News From First Chester County Corporation
FOR IMMEDIATE RELEASE CONTACT:
First National Bank Shareholder Relations
(610) 344-2686
First Chester County Corporation
Earnings Increase 16.5%
Financial Services Management Revenue Grows 20.1%
(October 16, 2000-West Chester) - Charles E. Swope, Chairman of the Board,
President, and CEO of the First National Bank of Chester County, a subsidiary of
First Chester County Corporation, announced that net income for the nine months
ended September 30, 2000 was $4.464 million, an increase of 16.5% compared to
the nine months ended September 30, 1999 net income of $3.831 million. For the
quarter ended September 30, 2000 net income increased 13.1% to $1.528 million
compared to $1.351 for the quarter ended September 30, 1999.
Basic net income per share increased 16.7% to $0.98 from $0.84 for the nine
month period, and 13.3% to $0.34 from $0.30 for the quarter. Mr. Swope also
announced an increase in Financial Management Services ("FMS") assets under
management and custody of 10.8% to $446.7 million and a 20.1% increase in FMS
related revenues to $2.289 million for the nine-month period ending September
30, 2000. Bank assets on September 30, 2000, were $533.5 million, an increase of
$49.3 million or 10.2% compared to $484.2 million as of September 30, 2000.
On October 6 the Bank broke ground for its 13th location at the corner of
Uwchlan Avenue and Sheree Boulevard in Lionville. The free-standing, colonial
style two-story building will include a full-service branch and loan office
serving the growing business and residential community in this part of the
county. A grand opening is planned for January 2001.
"We experienced strong growth in both the Commercial and Financial Management
Services Departments this quarter. First National will continue to provide
excellent banking and financial services as Your Hometown Bank (registered
trademark), Mr. Swope said. "We are committed to expanding our branch network
into the fastest growing areas of the county, and to remaining the largest
independent bank headquartered in Chester County."
First Chester County Corporation has 4,492,188 shares outstanding as of
September 30, 2000 and is traded in the over-the-counter market under the symbol
of "FCEC." For more information, please contact the Bank's Shareholder Relations
department at (610) 344-2686 or visit our interactive website at
www.fnbchestercounty.com.
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FIRST CHESTER COUNTY CORPORATION AND SUBSIDIARIES
STATISTICAL SUMMARY
(Dollars in thousands, except per share data)
STATEMENT OF CONDITION
SEPT 30,
-------------------------------
2000 1999
---- ----
TOTAL ASSETS $ 533,469 $ 484,239
GROSS LOANS 392,070 334,084
INVESTMENT SECURITIES 102,550 118,736
DEPOSITS 449,801 428,272
SHAREHOLDERS EQUITY 40,960 38,366
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FOR THREE MONTHS ENDED SEPT 30, FOR NINE MONTHS ENDED SEPT 30,
------------------------------- ------------------------------
STATEMENT OF INCOME 2000 1999 2000 1999
------------------- ---- ---- ---- ----
<S> <C> <C> <C> <C>
INTEREST INCOME $ 10,043 $ 8,908 $ 29,388 $ 25,923
INTEREST EXPENSE 4,422 3,642 12,452 10,725
------- ------ ------- -------
NET INTEREST INCOME 5,621 5,266 16,936 15,198
PROVISION FOR LOAN LOSSES 355 184 822 493
------- ------ ------- -------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 5,266 5,082 16,114 14,705
NON-INTEREST INCOME 1,958 1,212 4,691 3,803
NON-INTEREST EXPENSE 5,106 4,349 14,640 12,996
------- ------ ------- -------
INCOME BEFORE TAXES 2,118 1,945 6,165 5,512
INCOME TAXES 590 594 1,701 1,681
------- ------ ------- -------
NET INCOME $ 1,528 $ 1,351 $ 4,464 $ 3,831
======= ====== ======= =======
PER SHARE DATA (1)
NET INCOME PER SHARE (BASIC) $ 0.34 $ 0.30 $ 0.98 $ 0.84
NET INCOME PER SHARE (DILUTED) $ 0.33 $ 0.29 $ 0.98 $ 0.83
CASH DIVIDENDS DECLARED $ 0.130 $ 0.125 $ 0.380 $ 0.365
BOOK VALUE $ 9.12 $ 8.43 $ 9.12 $ 8.43
BASIC WEIGHTED AVERAGE SHARES
OUTSTANDING 4,546,678 4,563,431 4,536,580 4,580,140
DILUTED WEIGHTED AVERAGE SHARES
OUTSTANDING 4,563,990 4,586,577 4,556,024 4,625,196
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