Chicopee Bancorp, Inc. Reports a 124.1% Increase in Year-End Net Income and Declares First Cash Dividend

Chicopee Bancorp, Inc. Reports a 124.1% Increase in Year-End Net Income and
Declares First Cash Dividend

CHICOPEE, Mass., Jan. 24, 2013 (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
twelve months ended December 31, 2012.

The Company also announced on January 24, 2013, that its Board of Directors
declared its first quarterly cash dividend of $0.05 per share. Stockholders of
record on February 4, 2013 will receive the cash dividend on or about March 8,
2013. This is the Company's first dividend since completing its initial public
stock offering in June 2006.

The Company reported an increase in net income of $614,000, or 162.0%, from
$379,000, or $0.07 earnings per share, for the three months ended December 31,
2011 to $993,000, or $0.19 earnings per share, for the three months ended
December 31, 2012. The increase in net income for the three months ended
December 31, 2012 compared to the three months ended December 31, 2011, was
primarily due to a decrease in non-interest expense of $365,000, or 7.8%, a
decrease in the provision for loan losses of $64,000, or 24.1%, an increase in
net interest income of $246,000, or 5.4%, and an increase in non-interest
income of $245,000, or 35.1%. These improvements were partially offset by an
increase in the Company's combined federal and state effective tax rate from a
tax benefit of 6.8% for the three months ended December 31, 2011 to an
effective tax rate of 22.2% for the three months ended December 31, 2012.

The $365,000, or 7.8%, decrease in non-interest expense for the three months
ended December 31, 2012 was primarily due to the decrease in salaries and
benefits of $313,000, or 11.7%, a decrease in FDIC insurance expense of
$38,000, or 30.6%, a decrease of $23,000, or 18.3%, in professional fees and a
decrease of $14,000, or 6.4%, in furniture and equipment. These decreases were
partially offset by an increase in stationery, supplies and postage of $5,000,
or 6.0%, and an increase in data processing of $15,000, or 5.2%. The $313,000,
or 11.7%, decrease in salaries and benefits was directly attributed to the
decrease in the expense related to the 2007 Equity Incentive Plan. The
restricted stock awards and stock options granted in 2007 were fully expensed
on July 27, 2012.

The Company is committed to reducing costs to improve operating efficiency by
controlling operating expenses and managing net interest income. The
efficiency ratio improved from 88.2% for the three months ended December 31,
2011, to 81.6% for the three months ended September 30, 2012 and to 74.4% for
the three months ended December 31, 2012. Management will continue to
implement strategies to improve the Company's efficiency ratio and
profitability.

Non-interest income increased $245,000, or 35.1%, from $699,000 at December
31, 2011 to $944,000 at December 31, 2012. The increase in non-interest income
was primarily due to a $258,000, or 209.8%, increase in income from loan sales
and servicing, net, and a $30,000, or 6.0%, increase in customer service fees
and commissions, partially offset by a $37,000 charge for other than temporary
impairment of equity securities in the 2012 period.

The $246,000 increase in net interest income to $4.8 million for the three
months ended December 31, 2012 was due to a $320,000, or 20.3%, decrease in
interest expense, partially offset by a $74,000, or 1.2%, decrease in interest
and dividend income from loans and investments due to the continued low
interest rate environment. The decrease in interest expense was due to a
$149,000, or 12.6%, decrease in deposit costs and a $171,000, or 43.5%,
decrease in borrowing costs, including repurchase agreements.

The net interest margin increased twenty four basis points from 3.40% for the
three months ended December 31, 2011 to 3.64% for the three months ended
December 31, 2012. The interest rate spread increased twenty-six basis points
from 3.11% for the three months ended December 31, 2011 to 3.37% for the three
months ended December 31, 2012. The average cost of funds for the three months
ended December 31, 2012 decreased 23 basis points compared to the 2011 period.
The decrease in the cost of funds was primarily due to the continuation of low
market interest rates, which allowed the Company to renew or replace maturing
time deposits at lower costs. In addition, the average balance of demand
deposit accounts, an interest free source of funds, increased $11.9 million,
or 19.0%, for the three months ended December 31, 2012 compared to the 2011
period.

