Non-interest income for the quarter ended December 31, 2011 totaled $219 thousand compared to $953 thousand for the fourth quarter of 2010. The $734 thousand decrease from the fourth quarter of 2010 was primarily due to a $600 thousand financial assistance award received in the fourth quarter of 2010 from the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund and a $114 thousand net gain on sales of loans in the fourth quarter of 2010.Non-interest expense for the quarter ended December 31, 2011 totaled $4.1 million, compared to $3.5 million for the fourth quarter of 2010. The $586 thousand increase from the fourth quarter of 2010 was primarily due to a $527 thousand increase in other expense, resulting from increases in investment amortization expense and REO expenses. Additionally, compensation and benefits expense increased $325 thousand in the fourth quarter of 2011 as the year ago quarter included a $370 thousand reversal of bonus expense. These increases in non-interest expense were partially offset by a $112 thousand decrease in FDIC insurance premium expense and a $139 thousand decrease in professional services expense.
Broadway Financial Corporation Reports Net Loss For 4th Quarter And Year 2011
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