Note 3—Loans Receivable Held-for-Sale, Net

Loans receivable held-for-sale at December 31, 2011 and 2010 were as follows:


	December 31,
	2011			2010
	(In thousands)
Multi-family residential	$	6,427		$	16,217
Commercial real estate		1,872			5,067
Church		6,002			9,408
Valuation allowance for unrealized losses		(444	)		(1,281	)

Loans receivable, held for sale, net	$	13,857		$	29,411

Loans receivable held-for-sale, net, consisted of multi-family, commercial real estate and church loans originated for sale and multi-family loans transferred from our loan portfolio. Non-performing loans receivable held-for-sale included in loans receivable held-for-sale, net, totaled $5.2 million, net of charge-offs of $188 thousand and a $58 thousand valuation allowance, as of December 31, 2011 and totaled $5.1 million, net of charge-offs of $414 thousand and a $769 thousand valuation allowance, at December 31, 2010. Restructured loans receivable held-for-sale that have complied with the terms of their restructured agreements for a satisfactory period of time and certain performing loans receivable held-for-sale with delinquency or other weaknesses totaled $3.4 million, net of a $386 thousand valuation allowance, as of December 31, 2011 and totaled $8.0 million, net of a $512 thousand valuation allowance, as of December 31, 2010. During 2011, two loans receivable held-for-sale secured by church buildings, which had carrying amount of $1.5 million, net of charge-offs of $1.7 million, were transferred to REO. A loan receivable held-for-sale secured by a church building, which had a carrying amount of $344 thousand, net of charge-offs of $486 thousand, was transferred to REO during 2010.

Net lower of cost or market write-downs on non-performing loans receivable held-for-sale totaled $689 thousand for the year ended December 31, 2011, compared to $902 thousand for the same period in 2010. Additionally, during 2011 and 2010, we increased our valuation allowance by $49 thousand and $286 thousand, respectively, on some of our loans held for sale that are still considered performing loans.