Since the end of 2010, FHLB borrowings remained unchanged at $87.0 million, subordinated debentures remained unchanged at $6.0 million and other borrowings remained unchanged at $5.0 million.
Stockholders’ equity was $23.0 million, or 5% of the Company’s total assets, at September 30, 2011. At September 30, 2011, the Bank’s Total Risk-Based Capital ratio was 12.20%, its Tier 1 Risk-Based Capital ratio was 10.91%, and its Core Capital and Tangible Capital ratios were 8.16%.
As previously announced, the Company is currently implementing a Recapitalization Plan to increase equity capital and reduce debt and senior securities, including a sale of additional common stock and exchanges of preferred stock for common stock at a discount to the liquidation amount, to further strengthen the Company’s capital ratios, and position the Bank for future growth.
Asset QualityNon-performing assets (“NPAs”), comprised of non-performing loans (“NPLs”) and REO, were $53.3 million, or 12.63% of total assets, at September 30, 2011, as compared to $56.0 million, or 12.53% of total assets, at June 30, 2011 and $46.5 million, or 9.60% of total assets, at December 31, 2010. During the first nine months of 2011, NPLs, including non-performing loans held for sale, were $48.0 million compared to $43.4 million at the end of 2010. These loans consist of delinquent loans that are 90 days or more past due and troubled debt restructurings (“TDRs”) that do not qualify for accrual status. Despite the increase in NPLs since December 31, 2010, our total NPLs have declined during each of the last two quarters. Also, our total delinquencies and our total classified loans, which include NPLs, have declined in each of the first three quarters of 2011. In addition, at September 30, 2011, approximately $15.3 million, or 32%, of our NPLs were paying currently. The NPLs at September 30, 2011 included 28 church loans totaling $23.9 million, 16 commercial real estate loans totaling $9.9 million, 18 one-to-four family residential real estate loans totaling $8.1 million, 11 multi-family residential real estate loans totaling $5.5 million, a commercial loan for $285 thousand, and a land loan for $313 thousand.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV