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, 2012.
The Company had an $882,000 increase in net income for the three months ended June 30, 2012 to $909,000, or $0.16 per fully diluted share, as compared to $27,000, or $0.00 per fully diluted share, for the same period in 2011. The provision for loan losses decreased $700,000 for the three month period ended June 30, 2012 compared to the same period in 2011 due to decreases in non-accrual loans and continued improvement in general economic conditions. The Company had an increase in net interest income of $363,000 for the three months ended June 30, 2012 compared to the three months ended June 30, 2011. There was an increase in interest and dividend income, including fees, of $46,000, or 0.7%, for the three months ended June 30, 2012 compared to the three months ended June 30, 2011 due to an increase in loan balances. For the three month period ended June 30, 2012, interest expense decreased by $317,000, or 18.2%, compared to the three month period ended June 30, 2011. This decrease in interest expense included a decrease in deposit interest expense of $272,000 and a decrease in borrowing interest expense of $46,000, due to a decrease in the rates on deposits and borrowings. For the three months ended June 30, 2012, the Company had a gain on the sale of loans of $182,000 compared to $12,000 for the same period in 2011, which contributed to the $206,000 increase in total non-interest income. Non-interest expense decreased $228,000, or 5.1%, for the three months ended June 30, 2012 compared to the three months ended June 30, 2011 due to decreases in advertising expenses, occupancy & equipment expenses, FDIC insurance expense, and professional fees. Our combined federal and state effective tax rate was 40.9% for the three months ended June 30, 2012 compared to 32.5% for the same period in 2011.
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