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

CHICOPEE, Mass., July 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 and six months ended June 30, 2013.

The Company also announced on July 25, 2013, that its Board of Directors declared its third quarterly cash dividend of $0.05 per share. Stockholders of record on August 9, 2013 will receive the cash dividend on or about August 21, 2013.

The Company reported pre-tax income of $649,000 for the three months ended June 30, 2013, compared to $509,000 for the three months ended June 30, 2012. Net income for the three months ended June 30, 2013 was $513,000, or $0.10 earnings per share, as compared to $452,000, or $0.09 earnings per share, for the three months ended June 30, 2012. The $61,000, or 13.5%, increase in net income for the three months ended June 30, 2013 compared to the three months ended June 30, 2012, was primarily due to the decrease in non-interest expense of $167,000, or 3.5%, an increase in net-interest income of $25,000, or 0.5%, and an increase in non-interest income of $11,000, or 1.4%. These improvements were partially offset by the increase in the provision for loan losses of $63,000, or 98.4%, and an increase in income tax expense of $79,000, or 138.6%.

Non-interest income increased $11,000, or 1.4%, from $777,000 for the three months ended June 30, 2012 to $788,000 for the three months ended June 30, 2013. The increase was due to the $112,000, or 98.2%, increase in income from net loans sales and servicing, partially offset by the decrease in customer service fees and commissions of $41,000, or 7.7%, a $21,000 loss on the sale of other real estate owned (OREO), and a $34,000 decrease in non-interest income.

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