Non-interest income for the quarter ended June 30, 2011 totaled $199 thousand compared to $184 thousand for the second quarter of 2010. The increase from the second quarter of 2010 was primarily due to higher net gains on mortgage banking activities and lower net losses on sales of real estate owned (“REO”) in the second quarter of 2011.Non-interest expense for the quarter ended June 30, 2011 totaled $4.1 million, compared to $3.8 million for the second quarter of 2010. Higher non-interest expense in the second quarter of 2011 was primarily due to increases in the provision for losses on REO, FDIC insurance expense, REO carrying expenses, and appraisal expenses related to delinquent loans. These increases were offset by decreases in the provision for losses on loans held for sale, compensation and benefits expense, and professional services expense.
Broadway Financial Corporation Reports Net Loss For Second Quarter 2011
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