After essentially breaking even in the third quarter last year, earning $48,000, Danversbank parent company Danvers Bancorp. reported net income of $1.2 million in Q3 this year.

"A significant increase in net-interest income and a slight increase in non-interest income more than offset higher provision for loan losses, increased salaries and benefits expense and expenses associated with the proposed Beverly National Corp. merger," the company said in a press release.

Year-to-date figures for ’09 are even better, as the company said net income through Sept. 30 was $2.7 million, compared to a loss of $2.7 million for the first nine months in 2008.

"Our core operations showed continued strength in the third quarter. The impressive growth in deposits was accompanied by a ten basis point improvement in our net interest margin and stability in our asset quality," stated Kevin T. Bottomley, Danvers Bancorp. president and CEO.