Question-and-Answer Session
Operator
(Operator instructions) Your first question comes from Jeff Rulis – D.A. Davidson & Company.
Jeff Rulis – D.A. Davidson & Company
Wanted to know if you guys would consider using the TARP tackle purchase program, and if so do you have any reason to believe that you wouldn’t be eligible for that?
Hal Brown
Well Jeff, we’re still investigating this program and our real quick initial review of that asks the question why would we do it? Why would we give warrants to the government? And frankly, I think we still have access to other sources of capital. Mick, you have some thoughts on that as well?
Michael Reynolds, Sr.
Yes, Jeff. I mean, I think first and foremost I believe that we don’t need the additional capital given our current solid capital levels, or low levels of non-performing assets and our outlook.
In addition, our forecast for the fourth quarter indicates that an even stronger capital position than we have in the third quarter. And as Hal just mentioned, just due to the strength of our balance sheet and financial performance, we believe that capital would be available to us in the open market.
Jeff Rulis – D.A. Davidson & Company
Do you have any expected time frame on unloading your other real estate owned or other factors that you’d want to be hanging to that in terms of maybe the projects are in construction or you’re just holding out for better prices or if you could provide any color on that?
Casey Hogan
We are very active as we’ve mentioned in our press release. What we have in our [inaudible] properties right now is about 20 individual residential homes, or lots, undeveloped unimproved lots. We’re very aggressive at moving those out as quickly as possible at reasonable values, and we’ll continue to be very aggressive in getting those lifted and moved.
We’re not in a hurry to take low market prices necessarily, but we certainly are aggressively marketing those and pushing them out.
Jeff Rulis – D.A. Davidson & Company
And, Casey, the point loss, are those centered in any one area in your market?
Casey Hogan
No, we’ve talked before about the kind of a concentration we would see in southern Oregon, southern Washington, you know, a couple in Bend, a couple in Boise area, just, but no concentrated effort, or concentrated geographic area per se.
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