The Company reported an increase in net income of $1.4 million, or 124.1%,
from $1.1 million, or $0.21 earnings per share, for the twelve months ended
December 31, 2011 to $2.5 million, or $0.48 earnings per share, for the twelve
months ended December 31, 2012. The increase in net income was primarily due
to an increase in net interest income of $822,000, or 4.6%, a decrease in
non-interest expense of $429,000, or 2.3%, an increase in non-interest income
of $373,000, or 14.1%, and a decrease in the provision for loan losses of
$400,000, or 47.5%. These improvements were partially offset by an increase in
the Company's combined federal and state effective tax rate from a tax benefit
of 7.6% for the twelve months ended December 31, 2011 to an effective tax rate
of 19.1% for the twelve months ended December 31, 2012.

The increase in net interest income of $822,000, or 4.6%, from $17.9 million
at December 31, 2011 to $18.8 million at December 31, 2012 was primarily due
to the $1.3 million, or 18.5%, decrease in interest expense directly
attributed to a $786,000, or 15.1%, decrease in deposit costs and a $489,000,
or 28.7%, decrease in borrowing costs, including repurchase agreements. The
decrease in interest expense was offset by the $453,000, or 1.8%, decrease in
interest income due to the continued low interest rate environment.

Average interest earning assets for the twelve months ended December 31, 2012,
increased $13.9 million, or 2.5%, from the same period in 2011. The yield on
assets decreased 18 basis points, primarily due to the 28 basis point decrease
in the loan yield. While the average interest-bearing liabilities increased
$2.9 million, or 0.7%, the cost of funds decreased 30 basis points and was
driven primarily by the 39 basis point decrease in the cost of time deposits
due to the continuation of low market interest rates, which allowed the
Company to renew or replace maturing time deposits at lower costs. This
decrease was partially offset by the 57 basis point increase in the cost of
NOW accounts. The net interest margin increased seven basis points from 3.47%
for the twelve months ended December 31, 2011, to 3.54% for the twelve months
ended December 31, 2012. The interest rate spread increased twelve basis
points from 3.16% for the twelve months ended December 31, 2011 to 3.28% for
the twelve months ended December 31, 2012. The average balance of demand
deposit accounts, an interest free source of funds, increased $14.4 million,
or 27.5%, for the twelve months ended December 31, 2012 compared to December
31, 2011.

Non-interest income increased $373,000, or 14.1%, from $2.7 million at
December 31, 2011 to $3.0 million at December 31, 2012. Income from customer
service fees and commissions increased $264,000, or 13.4%, and income from
loan sales and servicing, net increased $294,000, or 78.8%. These increases
were partially offset by an increase of $123,000, or 97.6%, in net losses on
the sale other real estate owned ("OREO"), a decrease of $12,000, or 100%, in
net gain on sales of securities available for sale, and a decrease of $15,000,
or 3.8%, in income from bank owned life insurance, and a $37,000 charge for
other than temporary impairment of equity securities in 2012.

The provision for loan losses was $442,000 for the twelve months ended
December 31, 2012 compared to $842,000 for the twelve months ended December
31, 2011, a decrease of $400,000, or 47.5%. Non-performing loans decreased
$724,000, or 15.4%, from $4.7 million, or 1.05% of total loans, at December
31, 2011 to $4.0 million, or 0.85% of total loans, at December 31, 2012. Total
allowance for loan losses as a percentage of non-performing loans improved
from 97.1% at December 31, 2011 to 109.5% at December 31, 2012.

Non-interest expense decreased $429,000 for the year ended December 31, 2012
compared to 2011. The decrease in non-interest expense was primarily due to a
$466,000, or 4.3%, decrease in salaries and benefits, a $180,000, or 33.5%,
decrease in FDIC insurance expense due to the new asset based assessment, a
$58,000, or 3.8%, decrease in occupancy expense, a $47,000, or 4.0%, decrease
in data processing and a $25,000, or 6.9%, decrease in stationery, supplies
and postage. These decreases were partially offset by a $23,000, or 4.0%,
increase in advertising expense, a $70,000, or 9.6%, increase in furniture and
fixtures, and a $251,000, or 10.5%, increase in other non-interest expense.
The increase in other non-interest expense was primarily due to a $71,000, or
46.7%, increase in foreclosure related expenses, a $39,000, or 22.3%, increase
in armored car expense, and a $51,000 non-recurring expense for the
termination of a contract with a third party vendor.

