Harvard Illinois Bancorp, Inc. announced unaudited consolidated earnings results for the third quarter ended March 31, 2015. For the quarter, the company reported net income of $136,000, compared to $234,000 for the three months ended March 31, 2014. Net income decreased $98,000, or 41.9%, compared to the first quarter of 2014.

The decrease in net income was due to an increase in noninterest expense of $151,000 and a decrease in interest and dividend income of $175,000, partially offset by an increase in noninterest income of $28,000 and decreases in interest expense, provision for loan losses, and the provision for income taxes of $41,000, $45,000 and $114,000, respectively. Interest and dividend income was $1,501,000 against $1,676,000 a year ago. Net interest income was $1,200,000 against $1,334,000 a year ago.

Income before income taxes was $136,000 against $348,000 a year ago. Return on average assets (annualized) was 0.34% against 0.55% a year ago.