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Loans held for sale | 12 Months Ended
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Dec. 31, 2024
Loans held for sale |
Loans held for sale | 4. Loans held for sale At December 31, 2024, the Company had $70.1 million in performing multi-family loans held for sale. A valuation allowance of $3.8 million was recorded to mark these loans down to the estimated price that could be obtained in a whole loan sale. The valuation allowance was recorded in net gain (loss) on sale of loans in the Consolidated Statements of Operations. The sale is anticipated to close during the first quarter of 2025. At December 31, 2023, 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 generally includes 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, 2024
(Dollars in thousands) |  | Loans sold |  | Proceeds |  | Net charge-offs |  | Net gain
Performing loans |  | ​
Multi-family residential |  | 1 | ​ | $ | 2,446 | ​ | $ | — | ​ | $ | —
Commercial |  | 1 | ​ | ​ | 5,875 | ​ | ​ | — | ​ | ​ | —
Total |  | 2 | ​ | $ | 8,321 | ​ | $ | — | ​ | $ | —
Delinquent and non-performing loans | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Multi-family residential |  | 5 | ​ | $ | 2,973 | ​ | $ | — | ​ | $ | 55
Commercial |  | 3 | ​ | ​ | 3,797 | ​ | ​ | — | ​ | ​ | —
One-to-four family - mixed-use property |  | 6 | ​ | ​ | 2,446 | ​ | ​ | — | ​ | ​ | 194
One-to-four family - residential | ​ | 1 | ​ | ​ | 1,223 | ​ | ​ | — | ​ | ​ | 24
Total |  | 15 | ​ | $ | 10,439 | ​ | $ | — | ​ | $ | 273
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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
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