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CHESTER VALLEY BANCORP INC. ANNOUNCES RECORD EARNINGS FOR ITS FISCAL 1993 YEAR END

 DOWNINGTOWN, Pa., Aug. 11 /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, 1993.
 Net income for the fiscal year ended June 30, 1993, was a record $1.81 million, representing a 35.1 percent increase from $1.34 million for fiscal year 1992. Earnings per share for the 1993 fiscal year increased 32.8 percent to $1.82, compared to $1.37 for the previous fiscal year.
 Total assets for the company increased 15.5 percent to $222.23 million at June 30, 1993, compared to $192.43 million at June 30, 1992. Ellen Ann Roberts, president and chief executive officer, stated, "I am extremely pleased with the financial results of our most exciting year in our 71-year history. Our recent strategies have contributed to record earnings and a significant increase in our market share within our community, and we look forward to continued success during the upcoming fiscal year." Contributing to the increase in assets were record loan originations during fiscal 1993 of $75.73 million, compared to $65.14 million during the previous fiscal year, and the asset growth was funded by an increase in deposits of 14.4 percent to $191.48 million from $167.44 million during the respective periods.
 At June 30, 1993, the company's capital position of $19.16 million, or 8.6 percent of assets, far exceeded minimum capital requirements mandated by regulations.
 Net income for the fourth quarter of 1993 was $419,000, representing $.41 per share, compared to $357,000 and $.36 per share, respectively, for the same quarter in 1992.
 Chester Valley's subsidiary, First Financial Savings Bank PaSA, is headquartered in Downingtown, with branches in Exton, Frazer, Thorndale and Westtown, Pa.
 CHESTER VALLEY BANCORP INC. AND SUBSIDIARY
 Selected Financial Data
 (Dollars in thousands except per-share amounts)
 Consolidated Operations Data
 Periods ended Three months 12 months
 June 30 1993 1992 1993 1992
 Total interest income $4,084 $3,912 $15,773 $15,573
 Total interest expense 2,117 2,232 8,265 9,280
 Net interest income 1,967 1,680 7,508 6,293
 Provision for possible loan losses 211 155 708 566
 Net interest income after
 provision for possible
 loan losses 1,756 1,525 6,800 5,727
 Total other income 384 355 1,630 1,452
 Total operating expenses 1,457 1,286 5,525 4,930
 Income before income taxes 683 594 2,905 2,249
 Income tax expense 264 237 1,091 905
 Net income 419 357 1,814 1,344
 Earnings per share (A) $.41 $.36 $1.82 $1.37
 (A) 1992 EPS is adjusted for stock dividend issued in September 1992.
 Consolidated Financial Condition Data
 Period ended June 30 1993 1992 Pct. Change
 Total assets $222,227 $192,430 15.5
 Loans and mortgage-backed
 securities, net 179,162 154,173 16.2
 Total deposits 191,484 167,438 14.4
 Total stockholders' equity 19,158 17,391 10.2
 Other Selected Data (Averages are based on monthly balances)
 12 months ended June 30 1993 1992
 Average interest rate spread (pct.) 3.30 3.17
 Net yield on average interest-earning
 assets (pct.) 3.78 3.78
 Ratio of average interest-earning
 assets to average
 interest-bearing liabilities 1.11x 1.11x
 Non-performing loans and real
 estate owned ("REO") to total
 assets (pct.) 2.15 1.92
 Book value per common share (B) $18.77 $17.37
 Closing price of common at
 end of period (B) $16.50 $12.86
 Number of full-service
 offices at end of period 5 5
 (B) 1992 book value and closing price are adjusted for stock dividend issued in September 1992.
 /delval/
 -0- 8/11/93
 /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

JM-LJ -- PH013 -- 1681 08/11/93 12:22 EDT
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Date:Aug 11, 1993
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