Legacy Bancorp Inc. reported consolidated unaudited earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, total interest and dividend income was $11,364,000 against $12,618,000 a year ago. Net interest income was $6,944,000 against $7,265,000 a year ago. Net interest income after provision for loan losses was $6,843,000 against $7,261,000 a year ago. Loss before income taxes was $2,331,000 against income before income taxes $958,000 a year ago. Net loss was $1,698,000 or $0.21 per basic and diluted share against net income of $564,000 or $0.07 per basic and diluted share a year ago. The decrease in the third quarter was primarily the result of an increase in the loss taken on investments deemed to be other-than-temporarily impaired (OTTI), while the year to date decrease is primarily a result of the OTTI charges, an increase in the provision expense for loan losses, and an increase in the deposit insurance premium paid to the Federal Deposit Insurance Corporation (FDIC). The company reported negative return on average assets of 0.72% against return on average assets of 0.24% a year ago. The company reported negative return on average equity of 5.39% against return on average equity of 1.76% a year ago. The total shares outstanding resulted in a book value per share and tangible book value per share of $14.21 and $12.78, respectively, at September 30, 2009 compared to book value per share of $14.26 and tangible book value per share of $12.85 at September 30, 2008. For the nine months, total interest and dividend income was $34,887,000 against $37,835,000 a year ago. Net interest income was $20,814,000 against $20,584,000 a year ago. Net interest income after provision for loan losses was $18,480,000 against $20,009,000 a year ago. Loss before income taxes was $5,517,000 against income before income taxes $2,877,000 a year ago. Net loss was $3,984,000 or $0.50 per basic and diluted share against net income of $1,896,000 or $0.23 per basic and diluted share a year ago. Book value per share at the end of the period was $14.21 against $14.26 a year ago. The company reported negative return on average assets of 0.56% against return on average assets of 0.28% a year ago. The company reported negative return on average equity of 4.12% against return on average equity of 1.92% a year ago.

Legacy Bancorp Inc., Q3 2009 Earnings Call, Oct 29 2009

Legacy Bancorp Inc. expected to Report Fiscal Year 2009 Results on January 25, 2010. This event was calculated by Capital IQ (Created on October 5, 2009).