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MANCHESTER, NH–(Marketwire – Apr 27, 2011) – Hampshire First Bank’s (the “Bank”) (OTCBB: HFBN) net income for the three months ending March 31, 2011 totaled $374,000 or $0.13 (basic and diluted) per share compared to net income of $174,000 or $0.06 (basic and diluted) per share for the same period last year. Net interest income for the first quarter of 2011 amounted to $2,146,000 while fee income totaled $87,000. These amounts show increases of $585,000 and $39,000 respectively over first quarter of 2010 results. “The improvement in net interest income is primarily a result of the Bank’s overall growth,” said James Dunphy, President and CEO of Hampshire First Bank. “Fee income increases came from gains on residential loan sales.”
The Bank saw total assets climb to $249,631,000, an increase of 6% for the quarter and 31% year over year. Growth was recognized primarily in loans and deposits. Net loans after the allowance for loan losses as of the latest quarter-end stood at $207,576,000 while deposits totaled $201,342,000. “We are pleased with the Bank’s continued growth and positive market acceptance,” said Dunphy.
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Article source: http://www.marketwire.com/press-release/hampshire-first-bank-earnings-increase-115-otcbb-hfbn-1507164.htm