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KEYSTONE FINANCIAL REPORTS SECOND QUARTER/SIX MONTHS GAINS

 KEYSTONE FINANCIAL REPORTS SECOND QUARTER/SIX MONTHS GAINS
 HARRISBURG, Pa., July 17 /PRNewswire/ -- Keystone Financial, Inc. (NASDAQ: KSTN), the ninth largest bank holding company in Pennsylvania, today reported higher earnings for the second quarter and six months ended June 30, 1992.
 Net income for the second quarter of 1992 rose to $8,508,000 from $8,281,000 for the same period in 1991. When expressed on a per share basis, quarterly earnings rose from 58 cents per share in 1991 to 59 cents per share in 1992 an increase of 2 percent.
 For the first half of 1992, net income increased to $17,089,000 compared to $16,349,000 in the first half of 1991. This performance resulted in earnings per share of $1.19 versus $1.14 in 1991, an increase of 4 percent.
 Assets at mid-year totaled $2,784,865,000 compared to $2,717,089,000 at the same date last year. Deposits were $2,351,073,000 compared to $2,362,804,000 at June 30, 1991, and loans increased to $1,862,108,000 from $1,846,674,000 during the same period. Return on average assets for the half-year was 1.25 percent and return on average equity was 14.22 percent.
 "Considering the slow economy prevalent in our market area, we are pleased to report higher earnings. These results attest to our efforts in maintaining asset quality and providing our customers with unexcelled service," said Carl L. Campbell, president and chief executive officer. "We are optimistic about achieving further earnings gains, and we continue to direct our energies toward several strategic initiatives including a focus on our customers, operating efficiency, quality, and growth," he added.
 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 expects to complete the previously announced acquisition of Maine Line Bancshares, Inc. of Wayne, Pa., later this summer
 KEYSTONE FINANCIAL, INC.
 Financial Highlights (Unaudited)
 For the Three Months Ended For the Six Months Ended
 6/30/92 6/30/91 6/30/92 6/30/91
 Net income $8,508,000 $8,281,000 $17,089,000 $16,349,000
 Earnings per share $.59 $.58 $1.19 $1.14
 Weighted average
 number of shares
 outstanding 14,422,184 14,397,268 14,409,977 14,391,584
 -0- 7/17/92
 /CONTACT: Robert J. Gentry of Keystone Financial, 717-231-5708/
 (KSTN) CO: Keystone Financial Inc. ST: Pennsylvania IN: FIN SU: ERN


PS-KW -- NY036 -- 0251 07/17/92 12:18 EDT
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Publication:PR Newswire
Date:Jul 17, 1992
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