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This excerpt taken from the NECB 10-Q filed May 15, 2009. Non-interest
Income. Non-interest income decreased by $95,000, or 22.2%, to
$333,000 for the three months ended March 31, 2009 from $428,000 for the three
months ended March 31, 2008. The decrease was due to a $33,000
decrease in fee income generated by Hayden Wealth Management Group, the Bank’s
investment advisory and financial planning services division, a $35,000 decrease
in other non-interest income, a $15,000 decrease in earnings on bank owned life
insurance, a $8,000 decrease in other loan fees and service charges, and a
$4,000 impairment loss on securities.
This excerpt taken from the NECB 10-Q filed Nov 14, 2008. Non-interest
Income. Non-interest
income decreased by $18.3 million, or 93.6%, to $1.2 million for the nine months
ended September 30, 2008 from $19.5 million for the nine months ended September
30, 2007. The decrease was primarily due to the $19.0 million gain
during the 2007 period from the disposition of the Bank’s branch office building
located at 1353-55 First Avenue, New York, New York. The decrease was
partially offset by $611,000 in fee income generated by Hayden Wealth Management
Group, the Bank’s investment advisory and financial planning service division
acquired during the fourth quarter of 2007, a $32,000 one-time payment from Visa
in 2008 in connection with Visa’s initial public stock offering, and an increase
of $32,000 in loan fees and service charges.
This excerpt taken from the NECB 10-Q filed Aug 14, 2008. Non-interest
Income. Non-interest income decreased by $18.5 million, or
95.7%, to $827,000 for the six months ended June 30, 2008 from $19.3 million for
the six months ended June 30, 2007. The decrease was primarily due to
the $19.0 million gain during the 2007 period from the disposition of the Bank’s
branch office building located at 1353-55 First Avenue, New York, New
York. The decrease was partially offset by $403,000 in fee income
generated by Hayden Financial, the Bank’s investment advisory and financial
planning service division acquired during the fourth quarter of 2007, and a
$32,000 one-time payment from Visa in connection with Visa’s initial public
stock offering.
This excerpt taken from the NECB 10-Q filed May 15, 2008. Non-interest
Income. Non-interest
income increased by $246,000, or 135.2%, to $428,000 for the three months ended
March 31, 2008 from $182,000 for the three months ended March 31,
2007. The increase was primarily due to $201,000 in fee income
generated by Hayden Financial, the Bank’s investment advisory and financial
planning services division, a $32,000 one-time payment from Visa in connection
with Visa’s initial public stock offering, and an increase of $13,000 in
earnings on bank owned life insurance.
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