Chicopee Bancorp, Inc. Reports Second Quarter
Results
July 21, 2010 03:09 PM Eastern Daylight Time
CHICOPEE, Mass.--(EON: Enhanced Online News)--Chicopee Bancorp, Inc. (the “Company”) (NASDAQ:
CBNK), the holding company for Chicopee Savings Bank (the, “Bank”), announced the results of operations for the
three and six months ended June 30, 2010.
The Company reported net income of $127,000, or $0.02 earnings per share, for the three months ended June 30,
2010, as compared to a net loss of $174,000, or ($0.03) loss per share, for the corresponding period in 2009. The
increase in net income for the three months ended June 30, 2010 was primarily the result of an increase in net interest
income of $421,000, or 10.9%, compared to the same period in 2009. The increase in net interest income for the
second quarter of 2010 was mostly due to an increase in investment income of $140,000, or 69.0%, and a decrease
in the cost of deposits of $358,000, or 19.6%, partially offset by the an increase of $123,000 in the cost of
borrowed funds. The increase in net interest income contributed to an increase in net interest margin of 28 basis
points to 3.49%.
For the six months ended June 30, 2010, the Company reported net income of $77,000, or $0.01 earnings per
share, as compared to a net loss of $59,000, or ($0.01) loss per share for the corresponding period in 2009. The
net income for the six months ended June 30, 2010 was primarily the result of an increase in net interest income of
$817,000, or 10.7%, partially offset by an increase of $225,000 in non-interest expense and a $220,000 increase in
the provision for loan losses. The increase in net interest income was mostly due to an increase in investment income
of $199,000, or 49.0%, and a decrease in the cost of deposits of $751,000, or 20.3%, partially offset by a
$236,000 increase in the cost of borrowed funds. The increase in net interest income contributed to the increase in
net interest margin of 26 basis points to 3.46%. We will continue to monito