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CENTRAL PENNSYLVANIA FINANCIAL CORP. REPORTS EARNINGS

 CENTRAL PENNSYLVANIA FINANCIAL CORP. REPORTS EARNINGS
 SHAMOKIN, Pa., July 27 /PRNewswire/ -- Central Pennsylvania


Financial Corp. (NASDAQ: CPSA) today reported earnings for the company's first quarter that ended June 30, 1992, of $509,000 or $.27 per share.
 Earnings amounted to $509,000 for the current quarter as compared to $754,000 or $.37 per share for the same period in 1991. Net interest income after provision for loan losses was $3,222,000 for the 1992 quarter as compared to $3,101,000 in 1991.
 The corporation added $200,000 in loan loss allowance for the current quarter as compared with $150,000 for the 1991 quarter. The corporation's total loan loss allowances at the end of the 1992 quarter amounted to $6.3 million as compared to $2.4 million in the same quarter of 1991.
 Other expenses increased in the 1992 quarter by $500,000 when compared to the 1991 quarter. Such increases included occupancy, insurance and data processing expenses due to the addition of three offices, and increased professional fees due to regulatory matters involving the Office of Thrift Supervision. Other expenses also increased due to an increase in general and administrative expenses because of additional expenses associated with handling problem assets including appraisal fees, operating expenses of real estate owned and related matters.
 During the 1992 quarter, the weighted average number of shares of stock outstanding was 1.9 million as compared to 2.1 million in the 1991 quarter because of the repurchase of 41,590 shares of stock.
 Central Pennsylvania Financial Corp. is the parent of Central Pennsylvania Savings Association, which was originally chartered in 1873. The association is the 14th largest savings institution in Pennsylvania, with 23 offices throughout central, southeastern and southern Pennsylvania. Offices are located in Shamokin, Mount Carmel, Williamsport, Lewisburg, Danville, Shamokin Dam, Sunbury, Hershey, Camp Hill, Lancaster, York, Columbia, Wrightsville, Fairview Village, West Point, Quakertown, Norristown, Reading, Warminster, Allentown, and Philadelphia.
 -0- 7/27/92
 /CONTACT: Frank J. Fendt of Central Pennsylvania Financial, 717-644-0861/
 (CPSA) CO: Central Pennsylvania Financial Corp. ST: Pennsylvania IN: FIN SU: ERN


MK-CC -- PH008 -- 3502 07/27/92 11:57 EDT
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Publication:PR Newswire
Date:Jul 27, 1992
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