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Loans Held for Sale

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Loans Held for Sale [Text Block]

4. Loans held for sale

At December 31, 2019 and 2018, 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:

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​	​	​	​	​	​	​	​	​	​	​	​
​	​	For the year ended December 31, 2019
​	​	​	​		​	​	​		​		​
(Dollars in thousands)		Loans sold		Proceeds			Net charge-offs			Net gain (loss)
Delinquent and non-performing loans				​			​			​
Multi-family residential		5	​	$	2,115	​	$	—	​	$	367
Commercial real estate		2	​		6,800	​		—	​		383
One-to-four family - mixed-use property		3	​		885	​		(1)	​		6
Commercial business and other		1	​		3,248	​		—	​		—
Total		11	​	$	13,048	​	$	(1)	​	$	756
Performing loans			​			​			​
Small Business Administration		3	​	$	2,069	​	$	—	​	$	114
Total		3	​	$	2,069	​	$	—	​	$	114

​

​	​	​	​	​	​	​	​	​	​	​	​
​	​	For the year ended December 31, 2018
​	​	​	​	​	​	​	Net (charge-offs)		​	​	​
(Dollars in thousands)		Loans sold		Proceeds			recoveries			Net gain (loss)
Delinquent and non-performing loans				​			​			​
Multi-family residential		4	​	$	1,559	​	$	—	​	$	—
Commercial real estate		4	​		6,065	​		—	​		(235)
One-to-four family - mixed-use property		2	​		725	​		(4)	​		—
One-to-four family - residential		2	​		390	​		72	​		10
Total		12	​	$	8,739	​	$	68	​	$	(225)
Performing loans			​			​			​
Small Business Administration		9	​	$	5,671	​	$	—	​	$	393
Total		9	​	$	5,671	​	$	—	​	$	393

​

​	​	​	​	​	​	​	​	​	​	​	​
​	​	For the year ended December 31, 2017
(Dollars in thousands)		Loans sold		Proceeds			Net charge-offs			Net gain (loss)
Delinquent and non-performing loans				​			​			​
Multi-family residential		3	​	$	872	​	$	—	​	$	38
Commercial real estate		5	​		1,821	​		(4)	​		34
One-to-four family - mixed-use property		9	​		3,523	​		(33)	​		343
Total		17	​	$	6,216	​	$	(37)	​	$	415
Performing loans			​			​			​
Multi-family residential		12	​	$	18,784	​	$	—	​	$	(36)
Commercial real estate		7	​		26,283	​		—	​		(28)
Small Business Administration		8	​		5,061	​		—	​		252
Total		27	​	$	50,128	​	$	—	​	$	188

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