Chicopee Bancorp Inc., the holding company for Chicopee Savings Bank, reported a 47.7 percent year-over-year increase in net income in the second quarter.
For the quarter, Chicopee reported earnings of $452,000, compared to net income of $306,000 in the same period in 2011. A 31.5 percent bump in non-interest income, up $186,000 compared to the same period a year ago, was cited as the primary driver for improved second quarter earnings. The company’s provision for loan losses also fell by $55,000, or 46.2 percent, in the quarter.
In the six-month period ended June 30, year-over-year net income more than doubled, to $848,000 from $350,000 in the first half of 2011. The jump was largely attributed to healthy increases in net interest income and non-interest income, and an almost 80 percent dip in the company’s provision for loan losses in the first half compared to the same period last year.
Net loans in the first six months grew by $10.6 million, encompassing 75.1 percent of total assets as of June 30 from 72 percent of total assets as of Dec. 31, 2011.
Core deposits grew by 6.4 percent in the first half of the year, to $255.6 million at June 30 from $240.3 million at the end of last year.
Total assets fell 1.9 percent in the first half of the year, to $604.9 as of June 30 from $616.3 million at the end of 2011. Chicopee attributed the fall in total assets to a more than 20 percent decline in investments and an almost 10 percent decrease in cash and cash equivalents.
"We are pleased with the growth in earnings for the quarter and six months ending June 30, 2012," the company said in a statement. "This was the ninth consecutive quarterly profit reported by the company following four consecutive quarters of losses. We are equally pleased with the strong growth in both loans and core deposits, the cornerstones for enhancing the franchise value of the company."
This article has been changed from prior versions to reflect corrected time frames for the earnings presented and to offer more detailed financial information.
