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Chicopee Bancorp, Inc. Reports A 124.1% Increase In Year-End Net Income And Declares First Cash Dividend

Stocks in this article: CBNK

CHICOPEE, Mass., Jan. 24, 2013 (GLOBE NEWSWIRE) -- Chicopee Bancorp, Inc. (the "Company") (Nasdaq:CBNK), the holding company for Chicopee Savings Bank (the "Bank"), announced the unaudited results of operations for the three and twelve months ended December 31, 2012.

The Company also announced on January 24, 2013, that its Board of Directors declared its first quarterly cash dividend of $0.05 per share. Stockholders of record on February 4, 2013 will receive the cash dividend on or about March 8, 2013. This is the Company's first dividend since completing its initial public stock offering in June 2006.

The Company reported an increase in net income of $614,000, or 162.0%, from $379,000, or $0.07 earnings per share, for the three months ended December 31, 2011 to $993,000, or $0.19 earnings per share, for the three months ended December 31, 2012. The increase in net income for the three months ended December 31, 2012 compared to the three months ended December 31, 2011, was primarily due to a decrease in non-interest expense of $365,000, or 7.8%, a decrease in the provision for loan losses of $64,000, or 24.1%, an increase in net interest income of $246,000, or 5.4%, and an increase in non-interest income of $245,000, or 35.1%. These improvements were partially offset by an increase in the Company's combined federal and state effective tax rate from a tax benefit of 6.8% for the three months ended December 31, 2011 to an effective tax rate of 22.2% for the three months ended December 31, 2012.

The $365,000, or 7.8%, decrease in non-interest expense for the three months ended December 31, 2012 was primarily due to the decrease in salaries and benefits of $313,000, or 11.7%, a decrease in FDIC insurance expense of $38,000, or 30.6%, a decrease of $23,000, or 18.3%, in professional fees and a decrease of $14,000, or 6.4%, in furniture and equipment. These decreases were partially offset by an increase in stationery, supplies and postage of $5,000, or 6.0%, and an increase in data processing of $15,000, or 5.2%. The $313,000, or 11.7%, decrease in salaries and benefits was directly attributed to the decrease in the expense related to the 2007 Equity Incentive Plan. The restricted stock awards and stock options granted in 2007 were fully expensed on July 27, 2012.

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