: PRESS RELEASE :
FIRST CHESTER COUNTY CORPORATION ANNOUNCES
EARNINGS INCREASE OF 18.4% FOR THE SIX MONTHS ENDED JUNE 30, 2000
(July 13, 2000-West Chester, PA) - Charles E. Swope, Chairman of the
Board, President, and CEO of the First National Bank of Chester County,
subsidiary of First Chester County Corporation, announced that net income for
the six months ended June 30, 2000 was $2.935 million, an increase of 18.4%
compared to the six months ended June 30, 1999 net income of $2.479 million. For
the quarter ended June 30, 2000 net income increased 8.0% to $1.505 million
compared to $1.394 for the quarter ended June 30, 1999. On a per share basis,
basic net income per share increased 20.4% to $0.65 from $0.54 for the six month
period and 10.0% to $0.33 from $0.30 for the quarter. Mr. Swope also announced
an increase in Financial Management Services ("FMS") assets under management and
custody of 4.5% to $433.3 million and a 25.0% increase in FMS related revenues
to $785.8 compared to the second quarter of 1999. Bank assets on June 30, 2000,
were $531.0 million, an increase of $19.1 million or 3.7% compared to $511.9
million at December 31, 1999.
In April we introduced "FNB Net Cash Manager(copyright)", which allows
our business customers to access account information and other services through
the Internet. Over 150 business customers have signed up. Our latest Internet
offering joins "NetTeller", "BillPay", and "Portfolio Link" in our secure,
feature rich on-line banking environment. For more information on these and
other First National products or services visit our web site at
www.fnbchestercounty.com or call Tony Poluch at (610) 692-1499 or Steve McGann
at (610) 738-4769.
Mr. Swope stated, "our success this quarter can be attributed to many
factors including strong growth in our loan portfolio and FMS assets under
management and custody. Additionally, we have plans to build four new branches
over the next twelve months. We will continue to provide excellent banking and
financial services as Your Hometown Bank(registered trademark) and we are
committed to remain the largest independent bank headquartered in Chester
County."
First Chester County Corporation has 4,515,418 shares outstanding and
is traded in the over-the-counter market under the symbol of "FCEC." For more
information, please contact our Shareholder Relations department at (610)
344-2686.
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FIRST CHESTER COUNTY CORPORATION AND SUBSIDIARIES
TWO-YEAR STATISTICAL SUMMARY
(Dollars in thousands, except per share data)
June 30,
--------------------------------
STATEMENT OF CONDITION 2000 1999
------------------- ---- ----
Total Assets $ 530,968 $ 481,857
Gross Loans 378,389 327,554
Investment Securities 108,356 117,573
Deposits 461,296 429,219
Stockholders' Equity 39,549 39,727
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For Three Months Ended June 30, For Six Months Ended June 30,
------------------------------- -----------------------------
STATEMENT OF INCOME 2000 1999 2000 1999
------------------- ---- ---- ---- ----
<S> <C> <C> <C> <C>
Interest Income $ 9,790 $ 8,659 $19,344 $17,016
Interest Expense 4,102 3,557 8,030 7,084
------ ------ ------ ------
Net Interest Income 5,688 5,102 11,314 9,932
Provision For Loan Losses 177 171 467 309
------ ------ ------ ------
Net Interest Income After
Provision For Loan Losses 5,511 4,931 10,847 9,623
Non-Interest Income 1,396 1,402 2,734 2,591
Non-Interest Expense 4,857 4,330 9,534 8,648
------ ------ ------ ------
Income Before Taxes 2,050 2,003 4,047 3,566
Income Taxes 545 609 1,112 1,087
------ ------ ------ ------
Net Income $ 1,505 $ 1,394 $ 2,935 $ 2,479
====== ====== ====== ======
PER SHARE DATA(1)
--------------
Net Income Per Share (Basic) $ 0.33 $ 0.30 $ 0.65 $ 0.54
Net Income Per Share (Diluted) $ 0.33 $ 0.30 $ 0.64 $ 0.53
Cash Dividends Declared $0.125 $0.120 $ 0.250 $ 0.240
Book Value $ 8.76 $ 8.69 $ 8.76 $ 8.69
Basic Weighted Average Shares
Outstanding 4,525,496 4,578,491 4,531,447 4,588,633
Diluted Weighted Average Shares
Outstanding 4,543,329 4,631,111 4,551,945 4,648,016
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