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BT FINANCIAL CORPORATION ANNOUNCES SECOND QUARTER EARNINGS

 JOHNSTOWN, Pa., July 29 /PRNewswire/ -- As the economy continues its uneven recovery, BT Financial Corporation's (NASDAQ: BTFC) second quarter results reflect its commitment to financial excellence and its strong belief in sharing its success with shareholders, the company announced today.
 Consolidated net income for the six months was $4,651,000, or $1.48 per share, a 9.7 percent increase over the $4,240,000, or $1.35 per share earned the previous year. Net income for the second quarter was $2,371,000, or $.76 per share, an 8.9 percent increase compared to the corresponding period last year of $2,177,000. In relation to the same period last year, total assets increased $12,666,000, or 1.4 percent to $889,104,000; deposits were up $18,599,000, or 2.4 percent to $790,401,000; and net loans rose $38,062,000, or 7.2 percent to $565,339,000. Total shareholders' equity increased to $73,639,000, an 8.6 percent increase over the prior year. Book value was $23.48, an increase of 8.6 percent over the $21.62 level of a year earlier. BT Financial Corporation said it has been especially encouraged by its loan growth, which has been experienced in virtually every category, from commercial to residential mortgages to automobile loans. The acquisition of Peoples Bank One, on Aug. 14, 1992, has created a favorable impact on net income, assets, loans and deposit growth.
 As a result of BT Financial Corporation's increased earnings, its board of directors declared a 5 percent stock dividend payable July 26, 1993. In addition, on July 28, 1993, the directors declared a cash dividend of $.27 per share to shareholders of record on Aug. 13, 1993, payable Sept. 1, 1993. As previously stated, BT Financial Corporation said it remains committed to sharing its earnings success with shareholders.
 On May 21, 1993, the executive offices of the corporation were moved to the BT Financial Plaza building located at 551 Main St., Johnstown. By relocating its offices, BT Financial Corporation was able to centralize a portion of its holding company management at one site, thereby gaining operational and communication efficiencies. Simultaneously, the senior management team of Johnstown Bank and Trust Company occupied the suite of offices located on the first floor of the Johnstown Bank and Trust Company building. This will afford both the corporation and Bank and Trust ample room for future growth.
 One of the basic objectives of BT Financial Corporation is to compete and expand its product delivery and retail banking system. On May 24, 1993, Bank and Trust opened its 39th branch office at 575 Galleria Drive, Johnstown. This office will service the new Galleria shopping complex, growing industrial park and expanding neighborhood. Through all banking affiliates, its rising rate certificate of deposit program, known as the "Premium Investment Certificate of Deposit," was enthusiastically received, the company said. To call attention to the importance of F.D.I.C. insurance, BT Financial Corporation has been using statement stuffers in the form of a brochure, published by the Pennsylvania Securities Commission, describing the potential perils in switching from insured deposits to alternative non-bank investments. Remember -- the best time to protect your money is before you make the investment, the company said.
 Earlier this year, BT Financial Corporation announced the execution of a merger agreement whereby FirstSouth Savings Association, a subsidiary of FirstSouth Bancorp, Inc., would be merged into its affiliate, Fayette Bank and Trust Company. It is anticipated this merger will be completed during the fourth quarter of 1993. This acquisition will expand its geographic presence for commercial bank products and services.
 The competitive position of the banking industry, as compared to other financial service providers, continues to be a concern, the company said. While BT Financial Corporation's industry remains mired in regulatory "red tape," many other financial intermediaries have encroached upon its traditional customer base. While BT Financial Corporation endeavors to comply with banking regulation, it also works diligently to compete against both bank and non-bank competitors. The most recent example of this strategy is the "Truth in Savings" disclosures, which became effective on June 21, 1993. BT Financial Corporation has committed resources to meet these requirements and said it believes it is an opportunity for additional positive contact with each customer.
 BT Financial Corporation is a bank holding company, with assets of $900 million, headquartered in Johnstown. Banking affiliates include Johnstown Bank and Trust Company, Johnstown; Laurel Bank, Ebensburg, Pa.; and Fayette Bank and Trust Company, Uniontown, Pa. Together, they comprise a total of 56 offices serving Cambria, Somerset, Bedford, Blair, Indiana, Westmoreland, Fayette, Butler and Allegheny counties. BT Financial Corporation's other affiliates are BT Management Trust Company, a Pennsylvania state-chartered trust company, and Bedford Associates, Inc., a real estate company.
 BT FINANCIAL CORPORATION AND AFFILIATES
 Consolidated Balance Sheet
 June 30, 1993
 (In thousands, except shares and per share data)
 Assets 6/30/93 12/31/92 6/30/92
 Cash and due from banks $44,696 $48,060 $45,042
 Investment securities 214,572 219,800 214,656
 Interest-bearing deposits
 with banks 19,424 24,407 27,478
 Federal funds sold 9,400 19,150 27,000
 Net loans 565,339 561,112 527,277
 Premises and equipment 20,431 19,726 17,845
 Other assets 15,242 14,693 17,140
 Total assets 889,104 906,948 876,438
 Liabilities
 Deposits 790,401 809,023 771,802
 Fed funds purchased and
 securities sold under
 agreement to repurchase 7,969 8,912 15,924
 Other liabilities 10,855 10,363 12,207
 Capital notes 6,240 8,000 8,680
 Total liabilities 815,465 836,298 808,613
 Shareholders' equity
 Common stock 15,684 15,684 15,437
 Capital surplus 21,146 16,440 13,747
 Retained earnings 36,809 38,526 40,164
 Treasury stock 0 0 (1,523)
 Total shareholders' equity 73,639 70,650 67,825
 Total liabilities and
 shareholders' equity 889,104 906,948 876,438
 Book value per share $23.48 $22.52 $21.62
 Number of shares outstanding 3,136,862 3,136,862 2,987,488
 Consolidated Statement of Income
 June 30, 1993
 (In thousands, except shares and per share data)
 Period Ended Three Months Six Months
 June 30 1993 1992 1993 1992
 Interest income $16,576 $17,572 $33,252 $35,552
 Interest expense 5,778 7,440 11,926 15,478
 Net interest income 10,798 10,132 21,326 20,074
 Provision for loan losses 400 637 899 1,323
 Net interest income after
 provision for loan losses 10,398 9,495 20,427 18,751
 Other income 1,469 1,345 2,863 2,873
 Other expenses 8,322 7,793 16,474 15,736
 Income before taxes 3,545 3,047 6,816 5,888
 Provision for income tax 1,174 870 2,278 1,648
 Income before cumulative
 effect of accounting
 principle change 2,371 2,177 4,538 4,240
 Cumulative effect of change
 in accounting for income
 taxes 0 0 113 0
 Net income 2,371 2,177 4,651 4,240
 Net income per share $0.76 $0.69 $1.48 $1.35
 Dividends paid per share $0.27 $0.24 $0.53 $0.46
 Weighted average number of
 shares outstanding 3,136,862 3,136,862 3,136,862 3,136,862
 Note: Per share data and weighted average number of shares outstanding have been restated to reflect the 5 percent stock dividend distributed Sept. 11, 1992.
 -0- 7/29/93
 /CONTACT: Gerald W. Swatsworth, chairman and CEO of BT Financial, 814-536-7801/
 (BTFC)


CO: BT Financial Corporation ST: Pennsylvania IN: FIN SU: ERN

DM-KC -- PG003 -- 7412 07/29/93 10:41 EDT
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Date:Jul 29, 1993
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