FIRST CHESTER COUNTY CORPORATION ANNOUNCES
EARNINGS INCREASE OF 31.8% FOR THE FIRST QUARTER 2000
(April 14, 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 quarter ended March 31, 2000 was $1.431 million, an increase of 31.8%
compared to 1999's first quarter net income of $1.086 million. On a per share
basis, basic net income per share increased 33.3% to $0.32 from $0.24 for the
same period last year. Mr. Swope also announced an increase in Financial
Management Services ("FMS") assets of 4.9% to $430.0 million and a 25.0%
increase in FMS related revenues to $785.8 compared to the first quarter of
1999. Bank assets on March 31, 2000, were $520.0 million, an increase of $43.2
million or 9.1% compared to $476.8 million at March 31, 1999.
For the period ending March 31, 2000, income for the Leasing Department
was $810 thousand, an increase of $164 thousand or 25.3% over the same period in
1999. The Leasing Department's net outstandings were $35.7 million, an increase
of $9.0 million or 33.7% compared to $26.7 million on March 31, 1999. This
Department has experienced outstanding growth since its inception in 1988.
Over 1,000 customers are now signed up for First National's free
Internet banking service "NetTeller". This product along with "BillPay" allows
our customers to access their accounts and pay bills on-line 24 hours a day from
home. Other new products and services include our new web site at
www.fnbchestercounty.com and "FNB Portfolio Link" which allows our FMS customers
free on-line access to their account information. First National continues to
meet the financial needs of our customers.
Mr. Swope stated, "We experienced strong growth this quarter in both
the Commercial and Financial Management Services Departments. We continue our
strategy of growing throughout the County and providing excellent banking and
financial services as Your Hometown Bank(R)."
First Chester County Corporation has 4,523,918 shares outstanding
and is traded in the over-the-counter market under the symbol of "FWCC." For
more information, please contact our Shareholder Relations department at (610)
344-2686.
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FIRST WEST CHESTER CORPORATION AND SUBSIDIARIES
TWO-YEAR STATISTICAL SUMMARY
(Dollars in thousands, except per share data)
March 31,
--------------------------------
STATEMENT OF CONDITION 2000 1999
- ------------------- ---- ----
Total Assets $ 520,011 $ 476,845
Gross Loans 366,383 354,338
Investment Securities 109,221 108,638
Deposits 449,600 448,433
Stockholders' Equity 38,713 38,182
For Three Months Ended March 31,
--------------------------------
STATEMENT OF INCOME 2000 1999
- ------------------- ---- ----
Interest Income $ 9,554 $ 8,357
Interest Expense 3,928 3,527
------ ------
Net Interest Income 5,626 4,830
Provision For Loan Losses 290 138
------ ------
Net Interest Income After
Provision For Loan Losses 5,336 4,692
Non-Interest Income 1,338 1,189
Non-Interest Expense 4,677 4,319
------ ------
Income Before Taxes 1,997 1,562
Income Taxes 566 476
------ ------
Net Income $ 1,431 $ 1,086
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PER SHARE DATA(1)
- --------------
Net Income Per Share (Basic) $ 0.32 $ 0.24
Net Income Per Share (Diluted) $ 0.31 $ 0.23
Cash Dividends Declared $0.125 $0.120
Book Value $ 8.56 $ 8.58
Basic Weighted Average Shares
Outstanding 4,537,464 4,598,887
Diluted Weighted Average Shares
Outstanding 4,557,461 4,673,886
