Printer Friendly

CHESTER VALLEY BANCORP ANNOUNCES EARNINGS FOR THIRD QUARTER

 CHESTER VALLEY BANCORP ANNOUNCES EARNINGS FOR THIRD QUARTER
 DOWNINGTOWN, Pa., April 22 /PRNewswire/ -- Chester Valley Bancorp Inc. (NASDAQ: CVAL), the parent company of First Financial Savings Bank PaSA, today announced net income for the nine-month period ended March 31, 1992, increased to $987,000 compared to $952,000 for the same period ended in 1991.
 Earnings per share for the period increased 25.9 percent to $1.07 per share for the period ended in 1992 compared to $.85 per share for the same period ended in 1991. Net income for the three-month period ended March 31, 1992, also increased to $313,000 or $.33 per share compared to $288,000 or $.29 per share for the respective period in 1991. Ellen Ann Roberts, president and chief executive officer of the company, stated that she was extremely pleased with the operating results for the third quarter. "These results, coupled with the significant increase in the price of our stock during the past quarter, seem to reiterate our success as a community bank and our commitment to enhance shareholder value." On March 31, 1992, common stock of the company closed at $14 per share compared to $9 per share at Dec. 31, 1991.
 Assets for the company increased by 13.4 percent to $183.1 million at March 31, 1992, from $161.4 million at March 31, 1991. Total deposits of the company also increased to $158.7 million at March 31, 1992, or 13.4 percent, from $139.9 million as of the same date in 1991. Roberts stated, "The strategic relocation of our Thorndale and Frazer offices during the past six months to more prominent and larger facilities has significantly contributed to the increase in deposits."
 The company's capital position remains strong as total net worth was $17.1 million at March 31, 1992, representing 9.3 percent of assets. First Financial's $16.6 million in tangible and core capital and $17.7 million in risk-based capital far exceeded the minimum capital requirements as mandated by regulation for these standards by $13.9 million, $11.1 million, and $8.6 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 Nine months
 March 31 1992 1991 1992 1991
 Total interest income $3,812 $3,850 $11,661 $11,707
 Total interest expense 2,269 2,448 7,048 7,341
 Net interest income 1,543 1,402 4,613 4,366
 Provision for possible loan losses 190 330 411 457
 Net interest income after
 provision for possible
 loan losses 1,353 1,072 4,202 3,909
 Total other income 452 586 1,097 1,019
 Total operating expenses 1,292 1,073 3,644 3,224
 Income before income taxes 513 585 1,655 1,704
 Income tax expense 200 297 668 752
 Net income 313 288 987 952
 Earnings per share (A) $.33 $.29 $1.07 $.85
 Consolidated Financial Condition Data
 March 31, 1992 June 30, 1991
 (Unaudited)
 Total assets $183,094 $167,741
 Loans, net 142,088 135,395
 Total deposits 158,734 145,845
 Total stockholders' equity 17,075 16,545
 Other Selected Data
 (Unaudited; averages are based on monthly balances)
 Nine months ended March 31 1992 1991
 Average interest rate spread (pct.) 3.14 3.00
 Net yield on average interest-earning
 assets (pct.) 3.78 3.91
 Ratio of average interest-earning assets
 to average interest-bearing liabilities 1.11x 1.14x
 Non-performing loans to total assets (pct.) 0.79 0.78
 REO and in-substance foreclosures to
 total assets (pct.) 1.41 1.18
 Book value per common share (A) $17.92 $16.49
 Closing price of common at end of period $14.00 $9.50
 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- 4/22/92
 /CONTACT: Bonnie Laserna of Chester Valley Bancorp, 215-269-9700/
 (CVAL) CO: Chester Valley Bancorp Inc. ST: Pennsylvania IN: FIN SU: ERN


KA-MK -- PH018 -- 1219 04/22/92 11:33 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 22, 1992
Words:723
Previous Article:ARVIN INDUSTRIES POSTS RECORD FIRST QUARTER SALES
Next Article:SPORTSTOWN ANNOUNCES IPO


Related Articles
CORRECTION TO CHESTER VALLEY BANCORP FISCAL 1992 YEAR-END RESULTS
FIRST FINANCIAL RECEIVES 18TH CONSECUTIVE FIVE-STAR RATING
CHESTER VALLEY BANCORP INC. DECLARES QUARTERLY CASH DIVIDEND
CHESTER VALLEY BANCORP INC. DECLARES QUARTERLY CASH DIVIDEND
CHESTER VALLEY BANCORP INC. DECLARES QUARTERLY CASH DIVIDEND
CHESTER VALLEY BANCORP INC. DECLARES STOCK DIVIDEND AND ANNOUNCES INCREASE IN QUARTERLY CASH DIVIDEND
CHESTER VALLEY BANCORP INC. ANNOUNCES 19.2% INCREASE IN FIRST-QUARTER EARNINGS
CHESTER VALLEY BANCORP INC. DECLARES SECOND-QUARTER DIVIDEND
THIRD-QUARTER EARNINGS ANNOUNCED BY CHESTER VALLEY BANCORP INC.
Special Cash Dividend and Quarterly Cash Dividend Declared by Chester Valley Bancorp

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters