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Chicopee Bancorp, Inc. Reports Second Quarter Results and Announces Quarterly Cash Dividend of $0.08 per Share

20:00 EDT 22 Jul 2015 | Globe Newswire

CHICOPEE, Mass., July 23, 2015 (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, 2015.

The Company also announced on July 23, 2015, that its Board of Directors declared a $0.01, or 14.3%, increase in the quarterly cash dividend from $0.07 per share to $0.08 per share. Stockholders of record on August 7, 2015 will receive the cash dividend on or about August 21, 2015.

The Company reported an increase of $347,000, or 39.4%, in pre-tax, pre-provision for loan losses income of $1.2 million for the three months ended June 30, 2015, compared to $880,000 for the three months ended June 30, 2014. For the three months ended June 30, 2015, the Company reported net income of $742,000, or $0.15 earnings per share, compared to a net loss of $40,000, or $0.01 loss per share, for the three months ended June 30, 2014. The increase in net income for the three months ended June 30, 2015 compared to the three months ended June 30, 2014, was primarily due to the decrease in the provision for loan losses of $2.6 million, or 92.5%, an increase in net interest income of $390,000, or 8.0%, and an increase in non-interest income of $37,000, or 5.2%. These improvements were partially offset by an increase in non-interest expense of $80,000, or 1.7%, and an increase of $2.1 million, or 115.0%, in income tax expense due to the higher level of taxable income during the three months ended June 30, 2015.

Net interest income increased $390,000, or 8.0%, from $4.9 million for the three months ended June 30, 2014 to $5.3 million for the three months ended June 30, 2015. The increase in net interest income was due to the $489,000, or 8.5%, increase in interest income, partially offset by the increase in interest expense of $99,000, or 10.7%, over the same period. The increase in interest income of $489,000, or 8.5%, was due to the $57.0 million, or 11.3%, increase in average loans outstanding from $502.1 million for the three months ended June 30, 2014 to $559.0 million, for the three months ended June 30, 2015. The increase in interest expense of $99,000, or 10.7%, was due to the $101,000, or 46.8%, increase in interest expense on Federal Home Loan Bank (FHLB) advances from $216,000 for the three months ended June 30, 2014 to $317,000 for the three months ended June 30, 3015. FHLB advances were used to fund the $59.2 million, or 11.6%, loan growth from June 30, 2014 to June 30, 2015 and to protect the interest spread against the eventual increase in interest rates.

The net interest margin decreased 15 basis points from 3.67% for the three months ended June 30, 2014 to 3.52% for the three months ended June 30, 2015. The interest rate spread decreased 12 basis points from 3.44% for the three months ended June 30, 2014 to 3.32% for the three months ended June 30, 2015. The average yield on assets decreased 15 basis points from 4.33% for the three months ended June 30, 2014 to 4.18% for the three months ended June 30, 2015. The average cost of funds decreased three 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 cost of time deposits decreased from 1.30% for the three months ended June 30, 2014 to 1.22% for the three months ended June 30, 2015.

Average interest-earning assets increased $65.5 million, or 11.7%, from $560.2 million for the three months ended June 30, 2014 to $625.7 million for the three months ended June 30, 2015. The increase in average interest-earning assets was due to the $57.0 million, or 11.3%, increase in average loans and the $13.1 million, or 84.6%, increase in other interest-earning assets, partially offset by the $4.7 million, or 10.9%, decrease in average investments. The average balance of demand deposit accounts, an interest free source of funds, increased $5.3 million, or 5.8%, for the three months ended June 30, 2015 compared to the three months ended June 30, 2014.

The provision for loan losses decreased $2.6 million, or 92.5% to $207,000, for the three months ended June 30, 2015, compared to $2.8 million for the three months ended June 30, 2014. Nonperforming loans decreased $4.6 million, or 42.2%, from $10.9 million, or 2.12% of total loans, at June 30, 2014, to $6.3 million, or 1.11% of total loans, at June 30, 2015. Total nonperforming assets decreased $4.6 million, or 38.3%, from $12.0 million, or 1.98% of total assets, at June 30, 2014, to $7.4 million, or 1.10% of total assets, at June 30, 2015. The allowance for loan losses as a percentage of total loans increased from 0.92% at June 30, 2014 to 0.94% at June 30, 2015. The allowance for loan losses as a percentage of nonperforming loans increased from 43.2% at June 30, 2014 to 85.5% at June 30, 2015.

For the three months ended June 30, 2015, non-interest income increased $37,000, or 5.2%, from $711,000 for the three months ended June 30, 2014 to $748,000. The increase in non-interest income was due to the $19,000, or 3.4%, increase in income from service charges, fees and commissions, an increase of $21,000, or 37.5%, in income from loan sales and servicing, net, partially offset by a $3,000, or 3.3%, decrease in income from bank owned life insurance (BOLI).

Non-interest expense of $4.8 million for the three months ended June 30, 2015 increased $80,000, or 1.7%, compared to the same three months in 2014. The increase was primarily due to the increase in salaries and benefits of $99,000, or 4.0%, an increase in other non-interest expense of $45,000, or 7.2%, an increase in professional fees of $25,000, or 14.1%, an increase in data processing of $20,000, or 5.6%, an increase in FDIC insurance expense of $11,000, or 10.3%, and an increase in occupancy expense of $8,000, or 2.2%. These increases were partially offset by a decrease in foreclosure and loan collection related expenses of $73,000, or 43.7%, a decrease in furniture and fixtures of $24,000, or 12.5%, a decrease in advertising expense of $20,000, or 12.2%, and a decrease in stationery, supplies and postage of $12,000, or 17.6%.

For the three months ended June 30, 2015, the Company's efficiency ratio was 76.5%, compared to 80.5% for the three months ended June 30, 2014.

The Company reported an increase of $475,000, or 30.7%, in pre-tax, pre-provision for loan losses income of $2.0 million for the six months ended June 30, 2015, compared to $1.5 million for the six months ended June 30, 2014. For the six months ended June 30, 2015, the Company reported net income of $1.1 million, or $0.21 earnings per share, compared to a net loss of $1.4 million, or $0.28 loss per share, for the six months ended June 30, 2014. The increase in net income for the six months ended June 30, 2015 compared to the six months ended June 30, 2014, was primarily due to the $4.4 million, or 87.8%, decrease in the provision for loan losses, an increase in net interest income of $717,000, or 7.5%, an increase in non-interest income of $90,000, or 6.9%, partially offset by an increase of $332,000 or 3.6%, in non-interest expense and an increase of $2.4 million, or 117.7%, in income tax expense due to the higher level of taxable income during the six months ended June 30, 2015.

The increase in net interest income of $717,000, or 7.5%, from $9.6 million for the six months June 30, 2014 to $10.3 million for the six months ended June 30, 2015 was due to the $864,000, or 7.6%, increase in interest income, partially offset by the $147,000, or 8.0%, increase in interest expense. The increase in interest income was due to the $51.9 million, or 10.5%, increase in average net loans over the same period in 2014.

Average interest earning assets for the six months ended June 30, 2015, increased $60.2 million, or 10.8%, from the same period in 2014. The increase in average earning assets was due to the $51.9 million, or 10.5%, increase in average net loans and the increase in other interest earning assets of $15.6 million, or 100.7%, partially offset by the decrease in average investments of $7.3 million, or 16.2%. The yield on interest earning assets decreased 15 basis points from 4.32%, for the six months ended June 30, 2014, to 4.17% for the six months ended June 30, 2015. The decrease in the yield on interest-earning assets was primarily due to the seven basis point decrease in the loan yield, partially offset by the 66 basis point increase in the tax-effected investment yield. The cost of funds decreased five basis points and was driven primarily by the six basis points decrease in the cost of deposits and the 20 basis points decrease in the cost of FHLB advances. Deposit costs decreased due to the continuation of low market interest rates, which allowed the Company to renew or replace maturing time deposits at lower costs. The net interest margin decreased 13 basis points from 3.65%, for the six months ended June 30, 2014, to 3.52% for the six months ended June 30, 2015. The interest rate spread decreased 10 basis points from 3.41% for the six months ended June 30, 2014 to 3.31% for the six months ended June 30, 2015. The average balance of demand deposit accounts, an interest free source of funds, increased $5.5 million, or 6.1%, for the six months ended June 30, 2015 compared to the six months ended June 30, 2014.

The provision for loan losses decreased $4.4 million, or 87.8%, from $5.0 million for the six months ended June 30, 2014 to $607,000 for the six months ended June 30, 2015. For the six months ended June 30, 2015, net charge-offs decreased $4.8 million, or 97.3%, to $134,000, or 0.02% of total average loans, from $4.9 million, or 0.98% of total average loans, for the six months ended June 30, 2014.

