The provision for loan losses for the first quarter of 2012 totaled $427 thousand compared to $1.2 million for the same period a year ago. The decrease in the provision for loan losses for the first quarter of 2012 was due primarily to the decrease in the size of our loan portfolio from $394.6 million a year ago to $328.8 million at March 31, 2012. The first quarter provision was also impacted by specific loss allocations on loans that became impaired during the quarter and charge-offs that were not reserved for at year-end 2011.Non-interest income for the first quarter of 2012 totaled $283 thousand compared to $181 thousand for the first quarter of 2011. The $102 thousand increase from the first quarter of 2011 was primarily due to higher net gains on sales of REOs which was partially offset by higher net losses on mortgage banking activities and lower service charges for loan-related fees and retail banking fees.
Broadway Financial Corporation Reports Net Loss For 1st Quarter 2012
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