Since year-end 2011, FHLB borrowings, subordinated debentures and other borrowings remained unchanged at $83.0 million, $6.0 million, and $5.0 million, respectively. At March 31, 2012 and December 31, 2011, FHLB advances were 20% of total assets and the weighted average cost of advances at those dates was 3.09%.
Stockholders' equity was $22.8 million, or 6% of the Company’s total assets, at March 31, 2012. At March 31, 2012, the Bank’s Total Risk-Based Capital ratio was 13.61%, its Tier 1 Risk-Based Capital ratio was 12.31%, and its Core Capital and Tangible Capital ratios were 8.71%.
The Company is currently pursuing a Recapitalization Plan to increase equity capital and reduce debt and senior securities, including a sale of 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”) include non-accrual loans and real estate owned through foreclosure or deed in lieu of foreclosure (“REO”). NPAs at March 31, 2012 were $46.8 million, or 11.33% of total assets, compared to $50.1 million, or 11.97% of total assets, at December 31, 2011. At March 31, 2012, non-accrual loans were $42.5 million compared to $43.1 million at December 31, 2011. 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. Our total delinquencies and our total classified loans, which include non-accrual loans, have declined at each quarter-end since December 31, 2010. In addition, at March 31, 2012, approximately $22.5 million, or 53%, of our non-accrual loans were paying currently. The non-accrual loans at March 31, 2012 included 29 church loans totaling $23.0 million, 21 one-to-four family residential real estate loans totaling $8.4 million, 13 commercial real estate loans totaling $5.8 million, 9 five or more units residential real estate loans totaling $5.0 million, a land loan for $296 thousand, and a consumer loan for $70 thousand.
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