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CHESTER VALLEY BANCORP INC. ANNOUNCES AN INCREASE OF 41.3 PERCENT IN EARNINGS FOR THE FIRST THREE QUARTERS

 DOWNINGTOWN, Pa., April 20 /PRNewswire/ -- Chester Valley Bancorp Inc. (NASDAQ: CVAL), parent company of First Financial Savings Bank PaSA, today announced an increase in earnings of 41.3 percent to $1.39 million for the nine-month period ended March 31, 1993, compared to $987,000 for the same period in 1992.
 Earnings per share for the period increased 42.4 percent to $1.41 per share for the period ended in 1993, compared to $.99 per share for the same period in 1992.
 Earnings for the three-month period ended March 31, 1993, increased 38.0 percent to $432,000 compared to $313,000 for the same period in 1992. Earnings per share for the same three-month period increased 38.7 percent to $.43 per share compared to $.31 per share for the previous three-month period ended March 31, 1992. Assets for the company increased by 16.8 percent to $213.92 million at March 31, 1993, from $183.09 million at March 31, 1992. Total deposits of the company also increased to $184.22 million at March 31, 1993, or 16.1 percent, from $158.73 million as of the same date in 1992. Core earnings, defined as net interest income before the provision for possible loan losses, increased 20.2 percent to $5.54 million for the nine-month period ended March 31, 1993, from $4.61 million for the same period in 1992.
 Ellen Ann Roberts, president and chief executive officer of the company, stated, "Certainly, we are extremely pleased with the financial results of the first nine months of our fiscal 1993. The overall successful performance of the company has contributed significantly to further enhancement of shareholder value."
 The company's capital position remained strong, as total net worth was $18.77 million at March 31, 1993, representing 8.77 percent of assets.
 First Financial Savings Bank PaSA has been serving its community for over 70 years. 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 Nine months
 March 31 1993 1992 1993 1992
 Total interest income $3,955 $3,812 $11,689 $11,661
 Total interest expense 2,014 2,269 6,148 7,048
 Net interest income 1,941 1,543 5,541 4,613
 Provision for possible loan losses 214 190 497 411
 Net interest income after
 provision for possible
 loan losses 1,727 1,353 5,044 4,202
 Total other income 394 452 1,246 1,097
 Total operating expenses 1,383 1,292 4,068 3,644
 Income before income taxes 738 513 2,222 1,655
 Income tax expense 306 200 827 668
 Net income 432 313 1,395 987
 Earnings per share (A) $.43 $.31 $1.41 $.99
 Consolidated Financial Condition Data
 March 31, 1993 June 30, 1992
 (unaudited)
 Total assets $213,920 $192,430
 Loans, net 172,565 148,666
 Total deposits 184,217 167,438
 Total stockholders' equity 18,771 17,391
 Other Selected Data
 (unaudited; averages are based on monthly balances.)
 Nine months ended March 31 1993 1992
 Average interest rate spread (pct.) 3.33 3.14
 Net yield on average interest-earning
 assets (pct.) 3.81 3.78
 Ratio of average interest-
 earning assets to average
 interest-bearing liabilities 1.11x 1.11x
 Non-performing loans to
 total assets (pct.) 1.55 0.79
 REO and in-substance foreclosures
 to total assets (pct.) 0.73 1.41
 Book value per common share (A) $18.42 $17.07
 Closing price of common at
 end of period $17.50 $14.00
 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- 4/20/93
 /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

MK-MP -- PH031 -- 8091 04/20/93 13:02 EDT
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Date:Apr 20, 1993
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