Total assets decreased $16.3 million, or 2.6%, from $616.3 million at December
31, 2011 to $600.0 million at December 31, 2012. The decrease in total assets
was primarily due to a decrease in cash and cash equivalents of $21.5 million,
or 35.2%, and a decrease in investments of $14.3 million, or 19.3%, partially
offset by the increase in total loans of $21.5 million, or 4.8%, from $447.1
million, or 72.5% of total assets, at December 31, 2011 to $468.7 million, or
78.1% of total assets, at December 31, 2012.

The significant components of the $21.5 million, or 4.8%, increase in loans in
2012 was a $14.7 million, or 8.4%, increase in commercial real estate loans, a
$5.2 million, or 6.5%, increase in commercial and industrial loans, a $4.1
million, or 12.9%, increase in commercial construction loans and a $1.9
million, or 6.5%, increase in home equity loans. These increases were
partially offset by a $3.0 million, or 2.5%, decrease in one-to four-family
residential real estate loans. The decrease in one- to four-family residential
real estate loans was primarily due to the prepayments and refinancing
activity attributed to the historically low interest rates. In accordance with
the Company's asset/liability management strategy and in an effort to reduce
interest rate risk, the Company continues to sell low coupon fixed rate
residential real estate loans to the secondary market. During the year ended
December 31, 2012, the Company sold $24.4 million in low coupon fixed rate
loans and currently services $87.1 million in loans sold to the secondary
market. The increase in construction loans was primarily due to the $4.1
million, or 12.9%, increase in the commercial construction portfolio to
existing commercial relationships for the expansion of their facilities in
Hampden County. Upon completion, the loans will be transferred to the
commercial real estate loan portfolio.

The allowance for loan losses of $4.4 million, or 0.93%, of total loans,
decreased $212,000, or 4.6%, from December 31, 2011. The allowance for loan
losses as a percentage of non-performing loans increased from 97.1% at
December 31, 2011 to 109.5% at December 31, 2012. 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
trends, loss experience, estimated collateral values, current economic
conditions and other related factors. Management believes that a 0.93%
allowance for loan losses to total loans is sufficient to cover all inherent
losses in the portfolio that are both probable and reasonable to estimate.

Asset quality continues to be the top focus for management and we continue to
work aggressively to resolve problem loans as they arise. Non-performing
assets decreased $1.1 million, or 18.9%, from $5.6 million, or 0.91% of total
assets, at December 31, 2011 to $4.6 million, or 0.76%, of total assets at
December 31, 2012. Non-performing assets at December 31, 2012, included
$572,000 of OREO and $4.0 million of non-performing loans. Non-performing
loans decreased $724,000 million, or 15.4%, from $4.7 million, or 1.05% of
total loans, at December 31, 2011 to $4.0 million, or 0.85% of total loans, at
December 31, 2012.

The investment securities portfolio, including securities held to maturity and
available for sale, decreased $14.3 million, or 19.2%, to $60.2 million. This
decrease was primarily due to a $13.3 million, or 49.2%, decrease in the U.S.
Treasury portfolio, a $4.2 million, or 31.5%, in certificates of deposit, and
a decrease of $892,000, or 43.1%, in collateralized mortgage obligations,
partially offset by the increase in tax-exempt industrial revenue bonds of
$4.1 million, or 12.9%.

