Net loans receivable increased $15.8 million to $275.0 million at December 31, 2012 from $259.2 million as of September 30, 2012 and increased $57.8 million from $217.1 million at December 31, 2011. Total real estate loans increased $14.1 million quarter over quarter due to increased growth in commercial real estate loans including residential construction lending. Quarter over quarter increases in other loan categories include a $12.0 million increase in commercial business loans including warehouse lending offset by a $9.5 million reduction in consumer loans associated with the marine loan sale.
|($ in thousands)|
|December 31, 2012||September 30, 2012||December 31, 2011|
|REAL ESTATE LOANS|
|Commercial||$ 33,250||11.9%||$ 32,779||12.5%||$ 28,931||13.1%|
|Construction and development||31,893||11.4||24,480||9.3||10,144||4.6|
|One-to-four family (held for sale excluded)||13,976||5.0||10,340||3.9||8,752||4.0|
|Total real estate loans||97,795||35.0||83,689||31.8||63,509||28.8|
|Indirect home improvement||86,249||30.8||82,185||31.2||81,143||36.7|
|Total consumer loans||108,670||38.8||118,166||44.9||114,206||51.6|
|COMMERCIAL BUSINESS LOANS||73,465||26.2||61,488||23.3||43,337||19.6|
|Allowance for loan losses||(4,698)||(4,359)||(4,345)|
|Deferred cost, fees, and discounts, net||(283)||173||424|
|Total loans receivable, net||$ 274,949||$ 259,157||$ 217,131|
Originations of loans held for sale increased 43.9% to $61.5 million during the quarter ended December 31, 2012 compared to $42.8 million for the preceding quarter. Loans held for sale increased $359,000 to $8.9 million at December 31, 2012 from $8.5 million at September 30, 2012 and none at December 31, 2011. The Bank continues to expand home lending operations and to sell fixed-rate one-to-four family mortgage loans into the secondary market for asset /liability management purposes and to generate noninterest income. During the quarter ended December 31, 2012, the Bank sold $61.4 million of fixed-rate, one-to-four family mortgage loans compared to $38.3 million for the preceding quarter and none for the same quarter one year ago.
The allowance for loan losses at December 31, 2012 was $4.7 million, or 1.7% of gross loans receivable, compared to $4.4 million or 1.7% of gross loans receivable as of September 30, 2012 and $4.3 million, or 2.0% of gross loans receivable at December 31, 2011. Non-performing loans, consisting of non-accrual loans, decreased to $1.9 million at December 31, 2012 from $2.1 million at September 30, 2012 and $2.2 million at December 31, 2011. Other real estate owned totaled $2.1 million at December 31, 2012, compared to $2.3 million at September 30, 2012 and $4.6 million at December 31, 2011. The $2.5 million or 53.7% reduction in other real estate owned year over year reflects the sale of $2.6 million in other real estate owned and write-downs to fair value of $812,000 during the year ended December 31, 2012. At December 31, 2012, the Bank also had $3.3 million in restructured loans of which $2.4 million were performing in accordance with their modified terms and $892,000 were on non-accrual.
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