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On shares andrew mccutchen an operating jason kendall conclude basis, total noninterest expense for the 2009 second quarter was6% higher than for the year-ago second quarter. In the year-ago second quarter, noninterest expense included a goodwillimpairment write-down of $66.9 million on the company`s investment in affiliatemoney manager Roxbury Capital Management. Incentive and bonus expense was higher than for the 2009 first quarter, but morein line with prior periods, as amounts accrued were adjusted in the 2009 firstquarter to reflect actual payments in 2008. This reflectedthe closure of the collateralized debt obligation and conduit services businessin the 2009 first quarter, and accounted for much of the decrease in salary andemployment benefits expense. There were 2,909 full-time-equivalent staff members at the end of the 2009second quarter, 36 fewer than at the end of the first quarter.
This amount included the specialFDIC insurance assessment of $5.3 million autographed baseball . Absent this assessment, which waslevied on all banks, noninterest expense would have been $123.1 million, a 3%decrease from the 2009 first quarter mondesi house . Most of the floating rate loan repricing after this move wascompleted by the end of the 2009 first quarter, but most of the correspondingreduction in the cost of funds did not occur until the 2009 second quarter.Total funding costs fell 28 basis points in the 2009 second quarter, while thedecrease in earning asset yields was only 3 basis points, which led to thehigher margin mondesi's house . Noninterest expenseTotal noninterest expense was $128.4 million nationals baseball tickets . These changes reflected the market interest rate environment and thecompany`s asset-sensitive interest rate risk position.
Most of the company`s floating rate loan pricing adjusts within 30 days of achange in market interest rates baseball managers . Funding costs reprice over a longer period,typically 90 to 120 days nationals game tickets . Market interest rates last changed in December 2008,when the Federal Open Market Committee reduced short-term rates to a range of0.00% to 0.25% nationals tickets . This was 25 basis points higher thanfor the 2009 first quarter, and 1 basis point lower than for the year-ago secondquarter pirates dvd .
Additional disclosures about credit quality are in the financial statementsection of this release baseball tickets . Net interest marginThe net interest margin improved to 3.16% pittsburgh pirates . Indirect auto loans accounted for the majority of this decrease, aswell as for the majority of the decrease in net charge-offs of consumer andother retail loans jason kendall . The decline in loans past due 90 days or more occurred mainly in the consumerportfolio mondesi house . The otheris with an automobile dealer with multiple dealerships selling General Motorsand imported product. Two other relationships accounted for most of the increase in nonperformingloans. One of these is with a Delaware developer with income-producing retailand small office properties that are in various stages of completion.
One of these developers` projects accounted for almost all of the second quarterincrease in OREO, which was $8.5 million higher than for the 2009 first quarter.This project is a single- and multi-family residential project in Sussex County,Delaware, on which most of the site work is complete cardinals baseball tickets . Two other relationships accounted for most of the rest of the increase incommercial construction net charge-offs mondesi's house . These relationships are withresidential developers who have projects in Delaware and Maryland nationals baseball tickets . This relationship is with a mid-Atlantic-based developer ofretirement communities .
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