Loans Held for Sale (Tables)

9 Months Ended

Sep. 30, 2023

Loans Held for Sale [Abstract]

Loans Held For Sale (Table)

The following table presents loans held for sale by class of receivable for the dates indicated:

	September 30, 2023		December 31, 2022
Loans held for sale:
Agricultural1	$	49.5	$	62.5
Construction, at lower of cost or market	6.4		10.5
Residential mortgage, at fair value	3.2		6.9
Total loans held for sale	$	59.1	$	79.9

1 As of September 30, 2023 the agricultural loans held were at lower of cost or market. At December 31, 2022, the Company held $57.0 million of agricultural loans at lower of cost or market and $5.5 million of agricultural loans on accrual status at fair value with an unpaid principal balance of $7.7 million, of which $5.6 million is 90 days or more past due.

Non-Residential Loans Held for Sale

The table below presents the non-residential mortgage loans held for sale activity for the 2023 period:

	Agricultural		Construction
Beginning balance	$	62.5	$	10.5
Loans held for investment transferred to loans held for sale	—		3.1
Repayments and discounted pay-offs	(15.2)		—
Loan disposals	—		(3.1)
Increase (decrease) in estimated fair value of the loans1	2.2		(4.1)
Ending balance	$	49.5	$	6.4

1 For the nine months ended September 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.