Extract
Chicopee Bancorp, Inc. Reports Third Quarter Results.
CHICOPEE, Mass. -- Chicopee Bancorp, Inc. (the "Company") (NASDAQ: CBNK), the holding company for Chicopee Savings Bank (the "Bank"), announced today the results of operations for the three and nine months ended September 30, 2011.
The Company reported net income of $371,000, or $0.07 earnings per share, for the three months ended September 30, 2011, an increase of $188,000, or 102.7%, compared to net income of $183,000, or $0.03 earnings per share, for the same period in 2010. The increase in net income was due to an increase in net interest income of $335,000, or 8.0%, a decrease in the provision for loan losses of $153,000, or 40.7%, and an increase in non-interest income of $94,000, or 15.6%, partially offset by an increase in non-interest expense of $335,000, or 7.7%.The increase in net interest income of $335,000, or 8.0%, to $4.5 million at September 30, 2011, was due to a $312,000, or 15.4%, decrease in interest expense primarily due to a $224,000, or 14.8%, decrease in deposit costs and a decrease of $88,000, or 17.3%, in the cost of borrowing, which includes repurchase agreements. For the three months ended September 30, 2011, interest income increased $23,000, or 0.37%, a...See the full content of this document
Sponsored links
