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Note 6 - Loans Held for Sale

3 Months Ended

Mar. 31, 2015

6. Loans held for sale

Loans held for sale are carried at the lower of cost or estimated fair value. At March 31, 2015 and December 31, 2014, the Bank 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.

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

	For the three months ended March 31, 2015
(Dollars in thousands)	Loans sold		Proceeds		Net (charge-offs) recoveries		Net gain

Multi-family residential		2	$	836	$	-	$	2
One-to-four family - mixed-use property		3		686		-		-
Total		5	$	1,522	$	-	$	2

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

	For the three months ended March 31, 2014
(Dollars in thousands)	Loans sold		Proceeds		Net (charge-offs) recoveries			Net gain (loss)
Multi-family residential		4	$	1,738	$	(146	)	$	-
Commercial real estate		2		1,617		295			-
One-to-four family - mixed-use property		6		2,069		38			-
Total		12	$	5,424	$	187		$	-