4. Loans held for sale At December 31, 2023 and 2022, the Company did not have any loans held for sale. 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. Additionally, at times the Company may sell participating interests in performing loans. The following tables show loans sold during the period indicated: | | | | | | | | | | | | | | For the year ended December 31, 2023 | (Dollars in thousands) | | Loans sold | | Proceeds | | Net charge-offs | | Net gain | Performing loans | | | | | | | | | | | | Commercial | | 2 | | $ | 2,000 | | $ | — | | $ | — | Total | | 2 | | $ | 2,000 | | $ | — | | $ | — | | | | | | | | | | | | | Delinquent and non-performing loans | | | Multi-family residential | | 7 | | $ | 3,622 | | $ | — | | $ | 69 | Commercial | | 3 | | $ | 1,867 | | $ | (8) | | $ | — | One-to-four family - mixed-use property | | 3 | | | 1,553 | | | — | | | 39 | Total | | 13 | | $ | 7,042 | | $ | (8) | | $ | 108 |
| | | | | | | | | | | | | | For the year ended December 31, 2022 | (Dollars in thousands) | | Loans sold | | Proceeds | | Net charge-offs | | Net gain | Performing loans | | | | | | | | | | | | Multi-family residential | | 5 | | $ | 20,818 | | $ | — | | $ | — | Commercial | | 1 | | | 4,312 | | | — | | | — | Total | | 6 | | $ | 25,130 | | $ | — | | $ | — | | | | | | | | | | | | | Delinquent and non-performing loans | | | Multi-family residential | | 2 | | $ | 646 | | $ | — | | $ | 14 | Commercial | | 3 | | $ | 5,690 | | $ | — | | $ | 100 | One-to-four family - mixed-use property | | 2 | | | 527 | | | — | | | 5 | Total | | 7 | | $ | 6,863 | | $ | — | | $ | 119 |
| | | | | | | | | | | | | | For the year ended December 31, 2021 | (Dollars in thousands) | | Loans sold | | Proceeds | | Net charge-offs | | Net gain | | Delinquent and non-performing loans | | | Multi-family residential | | 13 | | $ | 14,269 | | $ | (43) | | $ | 112 | Commercial | | 4 | | | 7,380 | | | (64) | | | 104 | One-to-four family - mixed-use property | | 16 | | | 6,983 | | | (14) | | | 119 | Total | | 33 | | $ | 28,632 | | $ | (121) | | $ | 335 |
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