Non-interest income increased $90,000, or 6.9%, from $1.3 million for the six months ended June 30, 2014 to $1.4 million for the six months ended June 30, 2015. Income from service charges, fees and commissions increased $38,000, or 3.6%, income from loan sales and servicing, net, increased $7,000, or 6.4%, losses on other real estate owned (OREO) decreased $10,000, or 100.0%, and OREO write-downs decreased $72,000, or 100.0%. These improvements were partially offset by the decrease of $34,000, or 100.0%, in net gains on the sale of securities available for sale, and a $3,000, or 1.7%, decrease in income from BOLI.

Non-interest expense for the six months ended June 30, 2015 was $9.6 million, a $332,000, or 3.6%, increase from the six months ended June 30, 2014. The increase in non-interest expense was primarily due to the increase in salaries and benefits of $118,000, or 2.4%, an increase in FDIC insurance expense of $50,000, or 26.2%, an increase in data processing of $39,000, or 5.5%, an increase in occupancy expense of $34,000, or 4.2%, an increase in professional fees of $23,000, or 6.4%, an increase in foreclosure and loan collection related expenses of $7,000, or 2.8%, an increase in stationery supplies and postage of $4,000, or 3.1%, and an increase in other non-interest expense of $103,000, or 8.6%. These increases were partially offset by a decrease in advertising expense of $43,000, or 13.0%, and a decrease in furniture and fixtures of $3,000, or 0.9%.

For the six months ended June 30, 2015, the Company's efficiency ratio was 79.4%, compared to 81.5% for the six months ended June 30, 2014.

Total assets increased $33.2 million, or 5.2%, from $639.2 million at December 31, 2014 to $672.5 million at June 30, 2015. The increase in total assets was primarily due to the increase in net loans of $47.1 million, or 9.1%, partially offset by the decrease in cash and cash equivalents of $13.8 million, or 27.6%.

The $47.1 million, or 9.1%, increase in net loans was due to the increase of $42.2 million, or 16.9%, in commercial real estate loans, an increase of $6.6 million, or 5.6%, in one- to four-family real estate loans, and an increase of $922,000, or 2.7%, in home equity loans, partially offset by a decrease in commercial and industrial loans of $1.4 million, or 1.9%, a decrease in consumer loans of $63,000, or 2.4%, and a decrease in construction loans of $595,000, or 1.4%. In accordance with the Company's asset/liability management strategy and in an effort to reduce interest rate risk, the Company continues to sell fixed rate, low coupon residential real estate loans to the secondary market. The Company currently services $82.9 million in loans sold to the secondary market. In order to service our customers, the servicing rights will continue to be retained on all loans written and sold in the secondary market.

At June 30, 2015, the allowance for loan losses was $5.4 million, or 0.94% of total loans, an increase of $472,000, or 9.6%, from December 31, 2014. The allowance for loan losses as a percentage of nonperforming loans increased from 44.0% at December 31, 2014 to 85.5% at June 30, 2015. Management reviews the level of the allowance for loan losses on a monthly basis and establishes the provision for loan losses based on loan volume, types of lending, delinquency levels, loss experience, estimated collateral values, current economic conditions and other related factors. Management reviews trends in historical loss rates, as well as qualitative and economic factors on a quarterly basis. The quarterly review also includes assessing the specific allowance needs for impaired loans based on the current level of allowance for loan losses to be adequate to absorb the estimated and probable losses inherent in the loan portfolio.

Asset quality continues to be the top focus for management and we continue to proactively work aggressively to resolve problem loans as they arise. Nonperforming assets decreased $4.9 million, or 39.7%, from $12.2 million, or 1.92% of total assets, at December 31, 2014 to $7.4 million, or 1.10% of total assets at June 30, 2015. Nonperforming assets at June 30, 2015, included $6.3 million of nonperforming loans and $1.1 million in other real estate owned.

Of the $6.3 million in nonperforming loans, $3.5 million, or 54.8%, are one-to-four family residential loans, $894,000, or 14.7%, are commercial real estate loans, $1.1 million, or 17.1%, are commercial and industrial loans, $734,000, or 11.6%, are commercial construction loans, $47,000, or 0.7% are consumer loans, and $99,000, or 1.6% are home equity loans. For the six months ended June 30, 2015, the Company reported net charge-offs of $134,000, or 0.02%, of total average loans, compared to net charge-offs of $4.9 million, or 0.98% of total average loans, for the same period in 2014.

The held-to-maturity investment portfolio decreased $646,000, or 1.9%, from $33.7 million at December 31, 2014 to $33.1 million at June 30, 2015. The fair value of available-for-sale securities decreased $14,000, or 3.3%, from $414,000 at December 31, 2014 to $400,000 at June 30, 2015.

