Loans Held for Sale

12 Months Ended

Dec. 31, 2023

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


	December 31, 2023		December 31, 2022
Loans held for sale:
Agricultural1	$	19.6	$	62.5
Commercial real estate, at lower of cost or market	27.3		—
Construction real estate, at lower of cost or market	—		10.5
Residential mortgage, at fair value	0.5		6.9
Total loans held for sale	$	47.4	$	79.9

1 As of December 31, 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.

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


	Agricultural		Construction Real Estate		Commercial Real Estate
Beginning balance	$	62.5	$	10.5	$	—

Loans held for investment transferred to loans held for sale	—		3.1		27.3
Loans held for sale transferred to loans held for investment	(29.6)		—		—
Loans held for sale transferred to OREO	—		(6.4)		—
Repayments and discounted pay-offs	(15.5)		—		—
Loan disposals	—		(3.1)		—
Increase (decrease) in estimated fair value of the loans1	2.2		(4.1)		—
Ending balance	$	19.6	$	—	$	27.3

1 For the year ended December 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 related to fair value changes.