Noninterest income increased $860,000, or 74.5% to $2.0 million for the quarter ended December 31, 2012 as compared to $1.2 million for the quarter ended December 31, 2011. Noninterest income increased $1.3 million, or 58.2% to $3.5 million for the six months ended December 31, 2012 from $2.2 million for the same period last year. The increase in noninterest income was primarily due to $903,000 and $1.3 million in pre-tax gains on one-to-four family mortgage loans sold during the three months and six months ended December 31, 2012, respectively.Noninterest expense increased $1.1 million, or 20.5% to $6.7 million for the quarter ended December 31, 2012 as compared to $5.6 million for the quarter ended December 31, 2011. Noninterest expense increased $2.0 million, or 19.0% to $12.8 million for the six months ended December 31, 2012 from $10.7 million for the same period last year. The increases were primarily due to increases in salaries and benefits and advertising and promotional expenses. The increase in salaries and benefits was due primarily to employees hired in the areas of eCommerce, marketing and lending and included a lump sum severance payment to a former executive in the amount of $367,500. Employees hired in eCommerce and marketing will focus on aligning marketing efforts under the Bank's new name and brand. eCommerce employees will also continue to focus on expanding customer relationships through enhanced delivery channels such as online and mobile banking. Over the past year we also hired seasoned loan officers, underwriters and support staff in the one-to-four family loan origination department to accommodate for increased loan origination and sale activity. The increase in advertising and promotional expenses was primarily a result of our branding campaign efforts in relation to our new name.
Simplicity Bancorp, Inc. Announces Second Quarter Earnings
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