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Hampden Bancorp, Inc. Reports A 42% Increase In First Quarter Results 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 months ended September 30, 2012.

The Company had a $225,000 increase in net income for the three months ended September 30, 2012 to $761,000, or $0.14 per fully diluted share, as compared to $536,000, or $0.09 per fully diluted share, for the same period in 2011. The provision for loan losses decreased $250,000 for the three month period ended September 30, 2012 compared to the same period in 2011 due to decreases in non-accrual and impaired loans and continued improvement in general economic conditions. The Company had an increase in net interest income of $143,000 for the three months ended September 30, 2012 compared to the same period in 2011. For the three month period ended September 30, 2012, interest expense decreased by $176,000, or 11.1%, compared to the three month period ended September 30, 2011. This decrease in interest expense included a decrease in deposit interest expense of $207,000 due to a decrease in rates partially offset by an increase in borrowing interest expense of $31,000 due to an increase in balances. For the three months ended September 30, 2012, the Company had a gain on the sale of loans of $195,000 compared to $109,000 for the same period in 2011, which contributed to the $145,000 increase in total non-interest income. Due to interest rate risk, the Company has decided to sell the majority of its current originations of long-term fixed rate mortgages. Non-interest expense increased $100,000, or 2.3%, for the three months ended September 30, 2012 compared to the three months ended September 30, 2011 due to increases in data processing services, FDIC insurance expense, and debit card losses. Our combined federal and state effective tax rate was 39.3% for the three months ended September 30, 2012 compared to 34.2% for the same period in 2011.

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