At June 30, 2012, we had $10.4 million in Other Real Estate Owned (“OREO”), a decrease of $3.4 million from the eleven OREO properties totaling $13.8 million at December 31, 2011. During the first and second quarter of 2012, we added three properties for a total of $1.8 million to OREO. We sold six properties with an OREO value of $5.1 million, realizing a net gain of $304,000. We now have eight OREO properties.
At June 30, 2012, we had loans delinquent 30 to 89 days of $1.3 million. This compares to delinquent loans of $11.2 million at March 31, 2012 and $5.5 million at December 31, 2011. As a percentage of total loans, delinquencies, excluding non-accruals, were 0.04% at June 30, 2012, 0.35% at March 31, 2012 and 0.17% at December 31, 2011. All loans delinquent 90 days or more were categorized as non-performing.
At June 30, 2012, we had $45.2 million in performing troubled debt restructured loans (“TDR”), an increase of $6.6 million from performing TDRs of $38.6 million at December 31, 2011. In terms of number of loans, we had 16 performing TDRs at December 31, 2011, compared to 28 performing TDRs at June 30, 2012.
In total, non-performing assets, defined as non-covered non-accrual loans and other real estate owned, totaled $72.3 million at June 30, 2012, $66.7 million at March 31, 2012, $76.5 million at December 31, 2011, $81.2 million at September 30, 2011, and $88.8 million at June 30, 2011.We have also made substantial progress in reducing our classified loans. Classified loans are loans that are graded “substandard” or worse. At June 30, 2012, classified loans totaled $298.1 million, a decrease of $61.0 million from $359.2 million at December 31, 2011 and a decrease of $147.1 million from June 30, 2011. San Joaquin Bank Asset Quality (Covered loans) At June 30, 2012, we had $246.6 million in gross loans from SJB with a carrying value of $210.1 million, compared to $330.4 million of gross loans at December 31, 2011 and $262.5 million in carrying value. Of the gross loans, we had $37.0 million in non-performing loans as of June 30, 2012, or 15.02%, compared to $83.7 million in non-performing loans at December 31, 2011. We had five properties in OREO totaling $3.2 million, compared to 16 properties totaling $9.8 million at December 31, 2011.
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