Question-and-Answer Session
Operator
Thank you. (Operator instructions) We will start with Joe Morford with RBC Capital Markets.
Joe Morford – RBC Capital Markets
Thanks, good morning everyone.
Clint Arnoldus
Good morning.
Joe Morford – RBC Capital Markets
I wondered if you could, I guess, first talk more specifically about some of the ins and outs to non-performing assets this quarter, the types of loans where they are and details like that.
Curtis Chinn
Joe, this is Curtis Chinn. When you say the ins and outs, can you be a little bit more specific?
Joe Morford – RBC Capital Markets
It sounds like had you 13 credits come into the NPAs, totaling 76. I recognize most of the reduction was charge-offs. But these are all inland Empire, what, are they more land, what types of products and just generally speaking?
Curtis Chinn
Most of it was land, a lot of it was the Inland Empire, you're right.
Joe Morford – RBC Capital Markets
And then what about – do you have the period end number for criticized or classified assets and is most of what you are seeing just further migration within that pool that's driving the higher provisions?
Curtis Chinn
The classified at period end totaled $129 million. That was $235 million at year-end '07. So most of the migration was identified in fourth quarter and then it moved into NPA.
Joe Morford – RBC Capital Markets
Okay. And then, let's see, I guess the – lastly, what drove the decision to move certain loans to held for sale and are these loans specifically under contract now? Are there plans to sell others? What's going on there?
Curtis Chinn
The decisions we had received throughout the quarter and beginning late fourth quarter, letters of interest on a number of the projects. Those that we accepted, obviously, will move to loans held for sale. We moved three properties in the first quarter of '08. The note value on those loans is $13 million. And we have signed purchase of sale agreements on another three properties and we have several other letters of interest that we are reviewing presently.
Joe Morford – RBC Capital Markets
Okay. Thanks so much.
Operator
We will go next to Brett Rabatin with FTN Midwest.
Brett Rabatin – FTN Midwest
Hello, everyone.
Clint Arnoldus
Hi, Brett.
Brett Rabatin – FTN Midwest
Wanted to first ask, you mentioned the $235 million of classified last quarter and you've obviously got that down quite a bit at the end of the first quarter. And the Inland Empire was obviously, that entire portfolio last quarter was classified, and about half the Central Valley portfolio was classified and obviously a lot of the charge-offs came from the Inland Empire. I was curious if you could give us an update on the Central Valley. And then secondly, if any of the charge-offs came from the commercial construction portfolio in California and if you could give us an update on the number of that, what the size of that portfolio is today.
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