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Note 6 - Loans Held for Sale
 9 Months Ended
Sep. 30, 2015
Loans Held For Sale [Abstract]  
Loans Held For Sale [Text Block]

6. Loans held for sale


Loans held for sale are carried at the lower of cost or fair value. The Bank did not have any loans classified as held for sale at September 30, 2015 or December 31, 2014.


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, 2015
                 
(Dollars in thousands)   Loans sold   Proceeds   Net charge-offs   Net gain
                 
Multi-family residential     4     $ 1,539     $ (3 )   $ 1  
Commercial real estate     2       741       -       13  
                                 
Total     6     $ 2,280     $ (3 )   $ 14  

The above table does not include one performing commercial real estate loan for $3.0 million, which sold for a net gain of $30,000, and four performing SBA loans totaling $3.8 million, which sold for a net gain of $0.3 million, during the three months ended September 30, 2015.


The Bank did not sell any loans during the three months ended September 30, 2014.


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


   

For the nine months ended

September 30, 2015
                 
(Dollars in thousands)   Loans sold   Proceeds   Net recoveries   Net gain (loss)
                 
Multi-family residential     8     $ 3,420     $ 134     $ (1 )
Commercial real estate     3       2,051       -       13  
One-to-four family - mixed-use property     7       1,836       -       51  
                                 
Total     18     $ 7,307     $ 134     $ 63  

The above table does not include one performing commercial real estate loan for $3.0 million, which sold for a net gain of $30,000, and four performing SBA loans totaling $3.8 million, which sold for a net gain of $0.3 million, during the nine months ended September 30, 2015.


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


   

For the nine months ended

September 30, 2014
(Dollars in thousands)   Loans sold   Proceeds  

Net (charge-offs)

recoveries

   Net gain (loss)
                 
Multi-family residential     7     $ 3,216     $ (70 )   $ -  
Commercial real estate     3       2,047       295       -  
One-to-four family - mixed-use property     6       2,069       38       -  
                                 
Total     16     $ 7,332     $ 263     $ -