Non-Interest ExpenseNon-interest expense was $3.7 million and $13.0 million for the quarter and year ended December 31, 2012, respectively, compared to $2.9 million and $10.8 million for the same periods last year. The increase in non-interest expense during the quarter ended December 31, 2012, is primarily due to the additional costs incurred related to expanding the Bank's business development team and increased costs associated with our college loan funding program. During the year ended December 31, 2012, this increase was primarily due to the factors discussed above, as well as expenses incurred related to interest rate swaps, as well as the opening of our Santa Monica relationship office in the middle of 2011. As discussed above, the Company terminated its college loan funding program during the first quarter of 2013. Refer to "Subsequent Events" discussion below for further details regarding the termination of the college loan funding program.
1st Century Bancshares, Inc. Reports Financial Results For The Quarter And Year Ended December 31, 2012
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