Danvers Bancorp Inc., the holding company for Danversbank, made $1.5 million in the first six months of the year, compared to a loss of $2.7 million for the same period last year, but was stung in the second quarter by costs associated with its planned acquisition of Beverly National Corp.

Second quarter net income totaled $135,000, compared to $542,000 a year ago, a 75.1 percent decrease.

Higher deposit insurance premiums related to the FDIC’S special assessment, higher provision for loan losses and transaction expenses associated with the proposed Beverly National Corp. acquisition more than offset measurable increases in net interest income and noninterest income for the second quarter, the company said. Net interest income improved 7.8 percent from last year, to $945,000.

The loss for the first six months of 2008 was due primarily to two nonrecurring items: 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 January 2008 from a mutual form of organization to a public stock holding company.

The company also recorded a 33 percent annualized growth in total deposits.

"We were pleased by the continued strong growth in our deposits and the modest improvement of seven basis points in our net interest margin," noted Kevin T. Bottomley, president and CEO.