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Loans Receivable Held-for-Sale, Net

3 Months Ended

Mar. 31, 2012

Loans Receivable Held-For-Sale, Net [Abstract]

NOTE (5) – Loans Receivable Held-for-Sale, Net

Loans receivable held-for-sale at March 31, 2012 and December 31, 2011 were as follows:


	March 31, 2012			December 31, 2011
	(In thousands)
Five or more units residential	$	6,358		$	6,395
Commercial real estate		1,703			1,712
Church		5,514			5,550
Valuation allowance for unrealized losses		(667	)		(674	)

Loans receivable, held for sale, net	$	12,908		$	12,983

Loans receivable held-for-sale, net, consisted of five or more units residential, commercial real estate and church loans originated for sale and five or more units residential loans transferred from our loan portfolio. Non-performing loans receivable held-for-sale included in loans receivable held-for-sale, net, totaled $4.2 million, net of charge-offs of $958 thousand and a $375 thousand valuation allowance, as of March 31, 2012 and totaled $5.2 million, net of charge-offs of $953 thousand and a $382 thousand valuation allowance, as of December 31, 2011. Restructured loans receivable held-for-sale on which the borrowers 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 $2.2 million, net of a $292 thousand valuation allowance, as of March 31, 2012 and December 31, 2011. During the first quarter of 2012, no loans receivable held-for-sale were transferred to REO. A loan receivable held-for-sale secured by a church building, which had a carrying amount of $266 thousand, net of a charge-off of $292 thousand, was transferred to REO during the first quarter of 2011.

Net lower of cost or market recovery on non-performing loans receivable held-for-sale totaled $1 thousand for the three months ended March 31, 2012, compared to $0 for the same period in 2011. Additionally, during the first quarter of 2012, and 2011, we increased our valuation allowance by $1 thousand and $20 thousand, respectively, on some of our loans held for sale that are still considered performing loans.