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KEY CENTURION ANNOUNCES THIRD QUARTER EARNINGS FOR 1991

    KEY CENTURION ANNOUNCES THIRD QUARTER EARNINGS FOR 1991
    CHARLESTON, W.Va., Nov. 12 /PRNewswire/ --- Key Centurion Bancshares, Inc. (NASDAQ: KEYC), West Virginia's largest bank holding company with bank subsidiaries in West Virginia and Kentucky, has announced net income of $7.6 million during the third quarter of 1991.
    This represents an increase of 5.6 percent compared with $7.2 million net income recorded for the third quarter last year. On a per share basis, 1991 third quarter earnings rose 3.3 percent to 31 cents compared with 30 cents in third quarter 1990.
    For the nine months ended Sept. 30, 1991, net income increased 4.1 percent to $23.1 million. The comparable 1990 figure was $22.2 million. On a per share basis, earnings in 1991's first three quarters totaled 94 cents a share, up 3.3 percent from the 1990 total of 91 cents.
    All results have been restated to account for the addition of Spectrum Financial Corporation in a merger completed Jan. 31, 1991 and accounted for as a pooling of interests transaction. The results also include the addition of Southern Bankshares, Inc. in a merger completed April 30, 1991.  The Southern merger was accounted for as a purchase transaction, and accordingly was included in Key Centurion's results from that date.
    Marshall T. Reynolds, chairman of Key Centurion, noted that Southern Bankshares' two former bank subsidiaries have been combined with another Key Centurion subsidiary. They now operate under a single charter in Raleigh and Fayette counties, W.Va.  This, Reynolds noted, further strengthens Key Centurion's market share situation, where its subsidiaries rank first or second in five of West Virginia's six largest markets (ranked by deposits).
    "Moreover, the Southern transaction enhanced Key Centurion's return on equity during the quarter, partly as a result of greater leverage," Reynolds said.  "As the newly formed unit develops its combined resources, we are confident that it will generate increased earnings."
    A. Michael Perry, president and chief executive officer, pointed out that the combination of higher loan loss provision expense and FDIC insurance cost bit especially hard during the quarter. "Even so, we were still able to produce an increase in net income compared to a year ago," Perry said. "Furthermore, we delivered a solid one percent return on assets for the quarter."
    Perry said a combination of factors lead him to be encouraged about future quarters. "We believe that we have used a conservative approach to accounting for loans. Moreover, earning assets have increased (primarily due to our mergers), and coupled with the lower interest rate environment and the underlying strength of our balance sheet, we believe we have every right to be optimistic," Perry said.
    Key Centurion has bank subsidiaries with 54 offices in West Virginia and Kentucky, operating as Beckley National Bank, Beckley and Oak Hill; The Central National Bank of Buckhannon, Buckhannon; Charleston National Bank, Charleston; Union National Bank of West Virginia, Clarksburg; The First Huntington National Bank, Huntington; The Lincoln National Bank of Hamlin, Hamlin; The National Bank of Logan, Logan; Boone National Bank, Madison; The First National Bank of New Martinsville, New Martinsville; First National Bank in Philippi, Philippi; Citizens National of Point Pleasant, Point Pleasant; Citizens National Bank of St. Albans, St. Albans; Nicholas County Bank, Summersville; Security National Bank & Trust, Wheeling; Wayne County Bank, Wayne;  The National Bank of Commerce of Williamson, Williamson, all in West Virginia and First National Bank of Pikeville, Pikeville, Ky.
            KEY CENTURION BANCSHARES, INC., AND SUBSIDIARIES
                          Financial Highlights
                   ($ thousands, except per share data)
    Period                 Three Months                Nine Months
    Ended                              Pct.                        Pct.
    Sept. 30           1991      1990 Change      1991       1990 Change
    For the period
    Earnings & dividends:
     Net income     $7,640     $7,228    5.7   $23,106    $22,240    3.9
     Net int. inc.  30,868     27,324   13.0    88,501     80,939    9.3
     Cash divs. on
      common stock   3,873      3,655    6.0    11,725     10,779    8.8
    Per common share:
     Net income      $0.31      $0.30    3.3     $0.94      $0.91    3.3
     Cash dividends
      (excluding pooled
      affiliate)     $0.16      $0.15    6.7     $0.48      $0.45    6.7
     Shareholders'
      equity        $12.12     $11.50    5.4    $12.12     $11.50    5.4
     Market price:
      High          $15.50     $12.63     --    $15.50     $14.50     --
      Low           $14.25     $10.00     --    $10.00     $10.00     --
    Financial Ratios:
     Return on average
      assets (pct.)   1.01       1.08     --      1.08       1.13     --
     Return on average
      equity (pct.)  10.32      10.26     --     10.65      10.76     --
     Net interest
      margin (pct.)   4.72       4.73     --      4.76       4.77     --
    Common stock
     outstndg.  24,189,238 24,353,520       24,189,238 24,353,520
    Weighted average
     shares
     outstndg.  24,720,000 24,385,000       24,704,000 24,550,000
    At Sept. 30
    Balance sheet data:
    Assets      $3,044,317 $2,660,806   14.4
    Loans        1,435,919  1,346,732    6.6
    Deposits     2,471,640  2,170,516   13.9
    Shareholders'
     equity        293,235    279,990  4.7
    -0-                               11/12/91
    /CONTACT:  Larry A. Stark of Key Centurion Bancshares, 304-526-4337, or home at 304-529-3624/
    (KEYC) CO:  Key Centurion Bancshares ST:  West Virginia IN:  FIN SU:  ERN CD -- PG005 -- 3518 11/12/91 14:06 EST
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Date:Nov 12, 1991
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