First Chester County Corporation (“First Chester”) (NasdaqCM:
FCEC), parent company of First National Bank of Chester County (the
“Bank”), today announced financial results for the second quarter
and six months ended June 30, 2010. First Chester has also filed
its Quarterly Report on Form 10-Q for the period ended June 30,
2010 with the Securities and Exchange Commission (“SEC”).
Net income from continuing operations was $374,000 for the
quarter ended June 30, 2010, or 6 cents per common share, compared
to a net loss of $2.9 million, or 46 cents per common share, for
the quarter ended June 30, 2009. The improvement in the financial
results for the second quarter primarily reflects a significant
decrease in the provision for loan and lease losses compared to the
prior year’s quarter, offset by a slight decrease in net interest
income compared to the prior year’s quarter.
Net income attributable to First Chester was $169,000 for the
quarter ended June 30, 2010, or 3 cents per common share, compared
to a net loss of $62,000, or 1 cent per common share, for the
quarter ended June 30, 2009.
The following is a summary of key financial metrics during the
quarter:
- Total assets were $1.17 billion
at June 30, 2010, a decrease of 15.2% from $1.38 billion at
December 31, 2009.
- Gross loans and leases at
quarter end were $867.5 million, down 3.8% compared to $901.9
million at December 31, 2009.
- Total deposits were $992.0
million, compared to $1.1 billion at December 31, 2009.
- Net interest income was $8.8
million in the second quarter of 2010, compared to $9.5 million for
the same period in 2009.
- Net interest margin on earning
assets decreased to 3.36% for the three month period ending June
30, 2010, a decline of 24 basis points compared to 3.60% in the
second quarter of 2009. However, on a sequential basis the net
interest margin was up 39 basis points from the first quarter of
2010.
- Wealth management and advisory
fees were $1.1 million, up 5.0% from $1.05 million, in the second
quarter of 2010.
- Non-interest expense was $10.7
million, compared to $10.8 million in last year’s second
quarter.
- Total nonperforming assets were
$57.0 million at June 30, 2010, compared to $45.8 million at
December 31, 2009. Non-performing loans and leases as a percentage
of total loans and leases was 6.41%, compared to 4.67% at December
31, 2009. Allowance for loan and lease losses as a percentage of
non-performing loans and leases was 38.71%, compared to 55.07% at
year end.
- As of June 30, 2010, the Bank
met the individual minimum capital ratio requirements. The Bank’s
total risk-based capital ratio was 12.54%, compared to regulatory
requirement of 12%; its Tier 1 capital ratio was 11.27%, compared
to regulatory requirement of 10%; and its Tier 1 leverage ratio was
8.40%, compared to regulatory requirement of 8%.
John A. Featherman, III, Chairman and CEO of First Chester,
stated, “The filing of our second quarter financial report
indicates a number of significant positive developments for First
Chester: we returned to profitability for both the Bank and the
holding company; we are now current in our SEC reporting and are
compliant with the NASDAQ Capital Markets continued listing
requirements; and we now meet the increased minimum capital ratios
required by the Office of the Comptroller of the Currency. These
developments represent the culmination of a great deal of hard work
by all of our employees in the face of significant challenges, and
now positions First Chester to move forward on the pending merger
with Tower Bancorp.” Mr. Featherman added, “We expect to file a
registration statement on Form S-4, which will include a joint
proxy statement/prospectus and other relevant documents concerning
the merger with the SEC within the next few weeks.”
Six Months Fiscal 2010
Results
For the six months ended June 30, 2010, First Chester had a net
loss from continuing operations of $229,000 compared to a net loss
from continuing operations of $2.7 million in the corresponding
year earlier period. For the first six months of fiscal 2010, net
loss attributable to First Chester County Corporation was $1.6
million, or 26 cents per common shares, compared to net income of
$3.3 million, or 52 cents per common share for the first half of
2009.
