Note 6 - Loans held for sale

9 Months Ended

Sep. 30, 2013

Loans Held For Sale [Abstract]

Loans Held For Sale [Text Block]

6.         Loans held for sale

The following table shows our loans held for sale at the lower of cost or estimated fair value for the periods indicated:

	September 30, 2013				December 31, 2012
(Dollars in thousands)	Number  of loans		Carrying Value		Number  of loans		Carrying Value
Multi-family residential		1	$	485		4	$	3,442
One-to-four family - mixed-use property		-		-		4		1,871
Construction		1		5,000		-		-
Total		2	$	5,485		8	$	5,313

The Company has implemented a strategy of selling certain delinquent and non-performing loans. Once the Company has decided to sell a loan, the sale usually closes in a short period of time, generally within the same quarter.  Loans designated held for sale are reclassified from loans held for investment to loans held for sale. Terms of sale include cash due upon the closing of the sale, no contingencies or recourse to the Company and servicing is released to the buyer.

The following table shows delinquent and non-performing loans sold during the period indicated:

	For the three months ended September 30, 2013
(Dollars in thousands)	Loans sold		Proceeds		Net (charge-offs) recoveries			Net gain (loss)
Multi-family residential		2	$	2,079	$	65		$	-
Commercial real estate		1		760		-			6
One-to-four family - mixed-use property		4		1,487		(243	)		(5	)
Total		7	$	4,326	$	(178	)	$	1

The following table shows delinquent and non-performing loans sold during the period indicated:

	For the three months ended September 30, 2012
(Dollars in thousands)	Loans sold		Proceeds		Net charge-offs			Net gain (loss)
Multi-family residential		14	$	11,031	$	(2,295	)	$	(8	)
Commercial real estate		2		750		(65	)		-
One-to-four family - mixed-use property		12		3,642		(939	)		-
Total		28	$	15,423	$	(3,299	)	$	(8	)

The table above does not include $0.7 million of performing Small Business Administration loans that were sold for a net gain of $60,000 during the three months ended September 30, 2012.

The following table shows delinquent and non-performing loans sold during the period indicated:

	For the nine months ended September 30, 2013
(Dollars in thousands)	Loans sold		Proceeds		Net charge-offs			Net gain (loss)
Multi-family residential		17	$	9,138	$	(1,036	)	$	6
Commercial real estate		8		4,223		(564	)		6
One-to-four family - mixed-use property		34		9,449		(2,773	)		(52	)
Commercial business and other		2		66		(185	)		-
Total		61	$	22,876	$	(4,558	)	$	(40	)

The above table does not include the sale of one performing commercial real estate loan for $2.4 million, resulting in a net gain of $184,000 during the nine months ended September 30, 2013.

The following table shows delinquent and non-performing loans sold during the period indicated:

	For the nine months ended September 30, 2012
(Dollars in thousands)	Loans sold		Proceeds		Net charge-offs			Net gain (loss)
Multi-family residential		26	$	18,102	$	(2,683	)	$	23
Commercial real estate		8		4,619		(432	)		-
One-to-four family - mixed-use property		21		7,085		(1,736	)		-
Construction		3		2,540		(57	)		-
Commercial business and other		2		714		(136	)		8
Total		60	$	33,060	$	(5,044	)	$	31

The table above does not include $0.7 million of performing Small Business Administration loans that were sold for a net gain of $60,000 during the nine months ended September 30, 2012.