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Chicopee Bancorp, Inc. Reports First Quarter Results And Announces Quarterly Cash Dividend Of $0.05 Per Share

CHICOPEE, Mass., April 25, 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 months ended March 31, 2013.

The Company also announced on April 25, 2013, that its Board of Directors declared its second quarterly cash dividend of $0.05 per share. Stockholders of record on May 6, 2013 will receive the cash dividend on or about June 7, 2013.

The Company reported pre-tax income of $1.0 million for the three months ended March 31, 2013, compared to $446,000 for the three months ended March 31, 2012. Net income for the three months ended March 31, 2013 was $797,000, or $0.16 diluted earnings per share, as compared to net income of $397,000, or $0.08 diluted earnings per share, for the same period in 2012. The $400,000, or 100.8%, increase in net income was a result of an increase in net interest income of $142,000, or 3.1%, a decrease in the provision for loan losses of $77,000, an increase in non-interest income of $161,000, or 23.6%, and a decrease in non-interest expense of $196,000, or 4.1%. These improvements were offset by an increase in income tax expense of $176,000 from $49,000 for the three months ended March 31, 2012 to $225,000 for the three months ended March 31, 2013.

Net interest income increased $142,000, or 3.1%, from $4.6 million for the three months ended March 31, 2012 to $4.7 million for the three months ended March 31, 2013. The increase in net interest income was primarily due to the decrease in interest expense of $366,000, or 24.1%, offset by the decrease of $224,000, or 3.7%, in interest income. Interest expense on deposits decreased $188,000, or 16.4%, from $1.1 million for the three months ended March 31, 2012 to $958,000 for the three months ended March 31, 2013. Interest expense on Federal Home Loan Bank ("FHLB") advances decreased $176,000, or 48.2%, over the same period.

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