Hampden Bancorp, Inc. Reports First Quarter Results And Declares Cash Dividend
Hampden Bancorp, Inc. (the “Company”) (NASDAQ - HBNK), which is the holding company for Hampden Bank (the “Bank”), announced the results of operations for the three months ended September 30, 2010.
The Company had net income for the three months ended September 30, 2010 of $543,000, or $0.09 per basic and $0.08 per fully diluted share, as compared to a net loss of $162,000, or $(0.02) per basic and fully diluted share, for the same period in 2009. The reason for the increase in net income was due to a decrease in the provision for loan losses of $542,000, or 64.4%, for the three months ended September 30, 2010 compared to the three months ended September 30, 2009. Also, for the three month period ended September 30, 2010, net interest income increased by $244,000 compared to the three month period ended September 30, 2009. This increase in net interest income was mainly due to a decrease in deposit interest expense of $341,000 and a decrease in borrowing interest expense of $159,000 for the three months ended September 30, 2010 compared to the three months ended September 30, 2009. There was also a decrease in non-interest expense of $120,000 for the three months ended September 30, 2010 compared to the three months ended September 30, 2009. The decrease in non-interest expense was primarily due to a gain on the sale of other real estate owned of $15,000 for the for the three months ended September 30, 2010 compared to a write-down of other real estate owned of $225,000 for the three months ended September 30, 2009.
The Company’s total assets decreased $10.4 million, or 1.8%, from $584.0 million at June 30, 2010 to $573.6 million at September 30, 2010. This decrease in total assets was primarily the result of a $6.7 million commercial loan payoff and the withdrawal of a certificate of deposit in the same amount that secured the loan. Net loans, including loans held for sale, decreased $14.8 million, or 3.6%, to $398.8 million at September 30, 2010, and securities decreased 5.3% or $5.9 million from $111.4 million to $105.5 million as of September 30, 2010. Cash and cash equivalents increased $9.7 million, or 32.2%, to $39.7 million at September 30, 2010. The Company repurchased 161,600 shares of Company stock for $1.6 million in the first quarter of fiscal 2011 pursuant to the Company’s third Stock Repurchase Program announced in June 2010. The Company also purchased an additional 10,500 shares from Hampden Bank Charitable Foundation.
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