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 six months ended December 31, 2011.
The Company had net income for the three months ended December 31, 2011 of $694,000, or $0.12 per fully diluted share, as compared to $491,000, or $0.08 per fully diluted share, for the same period in 2010. The Company had an increase in net interest income of $197,000 for the three months ended December 31, 2011 compared to the three months ended December 31, 2010. There was a decrease in interest and dividend income, including fees, of $362,000, or 5.6%, for the three months ended December 31, 2011 compared to the three months ended December 31, 2010. This decrease in interest income was mainly due to a decrease in loan income of $257,000 and a decrease in debt securities income of $100,000. For the three month period ended December 31, 2011, interest expense decreased by $559,000, or 28.7%, compared to the three month period ended December 31, 2010. This decrease in interest expense included a decrease in deposit interest expense of $383,000 and a decrease in borrowing interest expense of $176,000, which was due to a decrease in the rates on deposits and a decrease in the average balance of borrowed funds from the Company paying off some higher rate borrowings and restructuring of debt in the first quarter of 2012. The provision for loan losses decreased $200,000 for the three month period ended December 31, 2011 compared to the same period in 2010. The decrease in the provision for loan losses is due to decreases in delinquent loans, decreases in non-accrual loans, and some improvement in general economic conditions. The increase in non-interest expense of $82,000, or 1.9%, for the three months ended December 31, 2011 compared to the same period in 2010 was primarily due to increases in salaries and employee benefits, professional fees, and a writedown on other real estate owned. Our combined federal and state effective tax rate was 34.2% for the three months ended December 31, 2011 compared to 35.1% for the same period in 2010.
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