Pension Plan Assets. Pension plan assets increased $834,000, or 7.5%, to $11.9 million at June 30, 2022 from $11.1 million at December 31, 2021. The increase resulted from estimated returns on pension assets of $998,000 and employer contributions of $328,000, partially offset by estimated benefits paid of $232,000 and interest costs of $260,000.
Deposits. Deposits decreased $495,000, or 0.2%, to $311.6 million at June 30, 2022 from $312.0 million at December 31, 2021. Noninterest-bearing deposits decreased $256,000, or 0.4%, to $57.3 million at June 30, 2022 from $57.5 million at December 31, 2021. Interest-bearing accounts decreased $239,000, or 0.1%, to $254.3 million at June 30, 2022 from $254.5 million at December 31, 2021. The largest decrease in interest-bearing deposits was in certificates of deposit which decreased $2.6 million, or 3.5%, to $73.1 million at June 30, 2022 from $75.7 million at December 31, 2021 due to an increase in non-renewal of accounts at maturity. Interest-bearing checking accounts decreased $364,000, or 1.0%, to $36.8 million at June 30, 2022 from $37.2 million at December 31, 2021. Savings accounts increased $1.5 million, or 1.3%, to $111.7 million at June 30, 2022 from $110.3 million at December 31, 2021. Additionally, money market accounts increased $1.3 million, or 4.0%, to $32.6 million at June 30, 2022 from $31.3 million at December 31, 2021.
Municipal deposits held at Generations Commercial Bank decreased $678,000, or 10.8%, to $5.6 million at June 30, 2022 from $6.3 million at December 31, 2021.
Federal Home Loan Bank Advances. Federal Home Loan Bank advances decreased $3.5 million, or 19.9%, to $14.2 million at June 30, 2022 from $17.8 million at December 31, 2021 as a result of repayments.
Total Equity. Total equity decreased $4.5 million, or 10.2%, to $39.0 million at June 30, 2022 from $43.5 million at December 31, 2021. The decrease was primarily due to an increase in accumulated other comprehensive loss of $4.3 million as a result of a decrease in the fair market value of our investment securities available-for-sale and a decrease of $940,000 due to stock repurchases, offset in part by net income of $741,000 during the six months ended June 30, 2022.
Comparison of Operating Results for the Three Months Ended June 30, 2022 and 2021
General. Net income for the three months ended June 30, 2022 was $345,000 as compared to $369,000 for the three months ended June 30, 2021, a decrease of $24,000, or 6.5%. The decrease was due to a $107,000 decrease in net interest income, a $153,000 decrease in noninterest income, and a $15,000 increase in provision for loan losses, partially offset by a $239,000 decrease in noninterest expense and a $12,000 decrease in income tax expense.
Interest and Dividend Income. Interest and dividend income decreased $193,000, or 5.7%, to $3.2 million for the three months ended June 30, 2022 from $3.4 million for the three months ended June 30, 2021. This decrease was primarily attributable to a $239,000 decrease in interest on loans receivable, partially offset by an increase in interest on interest-earning deposits of $35,000 and a net increase of $21,000 in interest on investment securities. The average balance of loans decreased $9.9 million, or 3.5%, to $274.7 million for the three months ended June 30, 2022 from $284.5 million for the three months ended June 30, 2021. The average yield on loans decreased 19 basis points to 4.18% for the 2022 period from 4.37% for the 2021 period, reflecting a decrease in higher yielding loans period over period. The average balance of investment securities decreased $241,000, or 0.7%, to $36.6 million for the three months ended June 30, 2022 from $36.8 million for the three months ended June 30, 2021. The average yield on investment securities increased 24 basis points to 2.73% for the 2022 period from 2.49% for the 2021 period due to purchases of $23.6 million in higher yielding corporate bonds throughout 2021.
Interest Expense. Total interest expense decreased $86,000, or 19.9%, to $347,000 for the three months ended June 30, 2022 from $433,000 for the three months ended June 30, 2021. Interest expense on total interest-bearing deposits decreased $43,000, or 13.4%, to $279,000 for the three months ended June 30, 2022 from $322,000 for the three months ended June 30, 2021. The decrease was primarily attributable to a decrease of $6.1 million, or 7.5%, in the average balance of certificates of deposit to $75.5 million for the three months ended June 30, 2022 from $81.6 million for the three months ended June 30, 2021, in addition to a decrease in the average cost of 21 basis points to 0.63% for the three months ended June 30, 2022 from 0.84% for the same period in 2021. Interest expense on borrowings