Non-Interest Income and ExpenseNon-interest income was $2.0 million for the fourth quarter of 2011, the same as the fourth quarter of 2010. Fees and service charges decreased $95,000 between the periods primarily because of decreased overdraft fees and debit card income between the periods. Loan servicing fees decreased $21,000 between the periods primarily because of a decrease in the number of commercial loans that are being serviced for others. Other income increased $50,000 between the periods due to an increase in the income recognized on the sale of uninsured investment products and increased earnings from limited partnership investments. Gain on sales of loans increased $17,000 due primarily to an increase in the gain recognized on the sale of government guaranteed commercial loans between the periods.
Non-interest expense was $8.9 million for the fourth quarter of 2011, an increase of $0.7 million, or 7.9%, from $8.2 million for the same period of 2010. Losses on real estate owned increased $0.9 million from the fourth quarter of 2010 primarily because of decreases in the fair market values of the assets required that they be written down. Data processing expense increased $163,000 from the fourth quarter of 2010 primarily because of a one time incentive that was received by the Company in the fourth quarter of 2010 when it changed its ATM and debit card vendor. Deposit insurance expense decreased $185,000 between the periods primarily because of a change in the FDIC’s insurance cost structure and also because of a decrease in the asset size of the Bank between the periods. Other non-interest expenses decreased $97,000 between the periods primarily because of decreased costs related to other real estate owned. Compensation and benefits expense decreased $95,000 between the periods primarily because of a decrease in the compensation paid as a result of having fewer employees and also because there were fewer loan originations in the fourth quarter of 2011 when compared to the same period in 2010.
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