Loans Held-for-Sale	3 Months Ended
Mar. 31, 2013
Loans Held-for-Sale
Loans Held-for-Sale	3. Loans Held-for-Sale Loans held-for-sale, net, includes fifteen and thirty year fixed rate one-to-four family, or residential, mortgage loans originated for sale that conform to GSE guidelines (conforming loans), as well as certain delinquent and non-performing loans. Upon our decision to sell certain delinquent and non-performing loans held in portfolio, we reclassify them to held-for-sale at the lower of cost or fair value, less estimated selling costs. Non-performing loans held-for-sale, included in loans held-for-sale, net, totaled $8.2 million, net of a valuation allowance of $97,000, at March 31, 2013 and $3.9 million, net of a valuation allowance of $64,000, at December 31, 2012. Substantially all of the non-performing loans held-for-sale were multi-family mortgage loans at March 31, 2013 and December 31, 2012. We sold certain delinquent and non-performing mortgage loans totaling $5.0 million, net of charge-offs of $1.3 million, during the three months ended March 31, 2013, primarily multi-family and commercial real estate loans, and $14.6 million, net of charge-offs of $8.1 million, during the three months ended March 31, 2012, primarily multi-family loans. Net gain on sales of non-performing loans totaled $138,000 for the three months ended March 31, 2013 and $950,000 for the three months ended March 31, 2012. We recorded lower of cost or market write-downs on non-performing loans held-for-sale totaling $33,000 for the three months ended March 31, 2013 and $54,000 for the three months ended March 31, 2012. Lower of cost or market write-downs and recoveries on non-performing loans held-for-sale and gains and losses recognized on sales of such loans are included in other non-interest income in the consolidated statements of income.

3. Loans Held-for-Sale

Loans held-for-sale, net, includes fifteen and thirty year fixed rate one-to-four family, or residential, mortgage loans originated for sale that conform to GSE guidelines (conforming loans), as well as certain delinquent and non-performing loans. Upon our decision to sell certain delinquent and non-performing loans held in portfolio, we reclassify them to held-for-sale at the lower of cost or fair value, less estimated selling costs. Non-performing loans held-for-sale, included in loans held-for-sale, net, totaled $8.2 million, net of a valuation allowance of $97,000, at March 31, 2013 and $3.9 million, net of a valuation allowance of $64,000, at December 31, 2012. Substantially all of the non-performing loans held-for-sale were multi-family mortgage loans at March 31, 2013 and December 31, 2012.

We sold certain delinquent and non-performing mortgage loans totaling $5.0 million, net of charge-offs of $1.3 million, during the three months ended March 31, 2013, primarily multi-family and commercial real estate loans, and $14.6 million, net of charge-offs of $8.1 million, during the three months ended March 31, 2012, primarily multi-family loans. Net gain on sales of non-performing loans totaled $138,000 for the three months ended March 31, 2013 and $950,000 for the three months ended March 31, 2012.

We recorded lower of cost or market write-downs on non-performing loans held-for-sale totaling $33,000 for the three months ended March 31, 2013 and $54,000 for the three months ended March 31, 2012. Lower of cost or market write-downs and recoveries on non-performing loans held-for-sale and gains and losses recognized on sales of such loans are included in other non-interest income in the consolidated statements of income.