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CHESTER VALLEY BANCORP INC. ANNOUNCES EARNINGS FOR FIRST QUARTER

    DOWNINGTOWN, Pa., Oct. 27 /PRNewswire/ -- Chester Valley Bancorp Inc. (NASDAQ: CVAL), parent company of First Financial Savings Bank PaSA, announced today quarterly earnings of $971,000 for the three-month period ended Sept. 30, 1993, compared to $465,000 for the same period in 1992.
    Effective July 1, 1993, the company adopted Statement of Financial Accounting Standards No. 109, "Accounting for Income Taxes," which resulted in a $540,000 increase to earnings for the three-month period ended Sept. 30, 1993.  Primary earnings per share for the three-month period ended Sept. 30, 1993, were $.95 per share, compared to $.44 per share for the same period in 1992.
    Assets for the company increased by 16.3 percent to $227.1 million at Sept. 30, 1993, from $195.2 million at Sept. 30, 1992.  Total deposits of the company also increased to $192.5 million at Sept. 30, 1993, or 14.0 percent from $168.8 million as of the same date in 1992. Core earnings, defined as net interest income before provision for possible loan losses, increased 11.8 percent to $1.9 million for the three months ended Sept. 30, 1993, from $1.7 million for the same period in 1992.  Ellen Ann Roberts, president and chief executive officer of the company, expressed that once again she was extremely pleased with the operating results for the past quarter.  "The positive effect which these earnings have had on our capital base continues to enhance shareholder value," she stated.
    The company's capital position continued to remain strong as total net worth increased to $20.1 million at Sept. 30, 1993, or 12.9 percent from $17.8 million as of the same date in 1992.
    First Financial Savings Bank PaSA has been serving its community for more than 70 years.  The bank is headquarterd in Downingtown, with branches in Exton, Frazer, Thorndale and Westtown.
               CHESTER VALLEY BANCORP INC. AND SUBSIDIARY
                        Selected Financial Data
       (Unaudited; dollars in thousands except per-share amounts)
                     Consolidated Operations Data
    Three months ended
    Sept. 30                           1993       1992
    Total interest income            $4,008      $3,795
    Total interest expense            2,106       2,064
    Net interest income               1,902       1,731
    Provision for possible loan losses  115         135
    Net interest income after provision
      for possible loan losses        1,787       1,596
    Total other income                  375         486
    Total operating expenses          1,461       1,316
    Income before income taxes
      and cumulative effect of
      change in accounting principle    701         766
    Income tax expense                  270         301
    Subtotal                            431         465
    Cumulative effect at 7/1/93 of
      change in accounting for income
      taxes                             540         ---
    Net income                          971         465
    Earnings per share(A):
      Primary                          $.95        $.44
      Fully diluted                    $.91        $.43
                   Consolidated Financial Condition Data
                                Sept. 30, 1993  June. 30, 1993
                                  (unaudited)
    Total assets                   $227,146     $222,227
    Loans, net                      178,630      176,041
    Total deposits                  192,532      191,484
    Total stockholders' equity       20,119       19,158
                           Other Selected Data
         (Unaudited; averages are based on monthly balances)
    Sept. 30                                    1993      1992
    Average interest rate spread (pct.)         3.04      3.27
    Net yield on average interest-earning
      assets (pct.)                             3.53      3.77
    Ratio of average interest-
      earning assets to average
      interest-bearing liabilities             1.13x     1.11x
    Non-performing loans to total
      assets (pct.)                             1.54      1.63
    Real estate owned including
      in-substance foreclosures to
      total assets at end of period (pct.)      0.17      1.34
    Book value per common share (A)           $18.68    $16.89
    Closing price of common at
      end of period                           $22.50    $10.95
    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 dividends paid in September 1992 and 1993.
    /delval/
    -0-             10/27/93
    CONTACT:  Bonnie Laserna of Chester Valley Bancorp, 215-269-9700
    (CVAL) CO:  CHESTER VALLEY BANCORP INC. IN:  FIN SU:  ERN ST:  PA


-- PH009 -- X410 10/27/93
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Date:Oct 27, 1993
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