The provision for loan losses totaled $1.8 million for the fourth quarter of 2010, compared to $15.7 million for the same period a year ago. The amount of the provision recorded in the fourth quarter of 2010 reflects the increase in classified loans resulting from a third party review of our loan portfolio and an increase in delinquencies and non-performing loans from September 30, 2010. The provision for loan losses of $15.7 million for the fourth quarter of 2009 was reflective of deteriorating asset quality, higher net loan charge-offs and the results of a regulatory examination in the early part of 2010.Non-interest income for the quarter ended December 31, 2010 totaled $1.0 million compared to $895 thousand for the fourth quarter of 2009. The increase from the fourth quarter of 2009 was primarily due to higher net gains on sales of loans.
Broadway Financial Corporation Reports Profit For 4th Quarter And Year Ended December 31, 2010
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