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Chicopee Bancorp Inc. (CBNK) filed Quarterly Report for the period ended 2011-09-30.
Chicopee Bancorp Inc. has a market cap of $80.6 million; its shares were traded at around $13.85 with a P/E ratio of 76.9 and P/S ratio of 3.
This is the annual revenues and earnings per share of CBNK over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of CBNK.
Highlight of Business Operations:
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%.Interest and dividend income, on a tax equivalent basis, increased $96,000, or 1.5%, to $6.5 million for the three months ended September 30, 2011. Average interest-earning assets increased $10.7 million, or 2.1%, from $518.6 million at September 30, 2010 to $529.3 million at September 30, 2011. Average loans increased $14.5 million, or 3.3%, primarily due to strong commercial originations. Average investment securities increased $5.5 million, or 8.9%, for the period and tax equivalent investment securities interest income increased $161,000, or 30.8%, primarily due to the increase in tax-exempt industrial revenue bond income. The yield on average interest-earning assets decreased 2 basis points to 4.87% for the three months ended September 30, 2011, primarily as a result of lower market rates of interest.
For the nine months ended September 30, 2011, the Company reported net income of $721,000, or $0.13 per share, an increase of $461,000, or 177.3%, as compared to net income of $260,000, or $0.05 earnings per share, for the same period in 2010. The increase in net income for the nine months ended September 30, 2011 was primarily due to the increase in net interest income of $762,000, or 6.0%, an increase in non-interest income of $149,000, or 8.3%, and a decrease in the provision for loan losses of $186,000, or 24.4%, partially offset by an increase in non-interest expense of $600,000, or 4.5%.
Interest and dividend income, on a tax equivalent basis, increased $207,000, or 1.1%, to $19.4 million for the nine months ended September 30, 2011, compared to $19.2 million for the same period last year. Average interest-earning assets increased $21.4 million, or 4.2%, from $512.3 million for the nine months ended September 30, 2010 to $533.8 million for the nine months ended September 30, 2011. Average loans increased $13.2 million, or 3.1%, primarily due to strong commercial originations. Average investment securities increased $4.5 million, or 7.1%, for the period and tax equivalent investment securities interest income increased $437,000, or 30.4%, primarily due to the increase in tax-exempt industrial revenue bond income. The yield on average interest-earning assets decreased 15 basis points to 4.85% for the nine months ended September 30, 2011, due to lower market rates of interest.
Non-interest income for the nine months ended September 30, 2011 increased $149,000, or 8.3%, from $1.8 million for the nine months ended September 30, 2010 to $2.0 million for the nine months ended September 30, 2011. Income from customer service charges, fees and commissions increased $177,000, or 13.8%, due to the seasonal activity of a commercial account, and income from net loan sales and servicing increased by $13,000, or 5.5%. These increases were partially offset by a loss on the sale of other real estate owned (“OREO”) of $99,000 and a decrease in income from bank owned life insurance of $22,000, or 6.9%.
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