LOANS HELD FOR SALE (Tables)

12 Months Ended

Dec. 31, 2018

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


		December 31,
		2018		2017
(In thousands)
Residential mortgage loans		$	27,075	$	24,690
Construction loans (1)			3,015		8,290
Commercial and Industrial loans (1)			1,725		-
Commercial mortgage loans (1)			11,371		-
Total		$	43,186	$	32,980

(1)	During the first and third quarters 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 nonaccrual loans to held for sale. Loans transferred to held for sale consisted of nonaccrual commercial mortgage loans totaling $39.6 million (net of fair value write-downs of $13.8 million), nonaccrual construction loans totaling $33.0 million (net of fair value write-downs of $6.7 million) and nonaccrual 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 loans held for sale and $30.0 million of the construction loans transferred to loans held for sale were eventually sold during the second, third, and fourth quarters of 2018.