Total deposits increased $12.8 million, or 2.8%, from $453.4 million at
December 31, 2011 to $466.2 million at December 31, 2012. Core deposits, which
we consider to be all deposits except certificates of deposit, increased $48.4
million, or 20.2%, from $240.3 million, or 53.0% of total deposits, at
December 31, 2011 to $288.7 million, or 61.9% of total deposits, at December
31, 2012. NOW accounts increased $10.0 million, or 37.3%, demand deposits
increased $6.6 million, or 9.6%, money market accounts increased $30.1
million, or 30.9%, and savings accounts increased $1.8 million, or 3.7%. The
increase in core deposits was partially offset by the $35.7 million, or 16.7%,
decrease in certificates of deposit to $177.4 million, or 38.1% of total
deposits. Our continued success in growing low-cost relationship core deposits
and continued disciplined pricing on new and renewing certificates of deposits
at lower interest rates contributed to the $786,000, or 15.1%, decrease in
deposit interest expense for the twelve months ended December 31, 2012.

Borrowings decreased $28.5 million, or 39.8%, from $71.6 million at December
31, 2011 to $43.1 million at December 31, 2012 and consisted of $9.8 million
in repurchase agreements and $33.3 million in Federal Home Loan Bank advances.

Stockholders' equity decreased $813,000, or 0.9%, from $90.8 million, or 14.7%
of total assets, at December 31, 2011 to $90.0 million, or 15.0% of total
assets, at December 31, 2012. The decrease in stockholders' equity was
primarily due to the repurchase of the Company's stock at a cost of $4.4
million, partially offset by an increase in stock-based compensation of
$826,000 or 17.5%, an increase in additional paid-in-capital of $244,000, or
8.7%, and net income of $2.5 million. Pursuant to the Company's Stock
Repurchase Programs previously announced, the Company repurchased 306,054
shares of Company stock at an average price per share of $14.27.

At December 31, 2012, the Company's regulatory capital ratios continue to
exceed the levels required to be considered "well-capitalized" under federal
banking regulations. Our capital management strategies have allowed us to
increase our book value per share by $0.74, or 4.7%, to $16.57 at December 31,
2012 compared to $15.83 per share at December 31, 2011.

The Company's year end results were one of the best in the Company's history.
This quarter marks the Company's eleventh consecutive quarter of positive
earnings.

We are pleased to announce the Board's decision to initiate a Dividend Program
for the Company's stockholders. This is a significant milestone for our
Company and provides another tool to enhance stockholder value. Chicopee
Bancorp, Inc. is well capitalized, boasts an improving net interest margin and
is again demonstrating a growing loan portfolio while selling $24.4 million in
low coupon fixed rate residential real estate loans to the secondary market.

We continue to show steady improvement in core earnings on a
quarter-to-quarter basis. Although the Company's net interest income continues
to be challenged by the sustained low interest rate environment, net interest
income increased $822,000, or 4.6%, over the last twelve months and the net
interest margin increased to 3.54%. This improvement was accomplished by
managing the cost of funds to offset the continued decrease in the asset
yield.

We continue to focus on deploying the Company's high cash position into
higher-yielding quality loans and remain committed to our expense reduction
initiatives. The efficiency ratio decreased from 88.23% for the three months
ended December 31, 2011 to 74.4% for the three months ended December 31, 2012
and decreased from 91.0% for the year ended December 31, 2011 to 84.0% for
2012.

We are also very pleased with the strong growth in both loans and core
deposits, the cornerstones for enhancing the franchise value of the Company.
Core deposits increased $48.4 million, or 20.2%, and the loan portfolio grew
by $21.5 million, or 4.8%, from December 31, 2011. Excluding one-to
four-family residential real estate loans which have been decreasing due to
management's decision to sell fixed rate low coupon one-to four-family
residential loans, the remaining loan portfolio increased $24.6 million, or
7.6%, from December 31, 2011.

The management team continues to work diligently to improve asset quality and
reduce non-performing assets. Asset quality remains favorable at December 31,
2012 as reflected in the ratio of non-performing loans as a percentage of
total loans of 0.85% and non-performing assets as a percentage of total assets
of 0.76%.

We have managed the Company through one of the most challenging economic
conditions by executing our business strategy. We will continue to stay the
course through these challenging times and continue to identify opportunities
in the marketplace. We remain confident in our strategic plan to build
long-term franchise value as we continue to increase the Company's tangible
book value which has increased $0.74, or 4.7%, from $15.83 at December 31,
2011 to $16.57 at December 31, 2012. 

