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Hampden Bancorp, Inc. Reports A 64% Increase In Nine Month Net Income And Declares Cash Dividend

Stocks in this article: HBNK

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 nine months ended March 31, 2012.

The Company had a $624,000, or 246.6%, increase in net income for the three months ended March 31, 2012 to $877,000, or $0.16 per fully diluted share, as compared to $253,000, or $0.04 per fully diluted share, for the same period in 2011. The provision for loan losses decreased $575,000 for the three month period ended March 31, 2012 compared to the same period in 2011, due to decreases in delinquent loans, including non-accrual loans, declining impaired loans and continued improvement in general economic conditions. The Company had an increase in net interest income of $435,000 for the three months ended March 31, 2012 compared to the three months ended March 31, 2011. There was an increase in interest and dividend income, including fees, of $29,000, or 0.5%, for the three months ended March 31, 2012 compared to the three months ended March 31, 2011 due to an increase in loan balances. For the three month period ended March 31, 2012, interest expense decreased by $406,000, or 22.9%, compared to the three month period ended March 31, 2011. This decrease in interest expense included a decrease in deposit interest expense of $291,000 and a decrease in borrowing interest expense of $115,000, due to a decrease in the rates on deposits and the restructuring of borrowed funds in the first quarter of fiscal 2012. The increase in non-interest income, including gain (loss) on sales of securities and loans, of $131,000 for the three months ended March 31, 2012 compared to the same period in 2011 was primarily due to an increase in the gain (loss) on sales of securities of $113,000 and a gain on sale of loans of $89,000. Non-interest expense remained relatively unchanged for the three months ended March 31, 2012 compared to the three months ended March 31, 2011. Our combined federal and state effective tax rate was 37.1% for the three months ended March 31, 2012 compared to a 9.1% benefit for the same period in 2011. The 9.1% benefit for the three months ended March 31, 2011 was due to the Company reversing $100,000 of the valuation reserve against a deferred tax asset.

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