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This excerpt taken from the HMNF 10-K filed Mar 4, 2009. Non-interest
Expense
Non-interest expense for 2008 was $29.1 million, an
increase of $5.3 million, or 22.1%, from $23.8 million
for 2007. The following table presents the components of
non-interest expense:
A goodwill impairment charge of $3.8 million was recorded
in the second quarter of 2008 as goodwill related to a prior
acquisition was deemed to be impaired and fully written off due
to the trading of the Company’s common stock at a discount
to book value. Other non-interest expense increased
$1.6 million between the periods primarily because of
increased Federal Deposit Insurance Corporation (FDIC) insurance
costs, a litigation settlement related to a loan participation
and increased legal fees primarily related to an ongoing state
tax assessment challenge. Occupancy expense increased $54,000
primarily because of the additional costs associated with a new
branch that was opened in Eagan in the third quarter of 2007 and
a new branch that was opened in Rochester in the third quarter
of 2008. Data processing costs increased $128,000 primarily
because of increased expenses related to the data processing
system conversion that took place in the fourth quarter of 2008.
Amortization of mortgage servicing rights decreased $136,000 due
to a decrease in single-family mortgage loans being serviced as
the Bank continues to sell the servicing rights along with the
loans for the majority of its single family loans that are sold.
Advertising expense decreased $120,000 between the periods due
primarily to a decrease in promotional event sponsorships.
Compensation expense decreased $27,000 between the periods as
pay increases were offset entirely by decreases in incentives
and pension costs related to the Company’s ESOP plan.
These excerpts taken from the HMNF 10-K filed Mar 4, 2008. Non-Interest
Expense
Non-interest expense for 2007 was $23.8 million, an
increase of $1.2 million, compared to $22.6 million
for 2006. The following table presents the components of
non-interest expense:
Non-interest expense increased in 2007 primarily because of a
$622,000 increase in compensation and benefits expense due to
annual salary and incentive compensation increases. Occupancy
expense increased $32,000 primarily because of the additional
costs associated with the new Eagan branch that was opened in
the third quarter of 2007. Data processing costs increased
$84,000 primarily because of increased internet and other
banking services provided by a third party processor.
Amortization of mortgage servicing rights decreased $142,000 due
to a decrease in single-family mortgage loans being serviced
when compared to 2006. Other non-interest expense increased
$563,000 primarily because of increased legal fees and other
expenses relating to foreclosed assets.
Non-Interest Expense Non-interest expense for 2007 was $23.8 million, an increase of $1.2 million, compared to $22.6 million for 2006. The following table presents the components of non-interest expense:
Non-interest expense increased in 2007 primarily because of a $622,000 increase in compensation and benefits expense due to annual salary and incentive compensation increases. Occupancy expense increased $32,000 primarily because of the additional costs associated with the new Eagan branch that was opened in the third quarter of 2007. Data processing costs increased $84,000 primarily because of increased internet and other banking services provided by a third party processor. Amortization of mortgage servicing rights decreased $142,000 due to a decrease in single-family mortgage loans being serviced when compared to 2006. Other non-interest expense increased $563,000 primarily because of increased legal fees and other expenses relating to foreclosed assets. | EXCERPTS ON THIS PAGE:
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