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Loans Held for Sale

3 Months Ended

Mar. 31, 2023

The following table presents loans held for sale by portfolio segment for the dates indicated:


	March 31, 2023		December 31, 2022
Loans held for sale:
Agricultural1	$	62.9	$	62.5
Commercial construction, at lower of cost or market	6.4		10.5
Land acquisition and development, at lower of cost or market	3.1		—
Residential mortgage, at fair value	8.5		6.9
Total loans held for sale	$	80.9	$	79.9

1 The Company holds $55.4 million of agricultural loans at lower of cost or market and $7.5 million of agricultural loans on accrual status at fair value with an unpaid principal balance of $7.5 million, of which $5.6 million is 90 days or more past due.

The table below presents the non-residential mortgage loans held for sale activity for the quarter ended March 31, 2023:


	Agricultural		Commercial Construction		Land Acquisition and Development
Beginning balance	$	62.5	$	10.5	$	—


Repayments and discounted pay-offs	(1.8)		—		—

Loans held for investment transferred to loans held for sale	—		—		3.1
Increase (decrease) in estimated fair value of the loans1	2.2		(4.1)		—
Ending balance	$	62.9	$	6.4	$	3.1

1 For the three months ended March 31, 2023, the Company recorded a gain of $2.2 million and a loss of $4.1 million in other income within the consolidated statements of income (loss) related to fair value changes.

As of March 31, 2023, loans held for sale included nonaccrual loans of $37.5 million, of which $28.0 million were agricultural loans, $6.4 million was a commercial construction loan, and $3.1 million was a land acquisition and development construction loan. As of December 31, 2022, loans held for sale included nonaccrual loans of $39.8 million, of which $29.3 million were agricultural loans and $10.5 million was a commercial construction loan.