Loans Held-for-Sale

12 Months Ended

Dec. 31, 2013

6. LOANS HELD-FOR-SALE

Activity relating to our loans held-for-sale was ($ in thousands):


	Gross Book Value			Valuation Allowance			Net Book Value
	Gross Book Value			Valuation Allowance			Net Book Value
December 31, 2012	$	—		$	—		$	—
Reclassification from loans receivable		6,601			(4,601	)		2,000
Valuation allowance on loans held-for-sale		—			1,259			1,259
Loans sold		(6,601	)		3,342			(3,259	)

December 31, 2013	$	—		$	—		$	—

During the first quarter of 2013, we reclassified a $6.6 million subordinate mortgage loan and its related $4.6 million provision for loan losses to loans held-for-sale. We subsequently sold this loan and recorded a $1.3 million valuation adjustment to reflect the position at its fair value based on the proceeds received from the sale. We did not have any loans classified as held-for-sale as of December 31, 2013 and 2012.