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CENTRAL PENNSYLVANIA FINANCIAL CORP. REPORTS RESULTS

 SHAMOKIN, Pa., July 30 /PRNewswire/ -- Central Pennsylvania Financial Corp. (NASDAQ: CPSA) today reported earnings for the company's first quarter that ended June 30, 1993, of $1,080,000 or $.55 per share.
 Earnings for the current quarter included $530,000, or $.27 per share from ongoing operations and extraordinary income of $550,000 or $.28 per share, which was attributable to the implementation of tax accounting changes required under Statement of Financial Accounting Standards 109.
 During the first quarter of 1992, earnings amounted to $509,000 or $.27 per share. Net interest income after provision for loan losses was $3,383,000 for the 1993 quarter as compared to $3,222,000 for the 1992 quarter.
 The corporation added $450,000 in loan loss allowance for the quarter as compared with $200,000 for the 1992 quarter. The corporation's total loan loss allowance at the end of the 1993 quarter amounted to $4.7 million as compared to $6.2 million in the same quarter of 1992. Net income for the 1993 quarter included $269,000 in gains on the sale of investments, mortgage backed securities and loans.
 During the 1993 quarter, the weighted average number of shares of stock outstanding was 2.0 million as compared to 1.9 million in the 1992 quarter.
 It was just announced that the Office of Thrift Supervision (OTS) terminated the Supervision Agreement and Cease and Desist Order under which the corporation and its principal subsidiary, Central Pennsylvania Savings Association, F.A. had been operating since December of 1991. Additionally, effective July 1, 1993, the association changed from a state-chartered to a federally charted association.
 Central Pennsylvania Financial Corporation is the parent of Central Pennsylvania Savings Association, F.A., which was originally chartered in 1873. The association has 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.
 CENTRAL PENNSYLVANIA FINANCIAL CORP.
 Selected Financial Data
 (Unaudited)
 Three months ended June 30 1993 1992
 Total assets $466,941,000 $535,161,000
 Stockholders Equity 33,225,000 32,045,000
 Net interest income 3,833,000 3,422,000
 Net income before extraordinary
 item 503,000 509,000
 Net income from extraordinary
 item 550,000 ---
 Net income 1,080,000 509,000
 Earnings per share before
 extraordinary item $ .27 $ .27
 Earnings per share extraordinary item $ .28 ---
 Earnings per share net income .55 .27
 Weighted average number of
 shares outstanding 1,959,350 1,896,869
 -0- 7/30/93
 /CONTACT: Frank J. Fendt of Central Pennsylvania Financial, 717-644-0861/
 (CPSA)


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

MJ-CC -- PH044 -- 7943 07/30/93 17:03 EDT
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Publication:PR Newswire
Date:Jul 30, 1993
Words:464
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