During the first quarter, we recorded a provision for loan losses of $574 thousand compared to $15.7 million for the previous quarter and $516 thousand for the first quarter of 2009. The provision recorded in the 2010 first quarter reflects a $560 thousand increase in specific loss allocation on impaired loans and a $14 thousand increase in the general valuation allowance.Non-interest income for the quarter ended March 31, 2010 totaled $166 thousand compared to $778 thousand, for the fourth quarter and $296 thousand for the first quarter of 2009. During the fourth quarter of 2009, we recognized $591 thousand of income from a grant from the Community Development Financial Institution. The decrease from the first quarter of 2009 was primarily due to a reduction in loan and retail banking fees of $84 thousand, as well as higher valuation allowance on real estate owned (“REO”).
Broadway Financial Corporation Reports 49% Increase In First Quarter Net Earnings
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