SAN RAFAEL -- Tamalpais Bank completed the sale of $28.3 million in "substandard-performing and nonperforming loans" to an undisclosed third-party investor for $15.4 million, or a discount of 45.6 percent, according to a regulator filing today by the bank holding company, Tamalpais Bancorp.

This comes a day after the bancorp notified the U.S. Securities and Exchange Commission that the bank's annual report could not be filed on time because of delays in “resolving certain disclosures" and not having "the information necessary to complete the reporting process within the deadline for filing."

"To meet regulatory requirements, the company’s subsidiary, Tamalpais Bank, continues to divest itself of portions of its loan portfolio to reduce its risk exposure in classified assets and to facilitate the required roll-off of brokered deposits," Chief Executive Officer Mark Garwood wrote in the filing Thursday.

Bank officials could not be immediately reached for comment.

The bank is under a Federal Deposit Insurance Corp. cease-and-desist order, which required the institution to raise capital by mid-March. Nothing has been reported whether the bank succeeded in fulfilling that requirement.

The resulting loan-loss provisions recorded for loans sold in the fourth quarter of 2009, for loans to be sold in the first quarter of 2010, and general provisions, increased the allowance for loan losses as a percent of total loans held for investment to 5.03 percent on Dec. 31 from 1.37 percent at the end of 2008, according to regulatory filiings.

In the fourth quarter, the company increased its allowance for loan losses for nonperforming loans and to acknowledge the decline in commercial real estate values. The company reported a net loss for 2009 of $37.6 million compared with net income of $4.8 million. Loss per share for the year was $9.84, compared with $1.26 in 2008.

On March 12, the Nasdaq stock exchange told the bank it would ne delisted because its stock price slipped below $1 a share for 30 consecutive business days. The letter stated that if prior to Sept. 8 the price of common stock closes at $1 per share or higher for 10 consecutive business days, the matter will be closed.