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Loans Held for Sale

6 Months Ended

Jun. 30, 2023

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


	June 30, 2023		December 31, 2022
Loans held for sale:
Agricultural1	$	59.1	$	62.5
Commercial construction, at lower of cost or market	6.4		10.5

Residential mortgage, at fair value	11.0		6.9
Total loans held for sale	$	76.5	$	79.9

1 The Company holds $51.7 million of agricultural loans at lower of cost or market and $7.4 million of agricultural loans on accrual status at fair value with an unpaid principal balance of $7.4 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 2023 period:


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

Loans held for investment transferred to loans held for sale	—		—		3.1

Repayments and discounted pay-offs	(5.6)		—		(3.1)

Increase (decrease) in estimated fair value of the loans1	2.2		(4.1)		—
Ending balance	$	59.1	$	6.4	$	—

1 For the six months ended June 30, 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 related to fair value changes.

As of June 30, 2023, loans held for sale included nonaccrual loans of $33.2 million, of which $26.8 million were agricultural loans and $6.4 million was a commercial 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.