Danvers Bancorp, the holding company for Danversbank, has reported net income of $1.4 million for the quarter ended March 31, an increase of $4.6 million compared to a net loss of $3.2 million for the same quarter in 2008.

The company said the increase is primarily due to "the increase in net interest income and a sizeable reduction in non-interest expenses between the comparable periods."

Net interest income during the quarter improved $2 million, or 18.6 percent, from the comparable three-month period in 2008.

The decline in non-interest expense relates to two non-recurring items that the company incurred during the first quarter of 2008; a $6.9 million pretax charge related to the establishment of the Danversbank Charitable Foundation and a $3.7 million pretax charge related to the acceleration of the company’s phantom stock plan.

Both charges are directly related to the company’s conversion from a mutual form of organization to a public stock holding company, the company said.