Total deposits increased $9.2 million, or 1.9%, from $483.6 million at December 31, 2014 to $492.8 million at June 30, 2015. Core deposits increased $3.6 million, or 1.2%, from $311.9 million at December 31, 2014 to $315.5 million at June 30, 2015. Demand deposits decreased $4.2 million, or 4.3%, to $93.7 million, money market accounts increased $3.6 million, or 3.0%, to $124.8 million, NOW accounts increased $2.8 million, or 6.6%, to $45.0 million, and savings accounts increased $1.4 million, or 2.8%, to $52.1 million. Certificates of deposit increased $5.6 million, or 3.3%, from $171.6 million at December 31, 2014 to $177.2 million at June 30, 2015.

FHLB advances increased $23.4 million, or 34.9%, from $67.0 million at December 31, 2014 to $90.4 million at June 30, 2015. FHLB advances increased to fund the $47.6 million, or 9.1%, increase in loans from $523.7 million at December 31, 2014 to $571.4 million at June 30, 2015.

Stockholders' equity was $88.8 million, or 13.2% of total assets, at June 30, 2015 compared to $88.1 million, or 13.8% of total assets, at December 31, 2014. The Company's stockholders' equity increased as a result of net income of $1.1 million for the six months ended June 30, 2015, an increase in stock-based compensation of $152,000, or 4.6%, and an increase in additional paid-in-capital of $148,000, or 4.1%, partially offset by the $715,000 cash dividend paid during the six months ended June 30, 2015.

At June 30, 2015, the Company's balance sheet continues to be strong and regulatory capital ratios continue to exceed the levels required to be considered "well-capitalized" under federal banking regulations. The Company's book value per share increased by $0.12, or 0.72%, from $16.72 at December 31, 2014 to $16.84 at June 30, 2015.

We continue to take steps to protect our strong capital position, preserve liquidity and improve the net interest margin in a historically low interest rate environment. We believe that Chicopee Savings Bank is well-positioned and well-capitalized for a strong performance as the economy continues to improve.

This quarter we are pleased to report continued asset quality improvements as we continue to work through the problem loans reported in 2014. The nonperforming assets ratio improved 82 basis points from 1.92% at December 31, 2014 to 1.10% at June 30, 2015, due to the decrease of $4.9 million, or 43.6%, in nonperforming loans due to the sale of the underlying collateral on two separate nonperforming commercial loan relationships previously disclosed. The collateral for both relationships, including real estate, were sold without any additional write-downs. As a result of the sale, the 90 days or more past due delinquency ratio also improved from 1.13% at December 31, 2014 to 0.26% at June 30, 2015.

As we have stated in previous releases, we have positioned the balance sheet to benefit from the eventual increase in interest rates and to protect earnings when interest rates rise. We remain committed to improve earnings and increase the franchise value of the Company. Our goals are to increase the loan portfolio with quality loans and related deposits, continue to reduce nonperforming assets and reduce operating expenses while increasing non-interest income. During the six months ended June 30, 2015, total loans increased $47.6 million, or 9.1%, and resulted in an increase of $864,000, or 7.6%, in interest income on loans for the six months ended June 30, 2015 compared to the six months ended June 30, 2014.

We believe the recent mergers and acquisition activity in our market will continue to give our Company an opportunity to improve the franchise value for our shareholders as we continue to grow in our marketplace.

Chicopee Bancorp, Inc. is a publicly owned bank holding company and the parent corporation of Chicopee Savings Bank, a Massachusetts stock savings bank headquartered at 70 Center Street, Chicopee, MA 01013. Chicopee Savings Bank provides a wide variety of financial products and services through its main office, seven branch offices located in Chicopee, Ludlow, West Springfield, South Hadley, and Ware in Western Massachusetts, and lending and operations center. Chicopee Savings Bank offers customers the latest technically advanced internet banking, including on-line banking and bill payment services. The Bank's deposits are insured by the Federal Deposit Insurance Corporation and the Depositors Insurance Fund of Massachusetts. For more information regarding the Bank's products and services, please visit our web site at www.chicopeesavings.com.

The payment of dividends is at the discretion of the Board of Directors and nothing contained herein should be interpreted as a commitment to pay future dividends.

