Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from Matthew Clark - KBW.
Matthew Clark - KBW
Can you offer us some more color? I understand the accounting change as it relates to the new mark-to-market. Can you give us a better sense of really what’s left that remains, I guess at risk in terms of the bank pooled trusts and where you guys have those carried out relative to the amortized cost? Maybe as a follow-on addressing any CDOs, that are left on the books and so forth?
Eric R. Howell
We have bank pooled trust preferred securities with a book value of $36 million, carried at a market of $17 million. So it’s about $0.48 on the dollar. Given the change in the literature, there is certainly potential for further OTTI to be taken on that portfolio, but I wouldn’t expect it to be very impactful going forward.
Now that we can breakout the credit versus the other factors that are taking place in the market today. So there is some exposure there. On the CDOs, we have a book value of $25 million with a market value of $16 million. It’s about $0.64 on the dollar. Again, there is certainly potential for OTTI in future periods, but I really wouldn’t expect it to be all that meaningful going forward.
Matthew Clark - KBW
Then can you update us on the delinquencies? I think I was able to get that 30 to 89 day past due, that if you also had the 90 plus that would be helpful?
Eric R. Howell
The 30 to 89 past due, just to run through that one, at 12/31/08 it was $32 million. At the end of the first quarter of ?09, it went down to $20 million. We really thought that first quarter was an anomaly, given what’s going on in the current environment. It has increased back to $33 million. So from year end it has gone from $32 million to $33 million at the end of the second quarter. At 0.87% of total loans, it is a number that is well inline with where it’s been going back to 2006 and 2007. So it is not an alarming number.
The 90 day past due is at $15 million or 0.4% of overall loans. That’s an increase from about $10 million last quarter. Half of those loans are in SBA guaranteed loans that we purchased through our operations in Houston, that we’re not concerned about. Again, at 0.4% of total loans that is a number, again that’s inline with where we’ve been over the last several years. So again it’s at an alarming level.
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