Total shareholders' equity increased $1.58 million to $91.90 million at December 31, 2012, from $90.32 million at September 30, 2012. The increase in shareholders' equity was primarily a result of net income for the quarter. Book value per common share increased to $10.73 and tangible book value per common share increased to $9.90 at December 31, 2012.
Fiscal first quarter operating revenue (net interest income before provision for loan losses, plus non-interest income excluding OTTI charges and valuation allowances or recoveries on mortgage servicing rights ("MSRs")), decreased 3% to $8.86 million from $9.12 million for the preceding quarter and increased 2% from the $8.72 million for the comparable quarter one year ago.
Net interest income decreased 1% to $6.39 million for the quarter ended December 31, 2012 from $6.46 million for the preceding quarter and increased 1% from $6.30 million for the comparable quarter one year ago. The net interest margin for the current quarter decreased to 3.78% from 3.83% for the preceding quarter and increased from 3.73% for the comparable quarter one year ago.Non-interest income increased 8% to $2.72 million for the quarter ended December 31, 2012, from $2.50 million in the preceding quarter and increased 11% from $2.44 million for the comparable quarter one year ago. The increase in non-interest income compared to the preceding quarter was primarily due to a $388,000 net increase in the valuation adjustment on the Bank's MSRs, which was partially offset by $107,000 decrease in gain on sale of loans. The $388,000 net increase in the valuation adjustment was comprised of a $254,000 recovery in the current quarter and a $134,000 allowance in the preceding quarter. The decrease in gains on sale of loans was primarily due to a decrease in the dollar volume of fixed-rate one-to four-family loans sold during the current quarter.
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