This news release contains forward-looking statements, which can be identified by the use of words such as "believes," "expects," "anticipates," "estimates" or similar expressions. Such forward-looking statements and all other statements that are not historic facts are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors. These factors include, but are not limited to, general economic conditions, changes in the interest rate environment, legislative or regulatory changes that may adversely affect our business, changes in accounting policies and practices, changes in competition and demand for financial services, adverse changes in the securities markets, changes in deposit flows and changes in the quality or composition of the Company's loan or investment portfolios. Additionally, other risks and uncertainties may be described in the Company's quarterly reports on Form 10-Q and its annual report on Form 10-K, each filed with the Securities and Exchange Commission, which are available through the SEC's website at www.sec.gov. Should one or more of these risks materialize, actual results may vary from those anticipated, estimated or projected. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company assumes no obligation to update any forward-looking statements, except as required by law.

 
 
CHICOPEE BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Dollars in Thousands)
  June 30, December 31,
ASSETS 2015 2014
  (Unaudited)  
     
Cash and due from banks  $ 12,412  $ 8,794
Federal funds sold  4,303  2,915
Interest-bearing deposits with the Federal Reserve Bank of Boston  19,301  38,060
Total cash and cash equivalents  36,016  49,769
     
Available-for-sale securities, at fair value 400 414
Securities held-to-maturity, at cost 33,101 33,747
Federal Home Loan Bank stock, at cost 4,605 3,914
Loans receivable, net of allowance for loan losses ($5,399 at June 30, 2015 and $4,927 at December 31, 2014) 566,845 519,757
Other real estate owned 1,060 1,050
Mortgage servicing rights 222 269
Bank owned life insurance 14,706 14,531
Premises and equipment, net 8,748 8,855
Accrued interest receivable 1,721 1,591
Deferred income tax asset 3,688 3,683
Other assets  1,343  1,642
Total assets  $ 672,455  $ 639,222
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
     
Deposits    
Demand deposits  $ 93,676  $ 97,922
NOW accounts  44,955  42,177
Savings accounts  52,149  50,716
Money market deposit accounts  124,750  121,106
Certificates of deposit  177,222  171,637
Total deposits 492,752 483,558
     
Advances from Federal Home Loan Bank  90,426  67,039
Accrued expenses and other liabilities  498  491
Total liabilities  583,676  551,088
     
Stockholders' equity    
Common stock (no par value, 20,000,000 shares authorized, 7,439,368 shares issued; (5,271,470 and 5,270,670 shares outstanding at June 30, 2015 and December 31, 2014, respectively)  72,479  72,479
Treasury stock, at cost (2,167,898 and 2,168,698 shares at June 30, 2015 and December 31, 2014, respectively)  (29,106)  (29,119)
Additional paid-in capital  3,743  3,595
Unearned compensation (restricted stock awards)  (4)  (7)
Unearned compensation (Employee Stock Ownership Plan)  (3,124)  (3,273)
Retained earnings  44,771  44,430
Accumulated other comprehensive income  20  29
Total stockholders' equity  88,779  88,134
Total liabilities and stockholders' equity  $ 672,455  $ 639,222
 
 
CHICOPEE BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except for Number of Shares and Per Share Amounts)
(Unaudited)
  Three Months Ended  Six Months Ended
  June 30, June 30,
  2015 2014 2015 2014
Interest and dividend income:        
Loans, including fees  $ 5,877  $ 5,371  $ 11,481  $ 10,577
Interest and dividends on securities  376  403  753  814
Other interest-earning assets  20  10  39  18
Total interest and dividend income  6,273  5,784  12,273  11,409
         
Interest expense:        
Deposits  703  705  1,415  1,420
Other borrowed funds  317  216  581  429
Total interest expense  1,020  921  1,996  1,849
         
Net interest income  5,253  4,863  10,277  9,560
Provision for loan losses  207  2,774  607  4,975
Net interest income, after provision for loan losses  5,046  2,089  9,670  4,585
         
Non-interest income:        
Service charges, fee and commissions  584  565  1,099  1,061
Loan sales and servicing, net  77  56  116  109
Net gain on sales of securities available for sale  --  --  --  34
Loss on sale of other real estate owned  --  --  --  (10)
Other real estate owned writedowns  --  --    (72)
Income from bank owned life insurance  87  90  175  178
Total non-interest income  748  711  1,390  1,300
         
Non-interest expenses:        
Salaries and employee benefits  2,571  2,472  5,107  4,989
Occupancy expenses  370  362  844  810
Furniture and equipment  168  192  349  352
FDIC insurance assessment  118  107  241  191
Data processing  380  360  745  706
Professional fees  202  177  380  357
Advertising  144  164  289  332
Stationery, supplies and postage  56  68  132  128
Foreclosure expense  94  167  254  247
Other non-interest expense  671  626  1,303  1,200
Total non-interest expenses  4,774  4,694  9,644  9,312
         
