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TheStreet Open House

Chicopee Bancorp, Inc. Reports Second Quarter Results

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 monitor the cost of funds in an effort to protect the net interest margin during this unprecedented low interest rate environment.

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