Question-and-Answer Session
Operator
(Operator Instructions) Our first question comes from Avi Barak – Sandler O'Neil.
Avi Barak – Sandler O'Neil
A few questions for you, firstly, the $11 – the $9 million, excuse me that went into non-performing loans that you mentioned it's basically four loans to a developer. Is it all the same developer, the four loans, or is it four different developers?
Mark Turner
Avi, I'm going to have Rodger Levenson, who is head of our Commercial Division and heads our Chief Credit Officer function as well, answer that question.
Rodger Levenson
Avi, these are four separate unrelated loans in different geographies to different borrowers.
Avi Barak – Sandler O'Neil
Okay, thank you. Secondly, the modified loans in the consumer portfolio, I guess it was about $5 million or $6 million. If those continue to pay, will they eventually come off the non-performing balance or will they stay in non-performing for the life of the loan?
Rodger Levenson
Now, based upon our understanding currently, as long as there's performance over a demonstrated period of time, we would expect that they would be reclassified out of TDRs.
Avi Barak – Sandler O'Neil
Is that two quarters or?
Rodger Levenson
Six months
Avi Barak – Sandler O'Neil
Six months, okay, thanks. Thirdly, the OREO, I'm just wondering what kind of, is that just raw land, or is it half raw land half unfinished homes, or how should we think about that?
Rodger Levenson
Avi, the single largest component of that was one of the projects we identified in the fourth quarter as taking a large write-down on and it's a partially completed condominium project in Philadelphia, which we've now taken control of.
Avi Barak – Sandler O'Neil
And then, lastly, as the dynamics and the political environment of TARP continues to change and morph, I'm just wondering your thoughts on paying that back or holding onto it for the first year, etc. and where we stand in that regard.
Mark Turner
Avi, we're going to be evaluating that literally over the next several weeks. We believe, obviously, there's some negatives to holding TARP, as has been well discussed in the press, and we've seen those as well, but also there continue to be some positives, including supporting our balance sheet in a difficult time and also supporting growth that we're experiencing. So it may have run its course for us and served its purpose, but we'll be making that decision over the next several weeks.
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