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 and most 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 Chicopee Bancorp, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=16833

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 BALANCE SHEETS
                                                               
                                             December 31,
ASSETS                                       2012             2011
                                             (In thousands, except share data)
                                                               
Cash and due from banks                       $ 11,073         $ 10,665
Federal funds sold                            3,372            50,457
Interest-bearing deposits with the Federal    25,163           -- 
Reserve Bank of Boston
 Total cash and cash equivalents              39,608           61,122
                                                               
Securities available for sale, at fair value 621              613
Securities held to maturity, at cost (fair
value $67,108 and $73,957 at December 31,    59,568           73,852
2012 and 2011, respectively)
Federal Home Loan Bank stock, at cost        4,277            4,489
Loans receivable, net of allowance for loan
losses ($4,364 at December 31, 2012 and      465,211          443,471
$4,576 at December 31, 2011)
Loans held for sale                           --              1,635
Other real estate owned                      572              913
Mortgage servicing rights                    368              344
Bank owned life insurance                    13,807           13,427
Premises and equipment, net                  9,459            9,736
Accrued interest receivable                  1,567            1,527
Deferred income tax asset                    3,252            2,893
FDIC prepaid insurance                       467              824
Other assets                                  1,205            1,460
 Total assets                                 $ 599,982        $ 616,306
                                                               
LIABILITIES AND STOCKHOLDERS' EQUITY                           
                                                               
Deposits                                                       
 Demand deposits                              $ 75,407         $ 68,799
 NOW accounts                                 36,711           26,747
 Savings accounts                             48,882           47,122
 Money market deposit accounts                127,730          97,606
 Certificates of deposit                      177,447          213,103
 Total deposits                              466,177           453,377
                                                               
Securities sold under agreements to           9,763            12,340
repurchase
Advances from Federal Home Loan Bank          33,332           59,265
Accrued expenses and other liabilities        741              542
 Total liabilities                            510,013          525,524
                                                               
Commitments and contingencies                                  
                                                               
Stockholders' equity                                           
Common stock (no par value, 20,000,000
shares authorized, 7,439,368 shares
issued; 5,428,585 outstanding at December     72,479           72,479
31, 2012 and 5,736,303 outstanding at
December 31, 2011)
Treasury stock, at cost (2,010,783 shares at
December 31, 2012 and 1,703,065 shares at     (26,567)         (22,190)
December 31, 2011) 
 Additional paid-in capital                   3,044            2,800
 Unearned compensation (restricted stock      (18)             (546)
awards)
 Unearned compensation (Employee Stock        (3,868)          (4,166)
Ownership Plan)
 Retained earnings                            44,873           42,408
 Accumulated other comprehensive income       26               (3)
(loss)
 Total stockholders' equity                   89,969           90,782
 Total liabilities and stockholders' equity   $ 599,982        $ 616,306
                                                               
The accompanying notes are an integral part                    
of these consolidated financial statements.

 
CHICOPEE BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share amounts)
                                                                     
                                 Three Months Ended      Twelve Months Ended
                                 December 31,            December 31, 
                                 2012         2011       2012       2011
Interest and dividend income:                                        
 Loans, including fees            $ 5,631      $ 5,709    $ 22,649   $ 23,186
 Interest and dividends on        436          421        1,684      1,615
securities
 Other interest-earning assets    11           22         64         49
 Total interest and dividend      6,078        6,152      24,397     24,850
income
                                                                     
Interest expense:                                                    
 Deposits                         1,032        1,181      4,412      5,198
 Securities sold under            2            8          13         36
agreements to repurchase
 Other borrowed funds             220          385        1,202      1,668
 Total interest expense           1,254        1,574      5,627      6,902
                                                                     
Net interest income               4,824        4,578      18,770     17,948
Provision for loan losses         202          266        442        842
Net interest income, after        4,622        4,312      18,328     17,106
provision for loan losses
                                                                     
