Danvers Bancorp, the holding company for Danversbank, has reported a 61 percent decrease in net income for the second quarter, compared to the same period last year.

The bank stated net income of $542,000 for the quarter ended June 30, compared to $1.4 million for the same quarter in 2007.

Higher provisions for loan losses, due to the growth of the loan portfolio and additional expense relating to the ongoing workout of a residential subdivision, offset measurable increases in net interest income and non-interest income for the second quarter, the bank said.
 
For the six months ended June 30, the company recorded a net loss of $2.7 million compared to net income of $1.9 million for the same time period in 2007.