LOANS HELD FOR SALE - As Restated

The composition of loans held for sale as of June 30, 2018 and December 31, 2017 was as follows:



	June 30, 2018		December 31, 2017
(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	1,043		1,886
Loans held for sale	$	1,043	$	146,077

Effective March 31, 2018, Customers Bank transferred $129.7 million of multi-family loans from loans held for sale to loan receivable (held for investment) because the Bank no longer has the intent to sell these loans. Customers Bank transferred these loans at their carrying value, which approximated their fair value at the time of transfer.

On June 30, 2017, Customers Bank transferred $150.6 million of multi-family loans from 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 approximated their fair value. Accordingly, a lower of cost or fair value adjustment was not recorded as of December 31, 2017. See NOTE 3 - SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION for more information on the reclassification of loans previously reported as held for sale.