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LOANS HELD FOR SALE

9 Months Ended

Sep. 30, 2018

Receivables Held For Sale [Abstract]

LOANS HELD FOR SALE

NOTE 9 – LOANS HELD FOR SALE

The Corporation’s loans held-for-sale portfolio as of the dates indicated was composed of:


		September 30, 2018			December 31, 2017
(In thousands)
Residential mortgage loans		$	21,562		$	24,690
Construction loans ⁽¹⁾			30,015			8,290
Commercial and Industrial loans ⁽¹⁾			1,790			-
Commercial mortgage loans⁽¹⁾			12,372			-
Total		$	65,739		$	32,980

(1)	During the first nine months of 2018, the Corporation transferred $74.4 million (net of fair value write-downs of $22.2 million recorded at the time of transfers) in non-performing loans to held for sale. Loans transferred to held for sale consisted of non-performing commercial mortgage loans totaling $39.6 million (net of fair value write-downs of $13.8 million), non-performing construction loans totaling $33.0 million (net of fair value write-downs of $6.7 million) and non-performing commercial and industrial loans totaling $1.8 million (net of fair value write-downs of $1.7 million). Approximately $27.2 million of the commercial mortgage loans transferred to loan held for sale were eventually sold during the second quarter and third quarters of 2018. In addition, during the third quarter of 2018, the Corporation sold the non-performing construction loan that was outstanding as of December 31, 2017 that was carried at a book value of $7.7 million at the time of sale.