SECURITIES AND EXCHANGE COMMISSION
WASHINGTON DC 20549
AMENDMENT NO. 1 TO
FORM 10-QSB
[ X ] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the quarterly period ended December 31, 1997
Or
[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the transition period from __________ to __________
Commission File No.: 0-18833
Chester Valley Bancorp Inc.
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(Exact name of registrant as specified in its charter)
Pennsylvania 23-2598554
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
100 E. Lancaster Ave., Downingtown PA 19335
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(Address Of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (610) 269-9700
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports) and (2) has been subject to such filing
requirements for the past 90 days. YES [ X ] NO [ ]
Transitional Small Business Disclosure Format. YES [ ] NO [ X ]
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
Common Stock ($1.00 par value) 2,177,505
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(Title of Each Class) (Number of Shares Outstanding
as of February 1, 1998)
<PAGE>
<TABLE>
<CAPTION>
CHESTER VALLEY BANCORP INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in Thousands, Except for Per Share Amounts)
Three Months Ended
December 31,
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1997 1996
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<S> <C> <C>
INTEREST INCOME:
Loans ................................................. $ 5,569 $ 5,138
Investment securities and interest-bearing deposits ... 791 468
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Total interest income .............................. 6,360 5,606
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INTEREST EXPENSE:
Deposits .............................................. 2,883 2,548
Securities sold under agreements to repurchase ........ 2 24
Short-term borrowings ................................. 303 80
Long-term borrowings .................................. 165 200
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Total interest expense ............................. 3,353 2,852
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NET INTEREST INCOME ..................................... 3,007 2,754
Provision for loan losses ............................. 120 164
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Net interest income after provision for loan losses 2,887 2,590
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OTHER INCOME:
Service charges and fees .............................. 282 236
Loss on sale of loans held for sale ................... (2) --
Gain on sale of securities available for sale ......... 79 20
Other ................................................. 40 51
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Total other income ................................. 399 307
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OPERATING EXPENSES:
Salaries and employee benefits ........................ 992 885
Occupancy and equipment ............................... 427 379
Data processing ....................................... 177 158
Deposit insurance premiums ............................ 41 131
Other ................................................. 480 410
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Total operating expenses ........................... 2,117 1,963
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Income before income taxes ............................ 1,169 934
Income tax expense .................................... 338 276
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NET INCOME .............................................. $ 831 $ 658
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</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CHESTER VALLEY BANCORP INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in Thousands, Except for Per Share Amounts)
(continued)
Three Months Ended
December 31,
-----------------------------
1997 1996
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<S> <C> <C>
EARNINGS PER SHARE (1):
Basic ................................................. $ 0.38 $ 0.31
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Diluted ............................................... $ 0.38 $ 0.30
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DIVIDENDS PER SHARE PAID DURING PERIOD (1) .............. $ 0.11 $ 0.08
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WEIGHTED AVERAGE SHARES OUTSTANDING (1):
Basic ................................................. 2,163,109 2,146,914
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Diluted ............................................... 2,197,982 2,158,905
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</TABLE>
(1) Earnings per share, dividends per share and weighted average shares
outstanding have been restated to reflect the effects of the 5% stock
dividend paid in September 1997 and the five-for-four stock split effected
in the form of a dividend in March 1997.
See accompanying notes to unaudited consolidated financial statements.
<PAGE>
<TABLE>
<CAPTION>
CHESTER VALLEY BANCORP INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in Thousands, Except for Per Share Amounts)
Six Months Ended
December 31,
-----------------------------
1997 1996
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<S> <C> <C>
INTEREST INCOME:
Loans ................................................. $ 11,071 $ 9,993
Investment securities and interest-bearing deposits ... 1,584 992
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Total interest income .............................. 12,655 10,985
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INTEREST EXPENSE:
Deposits .............................................. 5,724 5,012
Securities sold under agreements to repurchase ........ 3 51
Short-term borrowings ................................. 547 152
Long-term borrowings .................................. 347 382
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Total interest expense ............................. 6,621 5,597
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NET INTEREST INCOME ..................................... 6,034 5,388
Provision for loan losses ............................. 240 260
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Net interest income after provision for loan losses 5,794 5,128
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OTHER INCOME:
Service charges and fees .............................. 583 508
Gain (loss) on sale of loans held for sale ............ (1) 3
Gain on sale of securities available for sale ......... 166 68
Other ................................................. 85 97
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Total other income ................................. 833 676
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OPERATING EXPENSES:
Salaries and employee benefits ........................ 2,007 1,802
Occupancy and equipment ............................... 851 738
Data processing ....................................... 343 308
SAIF special assessment ............................... -- 1,387
Deposit insurance premiums ............................ 79 261
Other ................................................. 966 802
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Total operating expenses ........................... 4,246 5,298
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Income before income taxes ............................ 2,381 506
Income tax expense .................................... 697 49
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NET INCOME .............................................. $ 1,684 $ 457
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</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CHESTER VALLEY BANCORP INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in Thousands, Except for Per Share Amounts)
(continued)
Six Months Ended
December 31,
-----------------------------
1997 1996
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<S> <C> <C>
EARNINGS PER SHARE (1):
Basic ................................................. $ 0.78 $ 0.21
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Diluted ............................................... $ 0.77 $ 0.21
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DIVIDENDS PER SHARE PAID DURING PERIOD (1) .............. $ 0.21 $ 0.15
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WEIGHTED AVERAGE SHARES OUTSTANDING (1):
Basic ................................................. 2,162,436 2,150,686
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Diluted ............................................... 2,193,681 2,160,939
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</TABLE>
(1) Earnings per share, dividends per share and weighted average shares
outstanding have been restated to reflect the effects of the 5% stock
dividend paid in September 1997 and the five-for-four stock split effected
in the form of a dividend in March 1997.
See accompanying notes to unaudited consolidated financial statements.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Chester Valley Bancorp Inc.
Date 2-18-98 /s/Ellen Ann Roberts
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Ellen Ann Roberts
Chairman and Chief Executive Officer
Date 2-18-98 /s/Christine N. Dullinger
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Christine N. Dullinger
Treasurer and Chief Financial Officer
