KEYSTONE FINANCIAL REPORTS RECORD FIRST QUARTER RESULTS
KEYSTONE FINANCIAL REPORTS RECORD FIRST QUARTER RESULTS HARRISBURG, Pa., April 20 /PRNewswire/ -- Keystone Financial, Inc.
(NASDAQ: KSTN), the ninth largest bank holding company in Pennsylvania, today reported record earnings for the first quarter ended March 31, 1992.
Net income for the period rose to $8,581,000 or 60 cents per share, from $8,068,000 or 56 cents per share for the first quarter of 1991, representing a 7 percent increase on a per share basis. Assets at the close of the quarter totaled $2,734,929,000 versus $2,659,299,000 for the same period last year. Deposits increased to $2,322,540,000 from $2,301,785,000 at March 31, 1991, and loans rose to $1,894,762,000 from $1,841,412,000 during the same period. Return on average assets for the quarter was 1.27 percent and return on average equity was 14.44 percent. The company's equity capital position at the end of the quarter was $241,575,000 or 8.8 percent of assets. "Keystone's super community banking philosophy allows us to reap the benefits of local customer service and the added efficiencies made possible through consolidated support," Carl L. Campbell, president and chief executive officer, said. "We believe our dedication to asset quality, cost management and customer focus will allow us to achieve continued progress during the balance of 1992," he concluded. Keystone Financial has three member banks -- Pennsylvania National Bank, Pottsville; Northern Central Bank, Williamsport; and Mid-State Bank, Altoona -- which operate 91 community offices in 20 Pennsylvania counties. The company has signed a definitive agreement to acquire Main Line Bancshares, Inc. (OTC), of Wayne, Pa. The completion of the acquisition is expected to be this summer. KEYSTONE FINANCIAL, INC. Financial Highlights (Unaudited) Three months ended March 31 1992 1991 Net income $8,581,000 $8,068,000 Earnings per share $.60 $.56 Weighted average number of shares outstanding 14,397,770 14,387,434 -0- 4/20/92 /CONTACT: Robert J. Gentry of Keystone Financial, 717-231-5708/ (KSTN) CO: Keystone Financial, Inc. ST: Pennsylvania IN: FIN SU: ERN
GK-TS -- NY028 -- 9961 04/20/92 10:41 EDT
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|Date:||Apr 20, 1992|
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