BluegrassForeclosure.com

More information about the first quarter banks are seeing.  This is from Kentucky First Federal based in Hazard and Frankfort.

“The decrease in net earnings for the quarter ended March 31, 2010 was primarily attributable to higher levels of non-interest expense, as well as additional provision expense for loan loses.  Non-interest expense increased $98,000 or 8.4% to $1.3 million for the recent quarter ended due primarily to higher FDIC insurance premiums, higher levels of employee compensation and benefits and higher legal fees.  As is the case for most FDIC-insured financial institution, the two banks owned by the Company are experiencing higher FDIC insurance premiums mandated to increase deposit insurance fund levels as a result of the recent increase in bank failures. The increase in compensation costs was due in large part to higher levels of retirement expense in the recently ended quarter than in the linked quarter.”

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