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 and twelve months ended June 30, 2011.
The Company had net income for the three months ended June 30, 2011 of $27,000, or $0.00 per fully diluted share, as compared to $622,000, or $0.09 per fully diluted share, for the same period in 2010. The decrease in net income was primarily due to an increase in the provision for loan losses of $400,000, or 133.3%, for the three month period ended June 30, 2011 compared to the three month period ended June 30, 2010. The increase in the provision for loan losses is due to increases in non-accrual loans, increases in impaired loans, and general economic conditions. Additionally, the Company had a decrease in net interest income of $135,000 for the three months ended June 30, 2011 compared to the three months ended June 30, 2010. There was a decrease in interest and dividend income, including fees, of $635,000, or 9.3%, for the three months ended June 30, 2011 compared to the three months ended June 30, 2010. This decrease in interest income was mainly due to a decrease in loan income of $499,000 and a decrease in debt securities income of $146,000. For the three month period ended June 30, 2011, interest expense decreased by $500,000, or 22.3%, compared to the three month period ended June 30, 2010. This decrease in interest expense was due to a decrease in deposit interest expense of $383,000 and a decrease in borrowing interest expense of $117,000. There was a decrease in the rates of deposits and a decrease in the average balance of borrowed funds due to the Company paying off some higher rate borrowings. Our combined federal and state effective tax rate was 32.5% for the three months ended June 30, 2011 compared to 30.3% for the same period in 2010.
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