Non-interest income:                                                 
 Service charges, fee and         534          504        2,228      1,964
commissions
 Loan sales and servicing, net    381          123        667        373
 Net gain on sales of securities  --           --         --         12
available for sale
 Loss on sale of other real       (29)         (27)       (249)      (126)
estate owned
 Other than temporary impairment  (37)         --         (37)       --
charge
 Income from bank owned life      95           99         380        395
insurance
 Other non-interst income         --           --         34         32
 Total non-interest income        944          699        3,023      2,650
                                                                     
Non-interest expenses:                                               
 Salaries and employee benefits   2,365        2,678      10,429     10,895
 Occupancy expenses               349          345        1,476      1,534
 Furniture and equipment          204          218        798        728
 FDIC insurance assessment        86           124        357        537
 Data processing                  302          287        1,119      1,166
 Professional fees                103          126        550        547
 Advertising                      154          159        594        571
 Stationery, supplies and         88           83         337        362
postage
 Other non-interest expense       640          636        2,645      2,394
 Total non-interest expenses      4,291        4,656      18,305     18,734
                                                                     
Income before income tax expense  1,275        355        3,046      1,022
(benefit)
Income tax expense (benefit)      282          (24)       581        (78)
 Net income                       $ 993        $ 379      $ 2,465    $ 1,100
                                                                     
Earnings per share:                                                  
 Basic                            $ 0.19       $ 0.07     $ 0.48     $ 0.21
 Diluted                          $ 0.19       $ 0.07     $ 0.48     $ 0.21
Adjusted weighted average common                                     
shares outstanding
 Basic                            5,040,314    5,260,330  5,120,653  5,335,811
 Diluted                          5,040,631    5,275,133  5,136,011  5,360,749
                                                                     
The accompanying notes are an integral part                          
of these consolidated financial statements.

 
CHICOPEE BANCORP, INC. AND SUBSIDIARIES
SELECTED FINANCIAL DATA AND RATIOS
(Dollars in thousands, except per share amounts)
(Unaudited)
                                                                  
                            Three Months Ended       Twelve Months Ended
                            December                  December 31,            
                            2012         2011        2012        2011
                                                                  
Operating Results:                                                
Net interest income          $ 4,824      $ 4,578     $ 18,770    $ 17,948
Loan loss provision          202          266         442         842
Non-interest income          944          699         3,023       2,650
Non-interest expense         4,291        4,656       18,305      18,734
Net income                   993          379         2,465       1,100
                                                                  
Performance Ratios:                                               
Return on average assets    0.66%        0.25%       0.41%       0.19%
Return on average equity    4.39%        1.65%       2.75%       1.20%
Interest rate spread        3.37%        3.11%       3.28%       3.16%
Net interest margin         3.64%        3.40%       3.54%       3.47%
Non-interest income to      0.63%        0.46%       0.51%       0.45%
average assets
Non-interest expense to     2.86%        3.05%       3.06%       3.21%
average assets
Efficiency Ratio            74.39%       88.23%      83.99%      90.95%
Average Equity to Average   15.08%       15.05%      15.02%      15.72%
Assets
                                                                  
Per Share Data                                                    
Diluted earnings per share   $ 0.19       $ 0.07      $ 0.48      $ 0.21
Stock price at period end                             $ 15.89     $ 14.10
Book value per share                                  $ 16.57     $ 15.83
                                                                  
                                                                  
Asset Quality Ratios:                                             
Allowance for loan losses                            0.93%       1.02%
as a percent of total loans
Allowance for loan losses
as a percent of total                                109.5%      97.1%
non-performing loans
Net charge-offs to average
loans outstanding during                             0.14%       0.16%
the period
Non-performing loans as a                            0.85%       1.05%
percent of total loans
Non-performing assets as a                           0.76%       0.91%
percent of total assets
                                                                  
Other Data:                                                       
                                                                  
Number of Offices                                     9           9
(1) Efficiency Ratio includes total non-interest expenses divided by the sum
of net interest income plus total non-interest income.

CONTACT: Guida R. Sajdak
         Senior Vice President, Chief Financial Officer and Treasurer
         (413) 594-6692

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