LOANS HELD FOR SALE - As Restated

The composition of loans held for sale as of December 31, 2017 and 2016, was as follows:



	December 31,
	2017		2016
(amounts in thousands)	(As Restated)		(As Restated)
Commercial loans:
Multi-family loans, at lower of cost or fair value	$	144,191	$	—
Total commercial loans held for sale	144,191		—
Consumer loans:
Residential mortgage loans, at fair value	1,886		695
Loans held for sale	$	146,077	$	695

Effective June 30, 2017, Customers Bank transferred $150.6 million of multi-family loans from loans receivable (held for investment) to loans held for sale. Customers Bank transferred these loans at their carrying value, which was lower than the estimated fair value at the time of transfer. At December 31, 2017, the carrying value of these loans approximates their fair value. Accordingly, a lower of cost or fair value adjustment was not recorded as of December 31, 2017. See NOTE 4 – SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION for more information on the reclassification of loans previously reported as held for sale.

Effective December 31, 2016, Customers Bank transferred $25.1 million of multi-family loans from held for sale to loans receivable (held for investment) because the Bank no longer had the intent to sell these loans. Customers Bank transferred these loans at their carrying value, which was lower than the estimated fair value at the time of transfer.