Chester Valley Bancorp Inc. Announces an Increase in Quarterly Earnings

Apr 19, 2001, 01:00 ET from Chester Valley Bancorp Inc.

    DOWNINGTOWN, Pa., April 19 /PRNewswire/ --
     Chester Valley Bancorp Inc. (Nasdaq:   CVAL) announced a 15.8% increase in
 quarterly earnings to $1.2 million for the three-month period ended March 31,
 2001 from $1.0 million for the same period in 2000.  The increase in earnings
 is largely the result of the Company's continued growth in earning assets.
 Diluted earnings per share for three months ended March 31, 2001, was $.28 per
 share as compared to $.25 per share for the same three-month period in 2000.
     Income for the nine-month period ended March 31, 2001 was $2.74 million as
 compared to $3.45 million for the same period in 2000.  Diluted earnings per
 share was $.66 for the nine month period ended March 31, 2001 as compared to
 $.84 per share for the nine months ended March 31, 2000.  The strong growth in
 deposits and commercial loans over the past 9 months was offset by an increase
 in other operating expenses of 12.7% when compared to the same period in 2000.
 Net income and earnings per share are lower as compared to the same period in
 2000 due to several factors:  the average interest rate spread declined from
 3.0% to 2.9%; a $292 thousand loss was recognized due to the decline in value
 of an investment (during the second quarter); and a number of one time
 operating expenses were recognized.
     Total assets for Chester Valley increased 13.9% for the past twelve months
 to $555.69 million at March 31, 2001 from $487.93 million at March 31, 2000
 while deposits increased to $431.67 million, or 25.9%, from $342.89 million
 over the same twelve-month period.  Non-performing assets to total assets
 remained low at .17% at March 31, 2001 compared to .15% at March 31, 2000.
     President and CEO Donna M. Coughey states, "We are pleased to report
 continued growth in deposits and commercial loans and an increase in earnings
 for the quarter.  We remain optimistic about the growth in our market area,
 yet we are cautious regarding the earnings pressure caused by the falling rate
 environment."
 
     Chester Valley Bancorp Inc. is the parent company of both First Financial
 Bank and Philadelphia Corporation for Investment Services (PCIS).  First
 Financial's executive offices are located in Downingtown, Pennsylvania with
 branches in Exton, Frazer, Thorndale, Westtown, Airport Village, Brandywine
 Square, and Devon.  PCIS is a securities broker/dealer and investment advisor
 with offices in Wayne and Philadelphia.  First Financial Bank and PCIS can be
 found on the World Wide Web at www.FFBonline.com and www.PCISonline.com
 respectively.
 
     This news release contains certain forward-looking statements, either
 expressed or implied, which concern anticipated future financial performance.
 These statements involve certain risks, uncertainties, estimates and
 assumptions made by management, which are subject to factors beyond the
 company's control and could impede its ability to achieve these goals.
 
     Chester Valley Bancorp stock is traded on the Nasdaq market under the
 symbol "CVAL".
 
 
                  CHESTER VALLEY BANCORP INC. AND SUBSIDIARIES
                            Selected Financial Data
              (Dollars in Thousands Except for Per Share Amounts)
 
      *** CONSOLIDATED OPERATIONS DATA:
 
                                     Three Months Ended    Nine Months Ended
                                         March 31,             March 31,
                                      2001       2000       2001       2000
     Total interest income           $9,457     $8,445     $27,786    $25,072
     Total interest expense           5,554      4,763      16,841     13,814
     Net interest income              3,903      3,682      10,945     11,258
       Provision for loan losses        105        105         315        315
     Net interest income after
      provision for loan losses       3,798      3,577      10,630     10,943
     Total other income               1,379      1,319       4,175      3,853
     Other operating expenses         3,719      3,636      11,773     10,447
       Income before income taxes     1,458      1,260       3,032      4,349
       Income tax expense               278        241         296        895
     Net income                      $1,180     $1,019      $2,736     $3,454
 
     Earnings per common share (A)
       Basic                          $0.29      $0.25       $0.67      $0.85
       Diluted                        $0.28      $0.25       $0.66      $0.84
 
 
      *** CONSOLIDATED FINANCIAL CONDITION DATA:
 
                                        March 31,   June 30,    Percent
                                          2001        2000      Change
     Total assets                        555,685     507,150      9.57%
     Loans and loans held for sale, net  342,536     331,306      3.39%
     Deposits                            431,668     378,478     14.05%
     Total stockholders' equity           39,291      35,502     10.67%
 
 
      *** OTHER SELECTED DATA:
                                                          March 31,
                                                      2001        2000
     Average interest rate spread (B)                 2.93%       3.00%
     Net yield on average interest-earning
      assets (B)                                      3.15%       3.52%
     Ratio of average interest-earning assets to
      average interest-bearing liabilities             1.05 x      1.13 x
     Non-performing assets to total assets            0.17%       0.15%
          Book value per common share (A)             $9.53       $8.44
       Closing price of common at end of period (A)  $22.00      $14.29
     Number of full-service offices at end
      of period                                           8           8
 
      (A) Per share amounts have been restated to reflect the effects of the 5%
           stock dividend paid in September 2000.
      (B) Percentages are presented on a taxable equivalent basis.
 
