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CENTRAL PENNSYLVANIA FINANCIAL REPORTS RESULTS

 CENTRAL PENNSYLVANIA FINANCIAL REPORTS RESULTS
 SHAMOKIN, Pa., June 30 /PRNewswire/ -- Central Pennsylvania


Financial Corporation (NASDAQ: CPSA) today reported a loss for the fourth quarter and fiscal year ended March 31, 1992.
 Loss for the year amounted to $5.8 million, or $3.05 per share, while the loss for the fourth quarter was $490,000 or $.26 per share. For the comparable period in 1991, the company posted an annual profit of $667,000 or $.32 per share and a fourth quarter loss of $212,000 or $.10 per share.
 Losses for fiscal 1992 were attributable to establishment of loan loss reserves, as well as, provision for declines in other investments and for losses on real estate owned. Also contributing to the losses were increased consulting and legal fees incurred as a result of the cease and desist order entered into by the association in December 1991 with the Office of Thrift Supervision.
 The provision for loan losses during fiscal 1992 totaled $5.6 million compared to $1.6 million during the prior year. At 1992 year end, loan loss reserves amounted to $6.7 million compared to $2.2 million at 1991 year end. Charge-offs during the 1992 fiscal year totaled $1.1 million compared to $700,000 in 1991.
 Net interest income increased to $12.2 million compared to $11.9 million in fiscal year 1991. Interest expense paid for deposits decreased. However, the decrease in the average interest rate paid was off-set by an increase in the average amount of deposits outstanding as a result of the acquisition of three offices from the Resolution Trust Corporation with approximately $72 million in deposits.
 Other income (loss) for fiscal 1992 amounted to a loss of $2.3 million compared to income of $178,000 during fiscal 1991. Service charge income and other fees increased while equity and earnings of joint ventures and unconsolidated affiliates posted losses. Provision for decline in other investments increased by $2.5 million and the provision for loss on real estate owned increased to $3 million in fiscal 1992. A gain on sale of mortgage backed securities amounted to $2 million.
 The corporation had total assets of $537.3 million at 1992 year-end as compared to $486.9 million at 1991 year end. The company's subsidiary, Central Pennsylvania Savings Association exceeds all regulatory capital requirements. The association operates 23 offices in Central, southcentral, and southeastern Pennsylvania.
 CENTRAL PENNSYLVANIA FINANCIAL CORPORATION
 Selected Financial Data
 (000's omitted)
 Year ended March 31 1992 1991
 Total assets $537,259 $486,895
 Total deposits 467,510 416,325
 Stockholders' equity 31,551 38,580
 Net income (5,787) 667
 Earnings per share ($3.05) $.32
 Weighted average number of
 shares outstanding 1,896,597 2,063,914
 -0- 6/30/92
 /CONTACT: Frank J. Fendt of Central Pennsylvania Financial, 717-644-0861/
 (CPSA) CO: Central Pennsylvania Financial Corporation ST: Pennsylvania IN: FIN SU: ERN


JS-MJ -- PH043 -- 5376 06/30/92 17:37 EDT
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Publication:PR Newswire
Date:Jun 30, 1992
Words:491
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