Total interest expense for the year ended December 31, 2012 was $4.2 million, a decrease of $942,000 compared to the year ended December 31, 2011. Average interest-bearing liabilities were $244.8 million during 2012, compared to $245.9 million during 2011. The average cost of our interest-bearing liabilities was 1.71% for the twelve months ended December 31, 2012, compared to 2.09% for the twelve months ended December 31, 2011. The net interest rate spread between our interest-earning assets and interest-bearing liabilities was 2.85% for 2012, an increase of 16 basis points compared to 2011. Our net interest margin increased by seven basis points to 3.21% for the year ended December 31, 2012 compared to 3.14% for the year ended December 31, 2011.

The Company recorded a provision for loan losses of $20,000 during the fourth quarter of 2012 compared to a $6,000 net recovery of its provision for loan losses during the fourth quarter of 2011. Our allowance for loan losses was $1.9 million at December 31, 2012, or 132.02% of our non-performing loans at such date. 

For the years ended December 31, 2012 and December 31, 2011, our provisions for loan losses were $246,000 and $53,000, respectively. At December 31, 2012, total non-performing loans were $1.5 million, or 0.68% of total loans, and total non-performing assets were $2.1 million, or 0.67% of total assets. Stated as a percentage of total loans receivable, our allowance for loan losses was 0.89% and 0.91%, respectively, at December 31, 2012 and 2011. 

Non-interest income for the fourth quarter of 2012 was $781,000, an increase of $450,000 from the fourth quarter of 2011. Our customer service fees, which are primarily comprised of fees earned on transaction accounts, loan servicing fees, and brokered loan commissions, were $213,000 during the fourth quarter of 2012, an increase of $64,000 from the comparable 2011 period. Gains on the sale of mortgage loans were $540,000 during the fourth quarter of 2012 compared to $160,000 during the fourth quarter of 2011. Other non-interest income was $28,000 and $22,000, respectively, for the three month periods ended December 31, 2012 and 2011.

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