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CHESTER VALLEY BANCORP ANNOUNCES EARNINGS FOR SECOND QUARTER

 CHESTER VALLEY BANCORP ANNOUNCES EARNINGS FOR SECOND QUARTER
 DOWNINGTOWN, Pa., Jan. 23 /PRNewswire/ -- Chester Valley Bancorp Inc. (NASDAQ: CVAL), the parent company of First Financial Savings Bank PaSA, today announced net income for the six-month period ended Dec. 31, 1991, increased to $674,000 compared to $664,000 for the same period in 1990.
 Earnings per share for the period increased 32.1 percent to $.74 per share for the period in 1991 compared to $.56 per share for the same period in 1990. Net income for the three-month period ended Dec. 31, 1991, also increased to $354,000 or $.39 per share compared to $320,000 or $.27 per share for the respective period in 1990. Ellen Ann Roberts, president and chief executive officer of the company, stated that she was particularly pleased because, in spite of the faltering economy, the bank was able to maintain a very high level of profitability. In addition, she stated, "The increase in earnings per share has been due mainly to a combination of the decision to repurchase our stock during the last fiscal year, and the wise fiscal policies which have sustained our profitability. Shareholders are now seeing the impact which our actions have had upon their investments."
 Assets for the company increased by 9.1 percent to $172.1 million at Dec. 31, 1991, from $157.7 million at Dec. 31, 1990. Total deposits of the company also increased to $149.8 million at Dec. 31, 1991, or 9.7 percent from $136.6 million as of the same date in 1990. Roberts stated, "The relocation of the company's Thorndale branch during the fall of this past year and the continued success of the Westtown office opened in October 1989 have contributed substantially to the success of the company in raising deposits." The company said it plans to relocate its Frazer office in March of this year.
 The company's capital position remains strong as total net worth was $16.8 million at Dec. 31, 1991, representing 9.8 percent of assets. First Financial's $16.6 million in tangible and core capital and $17.6 million in risk-based capital far exceeded the minimum capital requirements as mandated by regulation for these standards by $14.1 million, $11.5 million, and $8.7 million, respectively.
 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 branch offices in Exton, Frazer, Thorndale and Westtown.
 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 1991 1990 1991 1990
 Total interest income $3,883 $3,970 $7,849 $7,857
 Total interest expense 2,368 2,478 4,779 4,893
 Net interest income 1,515 1,492 3,070 2,964
 Provision for possible loan losses 95 61 221 127
 Net interest income after
 provision for possible
 loan losses 1,420 1,431 2,849 2,837
 Total other income 339 210 645 433
 Total operating expenses 1,168 1,101 2,352 2,151
 Income before income taxes 591 540 1,142 1,119
 Income tax expense 237 220 468 455
 Net income 354 320 674 664
 Earnings per share(A) $.39 $.27 $.74 $.56
 Consolidated Financial Condition Data
 Dec. 31, 1991 June 30, 1991
 (Unaudited)
 Total assets $172,134 $167,741
 Loans, net 138,612 135,395
 Total deposits 149,783 145,845
 Total stockholders' equity 16,819 16,545
 Other Selected Data
 (Unaudited; averages are based on monthly balances)
 Six months ended Dec. 31 1991 1990
 Average interest rate spread (pct.) 3.17 3.05
 Net yield on average interest-earning
 assets (pct.) 3.84 4.02
 Ratio of average interest-
 earning assets to average
 interest-bearing liabilities 1.11x 1.15x
 Non-performing loans
 to total assets (pct.) 0.77 0.83
 REO and in-substance foreclosures
 to total assets (pct.) 1.29 0.01
 Book value per common share (A) $17.65 $16.25
 Closing price of common at
 end of period $9.00 $8.50
 Number of full-service
 offices at end of period 5 5
 (A) Per-share amounts have been restated to reflect the effect of the 5 percent stock dividend declared in December 1991.
 /delval/
 -0- 1/23/92
 /CONTACT: Bonnie Laserna of Chester Valley Bancorp, 215-269-9700/
 (CVAL) CO: Chester Valley Bancorp Inc. ST: Pennsylvania IN: FIN SU: ERN


KA-CC -- PH005 -- 2598 01/23/92 07:55 EST
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Date:Jan 23, 1992
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