Hampden Bancorp, Inc. Reports First Quarter Earnings And Declares Cash Dividend

SPRINGFIELD, Mass., Nov. 4, 2014 (GLOBE NEWSWIRE) -- Hampden Bancorp, Inc. (the "Company") (Nasdaq:HBNK), the holding company for Hampden Bank (the "Bank"), announced earnings for the three months ended September 30, 2014.

Three Months Ended September 30, 2014

Net income was $1.2 million, or $0.22 per fully diluted share, for the three months ended September 30, 2014 compared to $1.2 million, or $0.22 per fully diluted share, for the same period in 2013.

Net interest income increased by $444,000, or 9.1%, for the three months ended September 30, 2014 compared to the three months ended September 30, 2013. Interest and dividend income increased $465,000, or 7.6%, for the three months ended September 30, 2014 compared to the same period last year mainly due to a $415,000 increase in loan interest income. For the three months ended September 30, 2014, interest expense increased by $21,000, or 1.7%, compared to the three months ended September 30, 2013, which included a decrease in deposit interest expense of $70,000 due to a decrease in rates partially offset by an increase in the average balance of deposits. There was an increase in borrowing interest expense of $91,000 for the three months ended September 30, 2014 compared to the same period last year due to an increase in average balances partially offset by a decrease in rates. The net interest margin increased to 3.17% for the three months ended September 30, 2014 compared to 3.08% for the three months ended September 30, 2013. The increase in margin was mainly due to an increase in the yield on interest-earning assets from 3.87% for the three months ended September 30, 2013 to 3.93% for the three months ended September 30, 2014.

The provision for loan losses increased $50,000 for the three months ended September 30, 2014 compared to the same period in 2013.

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