Question-and-Answer Session
Operator
(Operator Instructions) Our first question comes from Charles Ernst - Sandler O’Neill Asset Management.
Charles Ernst - Sandler O’Neill Asset Management
A couple questions on the TruPS. Can you tell us how much the dollar amount of the TruPS that are pools versus single issues?
David R. Gibson
We have of our total pool $52 million are the single names and the balance are pools.
Charles Ernst - Sandler O’Neill Asset Management
The balance meaning based off of $189 million?
David R. Gibson
At the end of the quarter the total value was about $208 million.
Charles Ernst - Sandler O’Neill Asset Management
At the end of June the mark was $227 million, you moved it in held-to-maturity at $189 million, and then you showed the securities had increased in value at 9/30. Is that right? I just want to make sure I’m understanding it.
David R. Gibson
That’s correct.
Charles Ernst - Sandler O’Neill Asset Management
But the values on the balance sheet reflect the $189 million?
David R. Gibson
Correct. They were moved at $189 million to held-to-maturity and that’s the value that’s on the balance sheet. Any difference from that point is just a footnote item.
Charles Ernst - Sandler O’Neill Asset Management
Why did the value of the securities go up after the move to held-to-maturity?
David R. Gibson
We’re using level 3 valuations and it’s highly volatile based on the assumptions. We use cash flow models to do that valuation. So I think it’s just within the nature of the beast when you do a present value and calculation like that, but the value may move around some.
Charles Ernst - Sandler O’Neill Asset Management
But there’s nothing that you can point to in terms of a specific factor?
David R. Gibson
No, there’s no one specific thing that we can say that drove that. It’s just the combination of all the assumptions that we have to use and estimates to project the cash flow and do the discounting.
Charles Ernst - Sandler O’Neill Asset Management
Can you add any color to the individual issuers that you have exposure to in terms of the quality of the companies?
David R. Gibson
We haven’t really disclosed the individual names. They’re predominantly money center companies.
Charles Ernst - Sandler O’Neill Asset Management
Can you give any color about the dollar amount by tranche of the trust preferreds?
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