Hampden Bancorp Inc. said it recovered $621,000 in cash on a loan it had classified as impaired, cutting its portfolio of nonperforming loans, according to a recent regulatory filing.
Hampden said it recently received the cash payment, a move that cut its impaired loans by $364,000 and resulted in a $257,000 loan-loss recovery.
In the third quarter, the bank’s net income was $47,000, compared with $521,000 for the same period in 2007. This decrease in net income was primarily the result of setting aside more money for anticipated loan losses, the bank said.
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http://www.bizjournals.com/boston/stories/2008/11/10/daily37.html
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