BFMGBankers Financial Mortgage Group
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We are very comfortable with their management team and the quality of loans BFMG originates.
Included in salary expense for the quarter ended September 30, 2008, are nonrecurring earnout payments totaling $186,000 to former partners of BFMG pursuant to the acquisition agreement, with no similar payments during the quarter ended September 30, 2007.
The increase in noninterest expense was primarily due to an increase in salaries and employee benefits associated with the BFMG Acquisition, as well as increased stock compensation expense from the shareholder approved equity incentive plan and employee stock ownership plan expense.