CFNL » Topics » Noninterest Expense

This excerpt taken from the CFNL 10-Q filed May 11, 2009.

Noninterest Expense

 

Noninterest expense includes salaries and benefits, occupancy costs, professional fees, depreciation, data processing, telecommunications and miscellaneous expenses. Noninterest expense for the three months ended March 31, 2009 was $12.0 million, compared to $11.8 million for the same period of 2008, an increase of $214,000, or 2%.  The increase in noninterest expense for the three months ended March 31, 2009 as compared to the same period of 2008 was a result an increase in our FDIC insurance assessment during the first quarter of 2009. Our FDIC insurance assessment increased $235,000 for the first quarter of 2009 as compared to the same period of 2008 as a result of the changes made by the FDIC over the past several months to replenish the levels of the Bank Institution Fund as a result of recent bank failures.  In addition, additions made to George Mason’s repurchase reserves increased $580,000 for the three months ended March 31, 2009 as compared to the same period of 2008.  Salary and benefits expense decreased $517,000 for the three months ended March 31, 2009 compared to the same period of 2008 due to the decrease in the level of staffing at the commercial banking and wealth management business segments.

 

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This excerpt taken from the CFNL 10-Q filed Nov 7, 2008.

Noninterest Expense

 

Noninterest expense includes salaries and benefits, occupancy costs, professional fees, depreciation, data processing, telecommunications and miscellaneous expenses. Noninterest expense for the three months ended September 30, 2008 was $19.3 million, compared to $15.5 million for the same period of 2007, an increase of $3.8 million, or 24%.  For the year to date September 30, 2008 and 2007, noninterest expense was $44.7 million and $40.1 million, respectively, an increase of $4.6 million, or 11%.  The increase in noninterest expense for the three and nine months ended September 30, 2008 as compared to the same periods of 2007 was primarily a result of the aforementioned other-than-temporary impairment charge related to an investment in Fannie Mae perpetual preferred stock, the goodwill impairment charge recorded at George Mason during the third quarter of 2008 and the one-time cash settlement George Mason made to a mortgage correspondent during the second quarter of 2008.  For the nine months ended September 30, 2007, noninterest expense was impacted by the above mentioned escrow arrangement loss.  Salary and benefits expense decreased $987,000 for the nine months ended September 30, 2008 compared to the same period of 2007 due to the decrease in the level of staffing and commissions paid at our mortgage banking subsidiary.

 

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This excerpt taken from the CFNL 10-Q filed Aug 8, 2008.

Noninterest Expense

 

Noninterest expense includes salaries and benefits, occupancy costs, professional fees, depreciation, data processing, telecommunications and miscellaneous expenses. Noninterest expense for the three months ended June 30, 2008 was $13.6 million, compared to $12.3 million for the same period of 2007, an increase of $1.3 million, or 11%.  For the year to date June 30, 2008 and 2007, noninterest expense was $25.5 million and $24.7 million, respectively, an increase of $789,000, or 3%.  The increase in noninterest expense for the three and six months ended June 30, 2008 as compared to the same periods of 2007 was primarily a result of the aforementioned one-time cash settlement George Mason made to a mortgage correspondent.  Excluding this settlement, noninterest expense for the three and six months ended June 30, 2008 was $11.8 million and $23.7 million, respectively, a decrease of $469,000 and $1.0 million for the three and six months ended June 30, 2008, respectively, as compared to the same periods of 2007.  (See Table 1 for a reconciliation of this non-GAAP financial measure to our GAAP financial information.)  The decrease in noninterest expense is primarily due to a decrease in our salaries and benefits expense attributable to a decrease in the level of staffing and commissions paid at our mortgage banking subsidiary.

 

This excerpt taken from the CFNL 10-Q filed May 12, 2008.

Noninterest Expense

 

Noninterest expense includes salaries and benefits, occupancy costs, professional fees, depreciation, data processing, telecommunications and miscellaneous expenses. Noninterest expense for the three months ended March 31, 2008 was $11.8 million, compared to $12.4 million for the same period of 2007, a decrease of $539,000, or 4%.  This decrease is primarily due to a decrease in our salaries and benefits expense attributable to a decrease in the level of staffing and commissions paid at our mortgage banking subsidiary.

 

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