Income (loss) before income tax expense (benefit)  1,020  (1,894)  1,416  (3,427)
Income tax expense (benefit)  278  (1,854)  360  (2,029)
Net income (loss)  $ 742  $ (40)  $ 1,056  $ (1,398)
         
Earnings (loss) per share:        
Basic  $ 0.15  $ (0.01)  $ 0.21  $ (0.28)
Diluted  $ 0.15  $ (0.01)  $ 0.21  $ (0.28)
Adjusted weighted average common shares outstanding        
Basic  4,943,290 5,069,669 4,942,965 5,074,340
Diluted  5,018,601 5,162,529 5,015,703 5,171,603
 
 
 
CHICOPEE BANCORP, INC. AND SUBSIDIARIES
SELECTED FINANCIAL DATA AND RATIOS
(Dollars in thousands, except per share amounts)
(Unaudited)
         
  Three Months Ended Six Months Ended
  June 30, June 30,
  2015 2014 2015 2014
         
Operating Results:        
Net interest income  $ 5,253  $ 4,863  $ 10,277  $ 9,560
Loan loss provision  207  2,774  607  4,975
Non-interest income  748  711  1,390  1,300
Non-interest expense  4,774  4,694  9,644  9,312
Net income (loss)  742  (40)  1,056  (1,398)
         
Performance Ratios:        
Return on average assets 0.45% -0.03% 0.33% -0.48%
Return on average equity 3.34% -0.18% 2.40% -3.07%
Interest rate spread 3.32% 3.44% 3.31% 3.41%
Net interest margin (1) 3.52% 3.67% 3.52% 3.65%
Non-interest income to average assets 0.45% 0.48% 0.43% 0.44%
Non-interest expense to average assets 2.89% 3.16% 2.98% 3.17%
GAAP Efficiency Ratio (2) 79.55% 84.21% 82.66% 85.75%
Non-GAAP efficiency ratio (3) 76.46% 80.46% 79.35% 81.52%
Average Equity to Average Assets 13.42% 15.27% 13.59% 15.51%
         
Per Share Data:        
Diluted earnings (loss) per share  $ 0.15  $ (0.01)  $ 0.21  $ (0.28)
Cash Dividend per share  $ 0.08  $ 0.07  $ 0.15  $ 0.14
Dividend Yield     1.75% 1.65%
Stock price at period end      $ 17.10  $ 17.00
Tangible book value per share at period end      $ 16.84  $ 16.63
         
         
  At June 30, At December 31,  
  2015 2014  
       
Asset Quality Ratios:      
Allowance for loan losses as a percent of total loans 0.94% 0.94%  
Allowance for loan losses as a percent of total nonperforming loans 85.47% 44.02%  
Net charge-offs to average loans 0.02% 0.98%  
Nonperforming loans as a percent of total loans 1.11% 2.14%  
Nonperforming assets as a percent of total assets 1.10% 1.92%  
       
       
Other Data:      
       
Number of Offices  9  9  
       
(1) The net interest margin represents tax equivalent net interest income as a percentage of average interest-earning assets.  
       
(2) GAAP Efficiency Ratio represents non-interest expenses divided by the sum of net interest income (before the provision for loan losses) plus total non-interest income.
       
(3) The Non-GAAP efficiency ratio represents the ratio of non-interest expenses divided by the sum of tax equivalent net interest income and non-interest income. 
         
 For the dates indicated the ratio is calculated as follows (in thousands):        
         
  Three Months Ended Six Months Ended
  June 30, June 30, 
  2015 2014 2015 2014
         
Non-interest expenses  $ 4,774  $ 4,694  $ 9,644  $ 9,312
Tax equivalent net interest income  5,496  5,123  10,763  10,075
Non-interest income  748  711  1,390  1,300
Add back:        
Loan sales and servicing, net    --    --
Other non-interest income  --  --  --  --
Net gain on sale of securities  --  --    (34)
Loss on sale of other real estate owned  --  --  --   82
Total income included in calculation  6,244  5,834  12,153  11,423
Non-interest expenses divided by total income 76.46% 80.46% 79.35% 81.52%
CONTACT: Chicopee Bancorp, Inc.
         Guida R. Sajdak
         Chief Financial Officer and Senior Vice President
         413-594-6692
         gsajdak@chicopeesavings.com

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