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CHESTER VALLEY BANCORP ANNOUNCES ITS FISCAL 1992 YEAR-END RESULTS

 CHESTER VALLEY BANCORP ANNOUNCES ITS FISCAL 1992 YEAR-END RESULTS
 DOWNINGTOWN, Pa., Aug. 13 /PRNewswire/ -- Chester Valley Bancorp Inc. (NASDAQ: CVAL), parent company of First Financial Savings Bank PaSA, announced today the results of the fiscal year ended June 30, 1992.
 Net income for the fiscal year ended June 30, 1992, was $1,344,000 compared to $1,257,000 for the same period in 1991. Earnings per share for the 1992 fiscal year were $1.44 compared to $1.21 for the previous fiscal year. Savings deposits increased 14.8 percent to $167.44 million at June 30, 1992, from $145.85 million at the end of fiscal 1991. During the same period, assets grew 14.7 percent to $192.43 million at June 30, 1992, from $167.74 million at June 30, 1991.
 Ellen Ann Roberts, president and chief executive officer, stated, "The relocation of our Thorndale and Frazer offices to more prominent locations during the fiscal year contributed significantly to the deposit, loan and asset growth of the bank. Contributing to this increase in assets were record loan originations during fiscal 1992 of $63.86 million, compared to $40.21 million during fiscal 1991. At June 30, 1992, our net capital position of $17.39 million or 9.0 percent of assets, far exceeded minimum capital requirements mandated by regulation. These financial results are very gratifying, considering the present economic environment, and are indicative of the hard work of our staff and the support shown by our customers and shareholders."
 Net income for the fourth quarter of 1992 was $357,000, representing $.37 per share compared to $305,000 and $.32 per share, respectively, for the same quarter in 1991.
 Chester Valley's subsidiary, First Financial Savings Bank, is headquartered in Downingtown, with branch offices in Exton, Frazer, Thorndale and Westtown, Pa.
 CHESTER VALLEY BANCORP INC. AND SUBSIDIARY
 Selected Financial Data
 (Dollars in thousands except for per-share amounts)
 Consolidated Operations Data
 Periods ended Three months 12 months
 June 30 1992 1991 1992 1991
 Total interest income $3,912 $3,887 $15,573 $15,594
 Total interest expense 2,232 2,460 9,280 9,801
 Net interest income 1,680 1,427 6,293 5,793
 Provision for possible loan losses 155 90 566 547
 Net interest income after
 provision for possible
 loan losses 1,525 1,337 5,727 5,246
 Total other income 355 207 1,452 1,227
 Total operating expenses 1,286 1,037 4,930 4,262
 Income before income taxes 594 507 2,249 2,211
 Income tax expense 237 202 905 954
 Net income 357 305 1,344 1,257
 Earnings per share $.37 $.32 $1.44 $1.21
 Consolidated Financial Condition Data
 At June 30 1992 1991
 Total assets $192,430 $167,741
 Loans and mortgage-backed
 securities, net 154,173 137,228
 Total deposits 167,438 145,845
 Total stockholders' equity 17,391(A) 16,545(A)
 (A) Includes adjustments for stock repurchases during the periods.
 Other Selected Data
 (Averages are based on monthly balances)
 12 months ended June 30 1992 1991
 Average interest rate spread (pct.) 3.16 2.96
 Net yield on average interest-earning
 assets (pct.) 3.78 3.85
 Ratio of average interest-
 earning assets to average
 interest-bearing liabilities 1.11x 1.14x
 Non-peforming loans to
 total assets (pct.) .64 .48
 REO, including in-substance
 foreclosures, to total
 assets at end of period (pct.) 1.28 1.09
 Book value per common share $18.23 $17.55
 Closing price of common at
 end of period $13.50 $7.50
 Number of full-service
 offices at end of period 5 5
 /delval/
 -0- 8/13/92
 /CONTACT: Bonnie Laserna of Chester Valley Bancorp, 215-269-9700/
 (CVAL) CO: Chester Valley Bancorp Inc. ST: Pennsylvania IN: FIN SU: ERN


MK-MP -- PH005 -- 9507 08/13/92 09:49 EDT
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Publication:PR Newswire
Date:Aug 13, 1992
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