Danvers Bancorp, the holding company for Danversbank, has reported net loss of $37,000 for the quarter ended Dec. 31, compared to net income of $1.1 million for the same quarter in 2007, a 103 percent decline.

For the year ended Dec. 31, 2008, the company recorded a net loss of $2.7 million, compared to net income of $4.4 million in 2007, a drop of 161 percent.

The 2008 loss was primarily due to two non-recurring items, the bank said; 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 in 2008 from a mutual form of organization to a public stock holding company, the company said.

Due to growth of the loan portfolio during 2008, the company’s provision for loan losses expense increased $3.4 million. In addition, the company incurred $2.8 million in other real estate owned expense in 2008, primarily related to a residential subdivision that was sold during the third quarter.