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CORRECTING And REPLACING Chicopee Bancorp, Inc. Reports First Quarter Results

In the Consolidated Statements of Financial Condition table, in the December 31, 2011 column, Non-interest-bearing should be $68,799 and Interest-bearing should be $384,578 (sted: $384,578 for Non-interest-bearing and $68,799 for Interest-bearing).

The corrected release reads:


Chicopee Bancorp, Inc. (the “Company”) (NASDAQ - CBNK), the holding company for Chicopee Savings Bank (the “Bank”), announced the results of operations for the three months ended March 31, 2012.

The Company reported net income for the three months ended March 31, 2012 of $397,000, or $0.08 earnings per share, as compared to net income of $43,000, or $0.01 earnings per share, for the same period in 2011. The increase in net income for the three months ended March 31, 2012 compared to the three months ended March 31, 2011, was primarily due to an increase in net interest income of $236,000, or 5.4%, a decrease in the provision for loan losses of $226,000, or 97.0%, and an increase in non-interest income of $20,000, or 3.0%. These increases were partially offset by an increase in non-interest expense of $84,000, or 1.8%, and an increase in income tax expense of $44,000 from $5,000 at March 31, 2011 to $49,000 at March 31, 2012.

Net interest income increased $236,000, or 5.4%, from $4.4 million at March 31, 2011 to $4.6 million at March 31, 2012. The increase in net interest income was primarily due to a $306,000, or 16.8%, decrease in interest expense.

The net interest margin increased 2 basis points from 3.44%, for the three months ended March 31, 2011, to 3.46% for the three months ended March 31, 2012. The interest rate spread increased 8 basis points from 3.10% at March 31, 2011 to 3.18% at March 31, 2012. The average cost of funds declined 35 basis points due to the continuation of low market interest rates, which allowed the Company to renew or replace maturing time deposits at lower costs. The average balance of demand deposits, an interest free source of funds, increased $17.9 million, or 37.5%, for the three months ended March 31, 2012 compared to the three months ended March 31, 2011.

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