For the year ended June 30, 2012, net interest income was $55.7 million, a $4.1 million increase from $51.6 million for the year ended June 30, 2011. Net interest margin for the year ended June 30, 2012 increased 50 basis points over the previous year to 4.02% as a result of declining deposit costs and lower interest expense on FHLB borrowings due to prepayments of higher-rate borrowings in fiscal 2011.
Noninterest income was $2.8 million for the quarter ended June 30, 2012 compared to $1.6 million for the same three month period in the prior fiscal year. Mortgage banking income increased $646,000 as loans originated for sale increased to $48.7 million for the three months ended June 30, 2012 compared to $23.1 million for the same quarter in the prior year.
For the year ended June 30, 2012, noninterest income was $10.4 million compared to $16.8 million for the year ended June 30, 2011. Noninterest income for the fiscal year ended June 30, 2011 included a $5.8 million gain from the business combination with Cherryville Federal Bank in October 2010.
Noninterest expense for the quarter ended June 30, 2012 decreased $1.7 million, or 11.1%, to $13.4 million compared to $15.1 million for the quarter ended June 30, 2011. This decrease was primarily related to a $1.9 million decrease in prepayment penalties on FHLB borrowings, from $4.0 million in the prior year fourth quarter to $2.1 million for the quarter ended June 30, 2012.Noninterest expense for the fiscal year ended June 30, 2012 decreased $6.9 million, or 12.9%, to $46.7 million compared to $53.6 million for the fiscal year ended June 30, 2011. The fiscal year ended June 30, 2011 included a $4.5 million loss related to a check kiting scheme by one of our customers in December 2010 and a $1.9 million decrease in prepayment penalties on FHLB borrowings.
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