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CHESTER VALLEY BANCORP ANNOUNCES RECORD EARNINGS FOR SECOND QUARTER

 DOWNINGTOWN, Pa., Jan. 22 /PRNewswire/ -- Chester Valley Bancorp Inc. (NASDAQ: CVAL), parent company of First Financial Savings Bank PaSA, today announced record quarterly earnings of $498,000 for the three-month period ended Dec. 31, 1992, compared to $354,000 for the same period in 1991, an increase of 40.7 percent.
 Earnings per share for the period increased 42.9 percent to $.50 per share for the period ended in 1992, compared to $.35 per share for the same period in 1991.
 Earnings for the six-month period ended Dec. 31, 1992, increased 42.9 percent to $963,000 compared to $674,000 for the same period in 1991. Earnings per share for the same six-month period increased 46.3 percent to $.98 per share compared to $.67 per share for the previous six-month period ended Dec. 31, 1991. Assets for the company increased by 23.9 percent to $213.3 million at Dec. 31, 1992, from $172.1 million at Dec. 31, 1991. Total deposits of the company also increased to $180.6 million at Dec. 31, 1992, or 20.6 percent, from $149.8 million as of the same date in 1991. Core earnings, defined as net interest income before the provision for possible loan losses, increased 17.3 percent to $3.60 million for the six-month period ended Dec. 31, 1992, from $3.07 million for the same period in 1991. Ellen Ann Roberts, president and chief executive officer of the company, stated, "We cannot be more pleased with the successful results of the first six months of this fiscal year. These results are indicative of the hard work of our staff and loyal support of our shareholders."
 The company's capital position remained strong, as total net worth was $18.27 million at Dec. 31, 1992, representing 8.57 percent of assets.
 First Financial Savings Bank PaSA, is currently celebrating its 70th year of successful operation as a community bank. The bank is headquartered in Downingtown, with branches in Exton, Frazer, Thorndale and Westtown, Pa.
 CHESTER VALLEY BANCORP INC. AND SUBSIDIARY
 Selected Financial Data
 (Unaudited; dollars in thousands except for per-share amounts)
 Consolidated Operations Data
 Periods ended Three months Six months
 Dec. 31 1992 1991 1992 1991
 Total interest income $3,939 $3,883 $7,733 $7,849
 Total interest expense 2,070 2,368 4,133 4,779
 Net interest income 1,869 1,515 3,600 3,070
 Provision for possible loan losses 148 95 283 221
 Net interest income after provision
 for possible loan losses 1,721 1,420 3,317 2,849
 Total other income 366 339 645 852
 Total operating expenses 1,369 1,168 2,685 2,352
 Income before income taxes 718 591 1,484 1,142
 Income tax expense 220 237 521 468
 Net income 498 354 963 674
 Earnings per share (A) $.50 $.35 $.98 $.67
 Consolidated Financial Condition Data
 Dec. 31, 1992 June 30, 1992
 unaudited
 Total assets $213,250 $192,430
 Loans, net 171,677 148,666
 Total deposits 180,613 167,438
 Total stockholders' equity 18,265 17,391
 Other Selected Data
 (unaudited; averages are based on monthly balances.)
 Six months ended Dec. 31 1992 1991
 Average interest rate spread (pct.) 3.30 3.17
 Net yield on average interest-earning
 assets (pct.) 3.78 3.84
 Ratio of average interest-
 earning assets to average
 interest-bearing liabilities 1.11x 1.11x
 Non-performing loans
 to total assets (pct.) 1.27 0.77
 REO and in-substance foreclosures
 to total assets (pct.) 0.95 1.29
 Book value per common share (A) $18.19 $16.82
 Closing price of common at
 end of period $14.00 $9.00
 Number of full-service
 offices at end of period 5 5
 (A) Per share amounts have been restated to reflect the effect of 5 percent stock dividends declared in December 1991 and September 1992.
 /delval/
 -0- 1/22/93
 /CONTACT: Bonnie Laserna, director of shareholder relations of Chester Valley Bancorp, 215-269-9700/
 (CVAL)


CO: Chester Valley Bancorp Inc. ST: Pennsylvania IN: FIN SU: ERN

MP-JS -- PH006 -- 7820 01/22/93 10:10 EST
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Date:Jan 22, 1993
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