Question-and-Answer Session
Operator
Thank you (Operator instructions) our first question will come from Mark Fitzgibbon from Sandler O'Neill Asset Management. Please go ahead sir.
Mark Fitzgibbon – Sandler O'Neill Asset Management
It is from Sandler O’Neill, thank you. First Peyton you had mentioned you had a fairly large linked quarter increase in investment management brokerage and insurance fees. Was the increase of function of sort of the first quarter renewals on the insurance business or were there other components to that as well?
Peyton Patterson
No, hi Mark. No, that was really a reflection of our cross-selling of fixed annuity products to not only NewAlliance Bank deposit customers with the prospects in the marketplace which as you know provide a very nice attractive rate particularly with CD rates as low as they are at this point.
Mark Fitzgibbon – Sandler O'Neill Asset Management
Okay. And then secondly probably for Don, the largest rise in non-performers I guess was in that residential book, was that concentrated in any particular market in your footprint was it in Fairfield County or was it elsewhere?
Don Chaffee
It is pretty well spread out and I know there is an interest out there at Fairfield County so I did a little bit of extra work on it. Our total portfolio is approximately $690 million and the total delinquency rate which includes the non-performers is 13 basis points, up from 7 basis points at year end. I also know that everybody seems to be very interested in Wall Street folks. We have a total of 22 loans to Wall Street folks meaning specific investment banking firms, they are all current, the weighted average LTV is 57% and that is updated.
The original LTV was 49 and the FICO was 782. In the loans that we put into portfolio in the first quarter as Peyton mentioned we have been taking advantage of selling the fixed rate to the agencies for fees. But the loans that we actually put in portfolio had a LTV of 50% and a FICO of 780. When we underwrite higher loan amounts, we not only look at FICO and LTV, we look at assets and reserves and we want to make sure that the loan is not just dependent upon some guy getting a recent bonus that you can average in and get to a (inaudible) show that Fannie Mae might think it is okay but we want to see a real historical buildup of wealth when we do longer or larger loan amounts.
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