Loans Receivable Held for Sale

12 Months Ended

Dec. 31, 2019

Loans Receivable Held for Sale

Loans Receivable Held for Sale

Loans Receivable Held for Sale

Note 3 – Loans Receivable Held for Sale

The Bank had no loans held for sale as of December 31, 2019 and $6.2 million of loans held for sale as of December 31, 2018, which consisted of multi-family loans. As part of the Bank’s loan concentration risk management program,  $10.7 million of multi-family loans held for investment were transferred to the held-for-sale portfolio offset by $9.2 million of multi-family loans transferred from held for sale to held for investment portfolio during 2019. During 2018, the Bank transferred $16.9 million of multi-family loans held for sale to the loans held for investment portfolio.  The Bank allocated $15.2 million, or 15%, of its multi-family loans originated during 2019 to loans held for sale compared to $20.2 million, or 20%, of its multi-family loan originations to loans held for sale during 2018. Loan sales of $22.8 million in multi-family loans were completed during 2019 for a total gain of $204 thousand. Loan sales of $19.3 million were completed during 2018 for a gain of $70 thousand. Loan repayments totaled $115 thousand during 2019 and  $159 thousand during 2018.