The Company’s provision for loan losses was $368,000 in the fourth quarter of 2012 compared to $536,000 in the fourth quarter of 2011. For the year ended December 31, 2012, provision for loan losses was $1,177,000 compared with $2,227,000 incurred during the prior year. This 47% year over year decrease in provision expense was mainly due to better loan quality and fewer charge-offs as the Bank worked aggressively to resolve problem loans throughout 2012.Noninterest income for the year ended December 31, 2012 increased $190,000, or approximately 6%, to $3,443,000 from $3,253,000 for 2011. This increase was largely driven by fees generated from the sale of mortgage loans, which increased $177,000 or approximately 39%. For the three months ended December 31, 2012, noninterest income increased $13,000, or approximately 2%, as compared to the same period of 2011, primarily due to higher levels of fee income generated from the sale of mortgage loans and investment products.
Pinnacle Bankshares Corporation Fourth Quarter And 2012 Earnings Report
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