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CHESTER VALLEY BANCORP INC. ANNOUNCES RECORD EARNINGS FOR FIRST QUARTER

CHESTER VALLEY BANCORP INC. ANNOUNCES RECORD EARNINGS FOR FIRST QUARTER
 DOWNINGTOWN, Pa., Oct. 21 /PRNewswire/ -- Chester Valley Bancorp Inc. (NASDAQ: CVAL), parent company of First Financial Savings Bank PaSA, today announced record quarterly earnings of $465,000 for the three-month period ended Sept. 30, 1992, compared to $320,000 for the same period in 1991, an increase of 45.3 percent.
 Earnings per share for the period increased 45.5 percent to $.48 per share for the period ended in 1992, compared to $.33 per share for the same period in 1991.
 Assets for the company increased by 17.4 percent to $195.2 million at Sept. 30, 1992, from $166.3 million at Sept. 30, 1991. Total deposits of the company also increased to $168.8 million at Sept. 30, 1992, or 16.0 percent from $145.5 million as of the same date in 1991. Core earnings, defined as total income less gains on sale of assets and provision for possible loan losses, increased 14.3 percent to $1.92 million for the three months ended Sept. 30, 1992, from $1.68 million for the same period in 1991. Ellen Ann Roberts, president and chief executive officer of the company, stated that once again she was extremely pleased with the operating results for the past quarter and attributes the solid performance to the sound strategies implemented within the past year. These included the relocation of the bank's Thorndale and Frazer offices, which increased the bank's market share within these communities and contributed to significant increases in deposit flows, as well as loan originations.
 The company's capital position continued to remain strong as total net worth was $17.8 million at Sept. 30, 1992, representing 9.12 percent of assets.
 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 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
 Three months ended Sept. 30 1992 1991
 Total interest income $3,795 $3,966
 Total interest expense 2,064 2,411
 Net interest income 1,731 1,555
 Provision for possible loan losses 135 126
 Net interest income after
 provision for possible
 loan losses 1,596 1,429
 Total other income 486 306
 Total operating expenses 1,316 1,184
 Income before income taxes 766 551
 Income tax expense 301 231
 Net income 465 320
 Earnings per share(A) $.48 $.33
 Consolidated Financial Condition Data
 Sept. 30, 1992 June 30, 1992
 (Unaudited)
 Total assets $195,244 $192,430
 Loans, net 155,127 148,666
 Total deposits 168,827 167,438
 Total stockholders' equity 17,812 17,391
 Other Selected Data
 (Unaudited; averages are based on monthly balances.)
 Sept. 30 1992 1991
 Average interest rate spread (pct.) 3.27 3.22
 Net yield on average interest-earning
 assets (pct.) 3.77 3.93
 Ratio of average interest-
 earning assets to average
 interest-bearing liabilities 1.11x 1.12x
 Non-performing loans to
 total assets (pct.) 1.63 0.46
 Real estate owned including in-
 substance foreclosures to total
 assets at end of period (pct.) 1.34 1.04
 Book value per common share (A) $17.74 $16.52
 Closing price of common at
 end of period $11.50 $9.00
 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 December 1991 and September 1992.
 /delval/
 -0- 10/21/92
 /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 -- PH005 -- 2720 10/21/92 09:23 EDT
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Date:Oct 21, 1992
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