 2022
Loans held for sale$11,593 $— $— $11,593 
Loans held for investment83,143 — — 83,143 
Total measured$94,736 $— $— $94,736