Noninterest income decreased $114,000, or 19.5%, to $471,000 for the three months ended June 30, 2011 compared to $585,000 for the same period in 2010, due to decreases in mortgage origination fee income and service charges and fees, combined with an increase in net losses on the disposition of other real estate owned (“OREO”). For the fiscal year ended June 30, 2011, noninterest income remained stable at $4.0 million compared to the fiscal year ended June 30, 2010, and included an increase in gain on investment securities totaling $802,000 that offset an increase in net losses on the disposition of OREO totaling $614,000 and a decrease in service charges and fees totaling $331,000.Total noninterest expense was $4.0 million for the three months ended June 30, 2011 compared to $26.0 million for the corresponding period in 2010. For the fiscal year ended June 30, 2011, noninterest expense totaled $17.4 million compared to $39.7 million for fiscal 2010. Results for the quarter and year ended June 30, 2010 included a $21.8 million non-cash goodwill impairment charge as described above. Noninterest expense for fiscal 2011 included a decrease in occupancy expense totaling $680,000, and a decrease in compensation expense totaling $425,000. Noninterest expense for fiscal 2011 was negatively impacted by a $734,000 increase in valuation adjustments and expenses on OREO and prepayment penalties on the early payoff of FHLB advances totaling $775,000.
Jefferson Bancshares, Inc. Announces Earnings For The Quarter And Fiscal Year Ended June 30, 2011
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