 

SOURCE Chester Valley Bancorp Inc.
    DOWNINGTOWN, Pa., April 19 /PRNewswire/ --
     Chester Valley Bancorp Inc. (Nasdaq:   CVAL) announced a 15.8% increase in
 quarterly earnings to $1.2 million for the three-month period ended March 31,
 2001 from $1.0 million for the same period in 2000.  The increase in earnings
 is largely the result of the Company's continued growth in earning assets.
 Diluted earnings per share for three months ended March 31, 2001, was $.28 per
 share as compared to $.25 per share for the same three-month period in 2000.
     Income for the nine-month period ended March 31, 2001 was $2.74 million as
 compared to $3.45 million for the same period in 2000.  Diluted earnings per
 share was $.66 for the nine month period ended March 31, 2001 as compared to
 $.84 per share for the nine months ended March 31, 2000.  The strong growth in
 deposits and commercial loans over the past 9 months was offset by an increase
 in other operating expenses of 12.7% when compared to the same period in 2000.
 Net income and earnings per share are lower as compared to the same period in
 2000 due to several factors:  the average interest rate spread declined from
 3.0% to 2.9%; a $292 thousand loss was recognized due to the decline in value
 of an investment (during the second quarter); and a number of one time
 operating expenses were recognized.
     Total assets for Chester Valley increased 13.9% for the past twelve months
 to $555.69 million at March 31, 2001 from $487.93 million at March 31, 2000
 while deposits increased to $431.67 million, or 25.9%, from $342.89 million
 over the same twelve-month period.  Non-performing assets to total assets
 remained low at .17% at March 31, 2001 compared to .15% at March 31, 2000.
     President and CEO Donna M. Coughey states, "We are pleased to report
 continued growth in deposits and commercial loans and an increase in earnings
 for the quarter.  We remain optimistic about the growth in our market area,
 yet we are cautious regarding the earnings pressure caused by the falling rate
 environment."
 
     Chester Valley Bancorp Inc. is the parent company of both First Financial
 Bank and Philadelphia Corporation for Investment Services (PCIS).  First
 Financial's executive offices are located in Downingtown, Pennsylvania with
 branches in Exton, Frazer, Thorndale, Westtown, Airport Village, Brandywine
 Square, and Devon.  PCIS is a securities broker/dealer and investment advisor
 with offices in Wayne and Philadelphia.  First Financial Bank and PCIS can be
 found on the World Wide Web at www.FFBonline.com and www.PCISonline.com
 respectively.
 
     This news release contains certain forward-looking statements, either
 expressed or implied, which concern anticipated future financial performance.
 These statements involve certain risks, uncertainties, estimates and
 assumptions made by management, which are subject to factors beyond the
 company's control and could impede its ability to achieve these goals.
 
     Chester Valley Bancorp stock is traded on the Nasdaq market under the
 symbol "CVAL".
 
 
                  CHESTER VALLEY BANCORP INC. AND SUBSIDIARIES
                            Selected Financial Data
              (Dollars in Thousands Except for Per Share Amounts)
 
      *** CONSOLIDATED OPERATIONS DATA:
 
                                     Three Months Ended    Nine Months Ended
                                         March 31,             March 31,
                                      2001       2000       2001       2000
     Total interest income           $9,457     $8,445     $27,786    $25,072
     Total interest expense           5,554      4,763      16,841     13,814
     Net interest income              3,903      3,682      10,945     11,258
       Provision for loan losses        105        105         315        315
     Net interest income after
      provision for loan losses       3,798      3,577      10,630     10,943
     Total other income               1,379      1,319       4,175      3,853
     Other operating expenses         3,719      3,636      11,773     10,447
       Income before income taxes     1,458      1,260       3,032      4,349
       Income tax expense               278        241         296        895
     Net income                      $1,180     $1,019      $2,736     $3,454
 
     Earnings per common share (A)
       Basic                          $0.29      $0.25       $0.67      $0.85
       Diluted                        $0.28      $0.25       $0.66      $0.84
 
 
      *** CONSOLIDATED FINANCIAL CONDITION DATA:
 
                                        March 31,   June 30,    Percent
                                          2001        2000      Change
     Total assets                        555,685     507,150      9.57%
     Loans and loans held for sale, net  342,536     331,306      3.39%
     Deposits                            431,668     378,478     14.05%
     Total stockholders' equity           39,291      35,502     10.67%
 
 
      *** OTHER SELECTED DATA:
                                                          March 31,
                                                      2001        2000
     Average interest rate spread (B)                 2.93%       3.00%
     Net yield on average interest-earning
      assets (B)                                      3.15%       3.52%
     Ratio of average interest-earning assets to
      average interest-bearing liabilities             1.05 x      1.13 x
     Non-performing assets to total assets            0.17%       0.15%
          Book value per common share (A)             $9.53       $8.44
       Closing price of common at end of period (A)  $22.00      $14.29
     Number of full-service offices at end
      of period                                           8           8
 
      (A) Per share amounts have been restated to reflect the effects of the 5%
           stock dividend paid in September 2000.
      (B) Percentages are presented on a taxable equivalent basis.
 
 SOURCE  Chester Valley Bancorp Inc.