Non-interest expense increased to $65.8 million for the full year of 2012 from $62.8 million in 2011. The full year of 2012 includes $2.0 million of prepayment fees associated with the repayment of FHLB debt which is included in other non-interest expense. Compensation and benefits expense increased $1.0 million for the year ended 2012 compared to 2011 mainly resulting from the insurance acquisition in July 2011 which added $1.6 million in compensation and benefits expense in 2012 compared to $797,000 for the same period in 2011.
Other non-interest expense was $14.4 million for the year ended 2012 compared to $13.2 million for the same period in 2011. The main contributor to the increase was the previously mentioned $2.0 million prepayment expense on FHLB debt. Other non-interest expense also includes $2.2 million of credit, collection and real estate owned costs compared with $3.6 million in 2011.
Total Assets at $2.05 Billion
Total assets at December 31, 2012 were $2.05 billion, compared to $2.07 billion at December 31, 2011. Net loans receivable (excluding loans held for sale) were $1.50 billion at December 31, 2012 compared to $1.45 billion at December 31, 2011. Total cash and cash equivalents were $136.8 million at December 31, 2012 compared with $174.9 million at December 31, 2011. Total deposits at December 31, 2012 were $1.67 billion compared to $1.60 billion at December 31, 2011. Non-interest bearing deposits at December 31, 2012 were $315.1 million compared to $245.9 million at December 31, 2011. Total stockholders’ equity was $258.1 million at December 31, 2012 compared to $278.1 million at the December 31, 2011. Also at December 31, 2012, goodwill and other intangible assets totaled $66.3 million compared to $67.7 million at December 31, 2011. The Company paid $37.0 million to repurchase its outstanding preferred stock related to TARP during 2012, which effectively lowered capital levels.
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