A copy of First Chester’s Quarterly Report on Form 10-Q for the
quarter ended June 30, 2010 can be obtained on our website,
www.1nbank.com. The SEC also maintains a website at www.sec.gov
that contains reports and other information regarding our
company.
About First Chester County Corporation
First Chester County Corporation and its wholly owned
subsidiary, First National Bank of Chester County, is a financial
institution with $1.17 billion in assets and with 23 branch offices
located in Chester, Delaware, Lancaster and Cumberland counties.
Founded in 1863, First National Bank of Chester County is the
eighth oldest national bank in the country. First National provides
quality financial services to individuals, businesses, government
entities, nonprofit organizations, and community service groups.
Wealth Management and Trust Services are provided through First
National Wealth Management, a division of First National Bank of
Chester County. For more information, visit www.1nbank.com.
Additional Information About the Merger with Tower Bancorp,
Inc.
The proposed merger transaction will be submitted to the
shareholders of First Chester County Corporation (“First Chester”)
and Tower Bancorp (“Tower”) for their consideration and approval.
In connection with the proposed transaction, Tower will be filing
with the Securities and Exchange Commission (the “SEC”) a
registration statement on Form S-4 which will include a joint proxy
statement/prospectus and other relevant documents to be distributed
to the shareholders of Tower and First Chester. Investors are urged
to read the registration statement and the joint proxy
statement/prospectus regarding the proposed transaction when it
becomes available and any other relevant documents filed with the
SEC, as well as any amendments or supplements to those documents,
because they will contain important information. Investors will be
able to obtain a free copy of the joint proxy statement/prospectus,
as well as other flings containing information about Tower and
First Chester, free of charge from the SEC’s Internet site
(www.sec.gov), by contacting Tower Bancorp, Inc., 112 Market
Street, Harrisburg, Pennsylvania 17101, Attention: Brent Smith,
Investor Relations, telephone 717-724-4666 or by contacting First
Chester Financial Corporation, 9 North High Street, West Chester,
Pennsylvania 19381, Attention: John Stoddart, Investor Relations,
telephone 484-881-4141. INVESTORS SHOULD READ THE JOINT PROXY
STATEMENT/PROSPECTUS AND OTHER DOCUMENTS TO BE FILED WITH THE SEC
CAREFULLY BEFORE MAKING A DECISION CONCERNING THE TRANSACTION.
Tower, First Chester and their respective directors, executive
officers, and certain other members of management and employees may
be soliciting proxies from Tower and First Chester shareholders in
favor of the transaction. Information regarding the persons who
may, under the rules of the SEC, be considered participants in the
solicitation of the Tower and First Chester shareholders in
connection with the proposed transaction will be set forth in the
joint proxy statement/prospectus when it is filed with the SEC. You
can find information about Tower’s executive officers and directors
in its most recent proxy statement filed with the SEC, which is
available at the SEC’s Internet site (www.sec.gov). Information
about First Chester’s executive officers and directors is set forth
in its most recent Annual Report on Form 10-K filed with the SEC,
which is available at the SEC’s Internet site. You can also obtain
free copies of these documents from Tower or First Chester, as
appropriate, using the contact information above.
Safe Harbor for Forward-Looking Statements
This document may contain forward-looking statements as defined
in the Private Securities Litigation Reform Act of 1995. Actual
results and trends could differ materially from those set forth in
such statements due to various risks, uncertainties and other
factors. Such risks, uncertainties and other factors that could
cause actual results and experience to differ from those projected
include, but are not limited to, the following: ineffectiveness of
the company's business strategy due to changes in current or future
market conditions; the effects of competition, and of changes in
laws and regulations, including industry consolidation and
development of competing financial products and services; interest
rate movements; changes in credit quality; inability to achieve
merger-related synergies; difficulties in integrating distinct
business operations, including information technology difficulties;
volatilities in the securities markets; and deteriorating economic
conditions, and other risks and uncertainties, including those
detailed in Tower's and First Chester’s filings with the SEC.
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