Non-interest expense increased by $348,000, or 23.3% to $1.8 million for the quarter ended December 31, 2012, compared to $1.5 million for the quarter ended December 31, 2011. This change was a result of an increase of $151,000 in deposit insurance premiums to $123,000 for the quarter ended December 31, 2012 from a negative expense of $87,000 during the quarter ended December 31, 2011. The Company recorded a negative expense for deposit insurance premiums during the quarter ended December 31, 2011 as a result of an adjustment to the Company's prepaid deposit insurance premium of $213,000. The Company also had a one time early retirement package that cost the Company $186,000 and an increase in other non-interest expenses that totaled $11,000. As a result of the early retirement package, the Company anticipates an annual savings of $230,000 going forward.
For the six months ended December 31, 2012, the Company had a net loss of $349,000, or $0.23 per share - diluted, compared to a net loss of $950,000 or $0.61 per share - diluted for the six months ended December 31, 2011. The decrease in the net loss for the six months ended December 31, 2012 when compared to the prior year is attributable to a $74,000 decrease in the provision for loan losses, an increase in gains on sale of investments of $168,000, an increase of $416,000 in non-interest income and a decrease of $120,000 in non-interest expense. These items were partially offset by a decrease of $262,000 in net interest income.
Net interest income decreased by $262,000 during the six months ended December 31, 2012 compared to the prior year. This was the result of a decrease of $406,000 or 11.6%, in interest income from $3.5 million in the six months ended December 31, 2011 to $3.1 million in the six months ended December 31, 2012. This decrease was partially offset by a decrease of $144,000, or 18.3% in interest expense from $786,000 in the six months ended December 31, 2011 to $642,000 in the six months ended December 31, 2012.
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