Question-and-Answer Session
Operator
(Operator Instruction) and your first question comes from the line of Don Worthington; please proceed.
Don Worthington - Howe Barnes Hoefer & Arnett, Inc.
Thank you, good morning. One question in term of the increase in brokered deposits, what rate are you paying and what’s the term of those accounts?
Brian Cho
The rate differences are depending on the terms of deposit and we have let the opportunity from three months to one year around. So, average I may say about 2.23 a quarter.
Don Worthington - Howe Barnes Hoefer & Arnett, Inc.
Okay, great and then in terms of access to TARP funds, would you have an update on your application status?
Jay Yoo
Like many other banks that applied, we haven’t yet heard from the treasury regarding the TARP funds. Although, we are hopeful at this point, but we simply do not have enough information to gauge the likelihood that our application will be approved. However, at this time we are expecting to receive good news in a few weeks.
Don Worthington - Howe Barnes Hoefer & Arnett, Inc.
Okay, thank you.
Brian Cho
Thank you.
Operator
Your next question comes from the line of Julianna Balicka; please proceed.
Julianna Balicka - Keefe, Bruyette & Woods
Good morning. I wanted to find out, what is the reason behind the decrease in FHLB advances? I see that they went down from $584 million to $422 million.
Brian Cho
I am talking about future availability of the Federal Home Loan Bank line. So, total availability still remains same and our borrowing availability, course of the usage was very heavy at the end of the third quarter. So, our future availability was, I don’t remember the exact number, but around $100 million only. At the end of the year, we reduced our usage of our FHLB borrowing. So, as a result our future availability has been increased to 226 and then in January, we further reduced our usage of FHLB borrowing, so our future availabilities again increased to up to $340 million level.
Julianna Balicka - Keefe, Bruyette & Woods
And what kind of funding did you replace this with in January when you reduced the funding?
Jay Yoo
In January as I said, we actually experienced deposit increase.
Julianna Balicka - Keefe, Bruyette & Woods
And on the Oakland condo project, the $6.5 million charge-off, can you refresh your memory and what the remaining book value is on this loan?
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