Loans Held-for-Sale	6 Months Ended
Jun. 30, 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 of valuation allowances, totaled $3.6 million at June 30, 2013 and $3.9 million at December 31, 2012. Non-performing loans held-for-sale were comprised primarily of multi-family and commercial real estate mortgage loans at June 30, 2013. Substantially all of the non-performing loans held-for-sale were multi-family mortgage loans at December 31, 2012. We sold certain delinquent and non-performing mortgage loans totaling $14.8 million, net of charge-offs of $3.9 million, during the six months ended June 30, 2013, primarily multi-family loans, and $18.5 million, net of charge-offs of $10.0 million, during the six months ended June 30, 2012, primarily multi-family and commercial real estate loans. Net loss on sales of non-performing loans totaled $76,000 for the three months ended June 30, 2013 and net gain on sales of non-performing loans totaled $62,000 for the six months ended June 30, 2013. Net gain on sales of non-performing loans totaled $329,000 for the three months ended June 30, 2012 and $1.3 million for the six months ended June 30, 2012. We also record lower of cost or market write-downs and recoveries on non-performing loans held-for-sale which were not material to our results of operations for the three and six months ended June 30, 2013 and 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 of valuation allowances, totaled $3.6 million at June 30, 2013 and $3.9 million at December 31, 2012. Non-performing loans held-for-sale were comprised primarily of multi-family and commercial real estate mortgage loans at June 30, 2013. Substantially all of the non-performing loans held-for-sale were multi-family mortgage loans at December 31, 2012.

We sold certain delinquent and non-performing mortgage loans totaling $14.8 million, net of charge-offs of $3.9 million, during the six months ended June 30, 2013, primarily multi-family loans, and $18.5 million, net of charge-offs of $10.0 million, during the six months ended June 30, 2012, primarily multi-family and commercial real estate loans. Net loss on sales of non-performing loans totaled $76,000 for the three months ended June 30, 2013 and net gain on sales of non-performing loans totaled $62,000 for the six months ended June 30, 2013. Net gain on sales of non-performing loans totaled $329,000 for the three months ended June 30, 2012 and $1.3 million for the six months ended June 30, 2012. We also record lower of cost or market write-downs and recoveries on non-performing loans held-for-sale which were not material to our results of operations for the three and six months ended June 30, 2013 and 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.