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Meanwhile, reveals baseball tickets delinquency totals nationals baseball game imparts have reducedsignificantly, which reflects the enhanced focus and diligent managementof this area. The Bank's "Loans Past Due" total is $2.4 million at June30, 2009, or 2.09% of total loans. The two loan participations that ledto the charge-offs this quarter were initiated by other banks. The Bank isinvolved in other loan participations in which it is the lead bank thatare performing as agreed with no issues."Credit quality has held up reasonably well in the agricultural,commercial & industrial and commercial real estate sectors," commentedDiMichele. "The critical uncontrollable variable in the lending equationcontinues to be the lower real estate valuations that secure these loans.The Bank has a strong capital position and we are making significantinroads on managing our nonperforming assets and improving our fundingmix, which will have a positive impact on earnings and shareholder value."About Community Business BankThe bank's market area includes the greater Yolo, Solano, Sacramento,Placer, San Joaquin and contiguous counties. The bank focuses on andprovides highly personalized commercial banking services to thebusinesses, professionals and non-profit organizations.
The Bank's CallReports are available for review or download directly from the FDICwebsite at , or through the link at the Bank's website at Looking StatementCertain matters discussed in this press release constitute forward-lookingstatements within the meaning of the Private Securities Litigation ReformAct of 1995 buy nationals tickets . These forward-looking statements involve known and unknownrisks, uncertainties and factors such as: (1) the impact of changes ininterest rates, (2) fluctuation in economic conditions and continueddeterioration of the real estate market, (3) competition in the Company'sdefined market, (4) the Company's ability to sustain its internal growthrate and to preserve its earning assets quality, and (5) governmentregulations nationals baseball tickets . Fitzpatrick, President and CEO ofCowlitz Bancorporation and its wholly-owned subsidiary Cowlitz Bank nationals cap . "Management's attention continues to be focused on acquiring capital,maintaining liquidity and enhancing our risk management processes."Net loans totaled $399.2 million at June 30, 2009, compared with $428.2million at June 30, 2008, a decrease of approximately 7 percent nationals caps . On alinked-quarter basis, loans decreased $19.0 million, or approximately 5percent, from March 31, 2009. The reduction in loans reflects the Bank's goalsof reducing construction loans and decreasing assets to reduce its capitalrequirements. Average loans in the second quarter of 2009 were $414.5 millioncompared with average loans of $431.2 million in the first quarter of 2009.Average earning assets in the second quarter of 2009 were $551.5 million,compared with $485.4 million in the second quarter of 2008 and $541.4 millionin the previous quarter.
The Bank's cash and cash equivalents averaged $89.8million in the second quarter and $75.7 million year-to-date 2009, comparedwith $24.8 million in the second quarter of 2008 discount nationals tickets . The Company is currentlymaintaining a higher level of low-rate interest-bearing investments to providea prudent level of liquidity for these economic times nationals game tickets . Total average depositsincreased to $537.8 million in the second quarter of 2009 compared with $457.4million in the second quarter of 2008 and $522.7 million in the previousquarter nationals hat . "Cowlitz Bank continues to have significant liquidity with approximately $113million of available borrowing capacity with the FHLB, access to the FederalReserve's primary credit program and capital ratios in excess of regulatorylevels required to be "well-capitalized" nationals hats .
The Bank had $95.7 million of cashand short-term investments at the end of the second quarter of 2009," Mr.Fitzpatrick added hotels near washington nationals stadium . The Company's netinterest income for the first two quarters of 2009 relative to the first halfof 2008 was affected by several factors, including significant interest ratereductions by the Federal Reserve in the second half of 2008, interestreversals, a shift in the mix of interest-earning assets towards loweryielding cash-equivalent investments, a higher level of nonperforming assetsand a lower level of noninterest-bearing demand and low-cost money marketdeposit accounts.The Company's yield on average earning assets in the second quarter of 2009was 5.57 percent, compared with 7.52 percent in the second quarter of 2008 and5.92 percent in the first quarter of 2009 nationals memorabilia . The Company reviews the loans in its portfolio regularly for impaired loans,as defined by SFAS No nationals baseball game . Of these loans, $14.2 million related to real estateconstruction and development and $6.8 million related to commercial realestate loans.The additions to nonaccrual real estate construction anddevelopment loans related primarily to two multi-family projects and onecommercial construction project in the Puget Sound area.The increase innonaccrual commercial real estate loans related primarily to one project inPortland, Oregon.New commercial and industrial nonaccrual loans in thesecond quarter of 2009 totaled approximately $10.1 million and related toseveral borrowers nationals baseball tickets . During the second quarter of 2009, nonaccrual loans were reduced by pay-offsof $2.9 million and charge-offs of $3.5 million. Loans totaling $1.6 millionwere foreclosed and transferred to other real estate owned and repossessedassets.
"We are somewhat encouraged by signs that the pace of decline in the economyis slowing," commented Mr national baseball tickets . Ballou."Our level of identified problem assets asof June 30, 2009 was flat with the end of the first quarter nationals cap . We noted thatsales of previously occupied homes rose for the third consecutive month inJune, and we have observed an improvement in the sales volume of customer andbank-owned single family homes, condos and lots."There can be no assurance the Company will not incur significant additionalloan loss provisions or expenses in connection with the ultimate collection ofnonaccrual loans or in carrying and developing of foreclosed real estate nationals caps . Although the Company has never originated or acquired subprime loans norinvested in securities collateralized by subprime loans, the current worldfinancial crisis has affected the Company through reduction in overall realestate values, reduced home sales and construction, increased unemployment anda weakening of national and local economic conditions, including the Company'sprimary markets of Washington and Oregon.Total nonperforming assets (defined as loans on nonaccrual and repossessedassets) were $61.2 million at June 30, 2009, compared with $12.8 million atJune 30, 2008 and $37.4 million at March 31, 2009 . At June 30, 2009, therewere no loans 90 days past due and accruing.As a percentage of total assets,nonperforming assets increased to 10.34 percent at June 30, 2009, comparedwith 2.42 percent at June 30, 2008 and 6.31 percent at March 31, 2009.
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