Compared with preceding third quarter 2012, the weighted average cost of FHLB advances decreased 25 basis points, and 47 basis points on a core basis, excluding acquisition accounting adjustments. During fourth quarter 2012, the Company added $100.0 million in new FHLB borrowings at a weighted average rate of 0.64%, and the weighted average original maturity of these new borrowings was 2.59 years. In addition, a total of $140.0 million of FHLB borrowings, with a weighted average rate of 1.09%, matured during fourth quarter 2012.
Non-interest Income. Total non-interest income for fourth quarter 2012 amounted to $9.9 million, a 48% increase over $6.7 million for fourth quarter 2011, and a 29% increase over $7.7 million for third quarter 2012.
The various non-interest income items are summarized in the following table:
|Three Months Ended|
|Service fees on deposit accounts||$||2,916||$||2,108||38||%||$||3,121||(7||)%|
|Net gains on sales of SBA loans||2,754||1,017||171||%||—||100||%|
|Net gains on sale of other loans||6||63||(90||)%||—||100||%|
|Net gains on sales of securities available-for-sale||—||1,219||(100||)%||133||(100||)%|
|Net valuation gains (losses) on interest swaps and caps||11||6||83||%||11||—|
|Net gains (losses) on sales of OREO||(292||)||58||(603||)%||(12||)||2,333||%|
|Other income and fees||4,464||2,207||102||%||4,411||1||%|
|Total non-interest income||$||9,859||$||6,678||48||%||$||7,664||29||%|
The 48% increase in non-interest income over fourth quarter 2011 largely reflects a full quarter of operations as a combined Company, compared with one month of operations as a combined Company during fourth quarter 2011.