We had $55.3 million in non-performing loans at March 31, 2012, or 1.74% of total loans. This compares to non-performing loans of $62.7 million at December 31, 2011. The $55.3 million in non-performing loans for the first quarter is summarized as follows: $8.4 million in commercial construction, $13.1 million in residential mortgages, $27.2 million in commercial real estate, $4.1 million in commercial and industrial, $1.2 million in dairy & livestock loans, and $1.3 million in other loans.

At March 31, 2012, we had $11.4 million in Other Real Estate Owned (“OREO”), a decrease of $2.4 million from OREO of $13.8 million at December 31, 2011. At December 31, 2011, we had eleven OREO properties. During the first three months of 2012, we added one property for a total of $294,000 to OREO. We sold three properties with an OREO value of $2.6 million at a gain of $15,000. We now have nine OREO properties.

At March 31, 2012, we had loans delinquent 30 to 89 days of $11.2 million. This compares to delinquent loans of $5.5 million at December 31, 2011. As a percentage of total loans, delinquencies, excluding non-accruals, were 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 March 31, 2012, we had $41.9 million in performing troubled debt restructured loans (“TDR”), an increase of $3.3 million from performing TDRs of $38.6 million at December 31, 2011. In terms of number of loans, we had sixteen performing TDRs at December 31, 2011, compared to twenty-one performing TDRs at March 31, 2012.

In total, non-performing assets, defined as non-covered non-accrual loans and other real estate owned, have decreased over the past several quarters and totaled $66.7 million at March 31, 2012, $76.5 million at December 31, 2011, $81.2 million at September 30, 2011, $88.8 million at June 30, 2011, and $114.4 million at March 31, 2011.

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