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The expresses st louis cardinals memorabilia company`s marketing st louis cardinals sweatshirts fells in campaigninitiated late in the preceding first quarter and targeting the non-ethnicconsumer base resulted in increased money market deposits and time deposits. Total deposits increased sharply to $1.85 billion at June 30, 2009 from $1.66billion at March 31, 2009 and at June 30, 2008. Net loans as a percentageof total assets declined to 69.7% at June 30, 2009 from 77.2% at March 31, 2009and 84.4% at June 30, 2008, principally due to higher levels of liquidity onbalance sheet. BALANCE SHEET SUMMARY & CAPITALGross loans at June 30, 2009 totaled $1.65 billion, reflecting a decrease of$16.9 million from March 31, 2009 and a decrease of $170.7 million from June 30,2008. The reductions are attributed to lower levels of loan production, higherlevels of loan pay-offs and charge-offs in 2009, and the company`s strategicsale of commercial real estate and SBA loans in 2008. This provision exceeded net charge-offsduring the quarter by $15.4 million and boosted the total allowance for loanlosses to $65.2 million as of June 30, 2009, equaling 3.96% of gross loans. The2009 first quarter provision for loan losses was $14.5 million, with theallowance for loan losses totaling $49.8 million as of March 31, 2009 andrepresenting 2.99% of gross loans.
Considering the comprehensive analysis of Center Financial`s total loanportfolio and accounting for directional consistency with respect to recentasset quality trends, the company posted a $29.8 million provision for loanlosses in the 2009 second quarter st louis cardinals . As a percentage of average loans,net charge-offs equaled 1.03% for the six months ended June 30, 2009, versus0.17% for the comparable prior-year period st louis cardinals merchandise . Net charge-offs during the 2009 second quarter totaled $14.4 million, increasingyear-to-date net charge-offs to $17.3 million st louis cardinals schedule . Totalnonperforming assets as a percentage of gross loans and OREO improved to 2.63%as of June 30, 2009 from 3.38% at March 31, 2009 st louis cardinals hat . This reflects reductions of $14.4 million incommercial real estate loans and $5.0 million in commercial business loans dueto charge-offs and the sales of four nonaccrual loans, partially offset byadditions of $4.6 million in other real estate owned (OREO), $1.5 million inconstruction real estate loans and $473,000 in consumer loans.
As part of this effort, we completed our annual internal portfolioanalysis during the second quarter, after expanding the application of thestress test to 100% of our loan portfolio st louis cardinals sweatshirt . "Over the course of 2009, it has become more apparent that the current economiccrisis we are all experiencing may be even more severe and prolonged than widelyanticipated," said Jae Whan (J.W.) Yoo, president and chief executive officer."In light of this outlook, we are taking an even more assertive stance on creditrisk management and are preparing for potentially even greater stress on ourportfolio st louis cardinals sweatshirts . LOS ANGELES--(Business Wire)--Center Financial Corporation (NASDAQ:CLFC), the holding company of Center Bank,today reported financial results for its three- and six-month periods ended June30, 2009, reflecting significantly higher levels of loan loss provisioning andnet charge-offs to mitigate potential credit risks in the challenging economicenvironment st louis cardinals merchandise . Additional information concerningthese and other important factors can be found within Level 3`s filings with theSecurities and Exchange Commission .
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