Non-performing loans, defined as non-accrual loans and non-performing troubled debt restructured loans (“TDR”), were $58.0 million at December 31, 2012, or 1.78% of total loans. This compares to non-performing loans of $66.0 million at September 30, 2012 and $62.7 million at December 31, 2011. The $58.0 million in non-performing loans at December 31, 2012 are summarized as follows: $10.7 million in commercial construction, $13.1 million in residential mortgages, $21.0 million in commercial real estate, $3.1 million in commercial and industrial, $9.8 million in dairy & livestock loans, and $215,000 in other loans. The $8.0 million decrease in non-performing loans for the quarter was principally due to a $7.0 million decrease in non-performing commercial construction, a $760,000 decrease in commercial and industrial, and a $503,000 decrease in non-performing dairy & livestock loans. These decreases were partially offset by a $781,000 increase in non-performing residential real estate loans.
At December 31, 2012, we had $14.8 million in Other Real Estate Owned (“OREO”), an increase of $4.3 million from the eight OREO properties totaling $10.5 million at September 30, 2012 and $1.0 million from the eleven OREO properties totaling $13.8 million at December 31, 2011. During 2012, we added seven properties to OREO for a total of $8.5 million, which included one $5.6 million construction loan that went to OREO in the fourth quarter. We sold eleven properties with an OREO value of $7.0 million, realizing a net gain of $397,000. We now have seven non-covered OREO properties.
At December 31, 2012, we had loans delinquent 30 to 89 days of $887,000. This compares to delinquent loans of $1.7 million at September 30, 2012 and $5.5 million at December 31, 2011. As a percentage of total loans, delinquencies, excluding non-accruals, were 0.03% at December 31, 2012, 0.05% at September 30, 2012, and 0.17% at December 31, 2011. All loans delinquent 90 days or more were categorized as non-performing.
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