Non-performing loans, defined as nonaccrual loans and nonperforming troubled debt restructured loans (“TDR”), were $66.0 million at September 30, 2012, or 2.04% of total loans. This compares to non-performing loans of $61.9 million at June 30, 2012 and $62.7 million at December 31, 2011. The $66.0 million in non-performing loans for the third quarter are summarized as follows: $17.7 million in commercial construction, $12.3 million in residential mortgages, $21.4 million in commercial real estate, $3.9 million in commercial and industrial, $10.3 million in dairy & livestock loans, and $364,000 in other loans. The $4.1 million increase in non-performing loans for the quarter can be attributed to a $7.0 million increase in non-performing dairy & livestock loans, partially offset by a $1.7 million decrease in non-performing commercial real estate loans.
At September 30, 2012, we had $10.5 million in Other Real Estate Owned (“OREO”), a decrease of $3.3 million from the eleven OREO properties totaling $13.8 million at December 31, 2011. During the first nine months of 2012, we added five properties to OREO for a total of $2.8 million. We sold eight properties with an OREO value of $6.1 million, realizing a net gain of $345,000. We now have eight OREO properties.
At September 30, 2012, we had loans delinquent 30 to 89 days of $1.7 million. This compares to delinquent loans of $1.3 million at June 30, 2012 and $5.5 million at December 31, 2011. As a percentage of total loans, delinquencies, excluding non-accruals, were 0.05% at September 30, 2012, 0.04% at June 30, 2012, and 0.17% at December 31, 2011. All loans delinquent 90 days or more were categorized as non-performing.
At September 30, 2012, we had $51.6 million in performing TDR loans, an increase of $6.4 million from performing TDR loans at June 30, 2012 and $13.1 million from performing TDR loans at December 31, 2011. In terms of number of loans, we had 28 performing TDR’s at June 30, 2012 and 16 performing TDR loans at December 31, 2011, compared to 32 performing TDR loans at September 30, 2012.
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