CHICOPEE BANCORP, INC.

CIK:0001355786|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Interest and dividend income:
Loans, including fees	$ 6,143	$ 5,877	$ 12,196	$ 11,481
Interest and dividends on securities	385	376	773	753
Interest on other interest-earning assets	28	20	60	39
Total interest and dividend income	6,556	6,273	13,029	12,273
Interest expense:
Deposits	750	703	1,477	1,415
Federal Home Loan Bank of Boston advances	297	317	603	581
Total interest expense	1,047	1,020	2,080	1,996
Net interest income	5,509	5,253	10,949	10,277
Provision for loan losses	121	207	176	607
Net interest income, after provision for loan losses	5,388	5,046	10,773	9,670
Non-interest income:
Service charges, fees and commissions	633	584	1,222	1,099
Net loan sales and servicing	60	77	135	116
Net gain on sale of other real estate owned	20	0	21	0
Other real estate owned writedowns	0	0	(104)	0
Increase in cash surrender value of bank owned life insurance	78	87	163	175
Total non-interest income	791	748	1,437	1,390
Non-interest expenses:
Salaries and employee benefits	2,701	2,571	5,409	5,107
Occupancy expenses	384	370	804	844
Furniture and equipment	155	168	308	349
FDIC insurance and assessment	103	118	209	241
Data processing services	447	431	911	842
Professional fees	128	202	339	380
Advertising expense	160	144	320	289
Stationery, supplies and postage	55	56	143	132
Foreclosure expense	78	94	163	254
Merger related expenses	775	0	775	0
Other non-interest expense	602	620	1,250	1,206
Total non-interest expenses	5,588	4,774	10,631	9,644
Income before income taxes	591	1,020	1,579	1,416
Income tax expense	370	278	661	360
Net income	$ 221	$ 742	$ 918	$ 1,056
Earnings per share:
Basic (in dollars per share)	$ 0.04	$ 0.15	$ 0.19	$ 0.21
Diluted (in dollars per share)	$ 0.04	$ 0.15	$ 0.18	$ 0.21
Adjusted weighted average shares outstanding:
Basic (in shares)	4,924,764	4,943,290	4,919,896	4,942,965
Diluted (in shares)	5,046,062	5,018,601	5,039,791	5,015,703

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities:
Net income	$ 918	$ 1,056
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	336	359
Loss on disposal of premises and equipment	13	0
Provision for loan losses	176	607
Increase in cash surrender value of bank owned life insurance	(163)	(175)
Change in mortgage servicing rights	34	47
Net loss on other real estate owned	83	0
Loans originated for sale	(2,761)	(1,212)
Proceeds from loan sales	2,514	1,228
Realized gains on sales of mortgage loans	(53)	(16)
(Increase) decrease in other assets	(95)	299
Increase in accrued interest and dividends receivable	(60)	(130)
Increase in other liabilities	88	7
Change in unearned compensation	269	249
Stock option expense	51	53
Net cash provided by operating activities	1,350	2,372
Cash flows from investing activities:
Purchase of premises and equipment	(145)	(252)
Loan originations, net of principal payments	(18,513)	(47,890)
Proceeds from sales of other real estate owned	291	185
Proceeds from principal paydowns of held-to-maturity securities	638	646
Redemption (purchase) of Federal Home Loan Bank stock	539	(691)
Net cash used by investing activities	(17,190)	(48,002)
Cash flows from financing activities:
Net increase in deposits	33,525	9,194
Proceeds from long-term FHLB advances	0	33,100
Repayments of long-term FHLB advances	(15,876)	(9,713)
Proceeds from short-term FHLB advances	5,000	0
Cash dividends paid on common stock	(912)	(715)
Stock options exercised	166	11
Net cash provided by financing activities	21,903	31,877
Net increase (decrease) in cash and cash equivalents	6,063	(13,753)
Cash and cash equivalents at beginning of period	28,229	49,769
Cash and cash equivalents at end of period	34,292	36,016
Supplemental cash flow information:
Interest paid on deposits	1,477	1,415
Interest paid on borrowings	622	559
Income taxes paid	212	299
Transfers from loans to other real estate owned	$ 0	$ 195

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
ASSETS
Cash and due from banks	$ 8,740	$ 9,975
Federal funds sold	4,619	4,613
Interest-bearing deposits with the Federal Reserve Bank of Boston	20,933	13,641
Total cash and cash equivalents	34,292	28,229
Securities available-for-sale, at fair value	406	426
Securities held-to-maturity, at cost (fair value of $31,618 at June 30, 2016 and $32,935 at December 31, 2015)	31,591	32,229
Federal Home Loan Bank stock, at cost	4,225	4,764
Loans, net of allowance for loan losses of $5,743 at June 30, 2016 and $5,615 at December 31, 2015	599,296	580,959
Loans held for sale	596	296
Other real estate owned	1,061	1,435
Mortgage servicing rights	158	192
Bank owned life insurance	15,044	14,881
Premises and equipment, net	8,305	8,509
Accrued interest and dividends receivable	1,728	1,668
Deferred income tax asset	3,787	3,780
Other assets	1,300	1,206
Total assets	701,789	678,574
Deposits
Demand deposits	116,463	102,424
NOW accounts	46,967	45,228
Savings accounts	54,872	52,359
Money market deposit accounts	125,459	116,226
Certificates of deposit	196,873	190,872
Total deposits	540,634	507,109
Federal Home Loan Bank of Boston advances	70,454	81,330
Accrued expenses and other liabilities	948	861
Total liabilities	612,036	589,300
Stockholders' equity
Common stock (no par value, 20,000,000 shares authorized, 7,439,368 shares issued; 5,222,339 and 5,210,739 shares outstanding at June 30, 2016 and December 31, 2015, respectively)	72,479	72,479
Treasury stock, at cost (2,217,029 and 2,228,629 shares at June 30, 2016 and December 31, 2015, respectively)	(30,169)	(30,327)
Additional paid-in-capital	4,289	4,111
Unearned compensation (restricted stock awards)	0	(1)
Unearned compensation (Employee Stock Ownership Plan)	(2,827)	(2,976)
Retained earnings	45,957	45,951
Accumulated other comprehensive income	24	37
Total stockholders' equity	89,753	89,274
Total liabilities and stockholders' equity	$ 701,789	$ 678,574