Ham­p­den Ban­corp de­clares cash div­i­dend

The Pak Banker - - Front Page -

SPRING­FIELD, MASS

Ham­p­den Ban­corp, which is the hold­ing com­pany for Ham­p­den 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.

The Com­pany's to­tal as­sets in­creased $30.2 mil­lion, or 4.9%, from $616.0 mil­lion at June 30, 2012 to $646.2 mil­lion at Septem­ber 30, 2012. Net loans, in­clud­ing loans held for sale, in­creased $13.8 mil­lion, or 3.4%, to $421.1 mil­lion at Septem­ber 30, 2012. To­tal li­a­bil­i­ties in­creased $30.3 mil­lion, or 5.7%, from $528.8 mil­lion at June 30, 2012 to $559.1 mil­lion at Septem­ber 30, 2012. De­posits in­creased $18.1 mil­lion, or 4.2%, to $452.9 mil­lion at Septem­ber 30, 2012 from $434.8 mil­lion at June 30, 2012.

Non-per­form­ing as­sets to­taled $4.4 mil­lion or 0.68% of to­tal as­sets, at Septem­ber 30, 2012 com­pared to $4.1 mil­lion, or 0.67% of to­tal as­sets, at June 30, 2012.

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.