Balance Sheet Summary
Total assets were $413.4 million at March 31, 2012, which represented a decrease of $5.1 million, or 1%, from December 31, 2011. During the first quarter of 2012, net loans decreased by $13.0 million, loans held for sale decreased by $580 thousand, securities decreased by $952 thousand, REO decreased by $2.7 million and other assets (primarily income tax receivable) decreased by $1.0 million, while cash and cash equivalents increased by $13.6 million.
Our gross loan portfolio decreased by $13.7 million to $328.6 million at March 31, 2012 from $342.3 million at December 31, 2011, as loan repayments, foreclosures and charge-offs exceeded loan originations during the first quarter of 2012. The decrease in our loan portfolio primarily consisted of a $4.5 million decrease in our five or more units residential real estate loan portfolio, a $5.0 million decrease in our commercial real estate loan portfolio, a $2.4 million decrease in our church loan portfolio, a $660 thousand decrease in our one-to-four family residential real estate loan portfolio and a $809 thousand decrease in our consumer loan portfolio.
Loan originations for the three months ended March 31, 2012 totaled $3.4 million compared to $1.6 million for the three months ended March 31, 2011. Loan repayments for the three months ended March 31, 2012 totaled $14.6 million compared to $6.5 million for the comparable period in 2011. Loans transferred to REO during the first quarter of 2012 totaled $1.8 million, compared to $1.9 million during the first quarter of 2011.Loans held for sale decreased from $13.9 million at December 31, 2011 to $13.3 million at March 31, 2012. The $580 thousand decrease during the first quarter of 2012 was primarily due to $528 thousand of charge-offs on non-performing loans held for sale. Deposits totaled $290.4 million at March 31, 2012, down $4.3 million, or 1%, from year-end 2011. During the first quarter of 2012, core deposits (NOW, demand, money market and passbook accounts) decreased by $2.2 million and represented 33% of total deposits at March 31, 2012 and December 31, 2011. Our certificates of deposit (“CDs”) decreased by $2.1 million during the first quarter of 2012 and represented 67% of total deposits at March 31, 2012 and December 31, 2011. Brokered deposits represented 3% of total deposits at March 31, 2012 and December 31, 2011.
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