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Loans Held-for-Sale
12 Months Ended
Dec. 31, 2016
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group [Abstract]  
Loans Held-for-Sale
Loans Held-for-Sale

Included in loans held-for-sale, net are non-performing loans held-for-sale, net of valuation allowances, totaling $143,000 at December 31, 2016 and $1.6 million at December 31, 2015.  At December 31, 2016, there was one non-performing multi-family mortgage loan held-for-sale. Non-performing loans held-for-sale at December 31, 2015 consisted primarily of multi-family mortgage loans.

We sold certain delinquent and non-performing mortgage loans, primarily multi-family and commercial real estate loans, totaling $2.9 million, net of charge-offs of $672,000 during the year ended December 31, 2016, $7.5 million, net of recoveries of $1.1 million, during the year ended December 31, 2015 and $4.9 million, net of charge-offs of $517,000, during the year ended December 31, 2014. In addition, at June 30, 2014, we designated a pool of non-performing residential mortgage loans, substantially all of which were 90 days or more past due, as held-for-sale. In connection with the designation of the pool of loans as held-for-sale, we recorded a loan charge-off of $8.7 million against the allowance for loan losses during the 2014 second quarter to write down the pool of loans from its immediately previous aggregate recorded investment of $195.0 million to its estimated fair value at the time of $186.3 million. As a result of our quarterly review of the adequacy of the allowance for loan losses as of June 30, 2014, $5.7 million of reserves previously attributable to this pool of loans was deemed no longer required and was credited to the provision for loan losses as a reserve release in the 2014 second quarter. On July 31, 2014, we completed a bulk sale transaction of substantially all of the non-performing residential mortgage loans held-for-sale at terms approximating their carrying value at June 30, 2014. Total loans sold in that transaction had a carrying value of $173.7 million, reflecting the previous write down to the estimated fair value through June 30, 2014. The majority of the remaining loans from the pool designated as held-for-sale as of June 30, 2014 were either foreclosed upon and transferred to REO or were satisfied via short sales or payoffs during the 2014 third quarter with no material impact on our financial condition or results of operations. On September 12, 2014, we completed a second sale transaction, with the same counterparty as the bulk sale transaction, in which we sold all of the remaining non-performing residential mortgage loans held-for-sale with a carrying value of $4.0 million, reflecting the previous write down to the estimated fair value through June 30, 2014, and recorded a loss on the sale of such loans in the 2014 third quarter of $920,000.

Net gain on sales of non-performing loans held-for-sale totaled $140,000 for the year ended December 31, 2016. Net loss on sales of non-performing loans held-for-sale totaled $23,000 for the year ended December 31, 2015 and $892,000 for the year ended December 31, 2014. We recorded net lower of cost or market write-downs on non-performing loans held-for-sale totaling $68,000 for the year ended December 31, 2016. There were no lower of cost or market write-downs on non-performing loans held-for-sale for the year ended December 31, 2015 and December 31, 2014.