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KEYSTONE HERITAGE GROUP REPORTS INCREASED EARNINGS

 KEYSTONE HERITAGE GROUP REPORTS INCREASED EARNINGS
 LEBANON, Pa., April 14 /PRNewswire/ -- Keystone Heritage Group, Inc.


(NASDAQ: KHGI) today reported net income for the quarter ended March 31, 1992, of $1.53 million or $.63 per share, an increase of 13 percent compared to net income of $1.35 million or $.56 per share for the same quarter of 1991.
 Return on average stockholders' equity for the three months ended March 31, 1992, was 14.04 percent and return on average assets was 1.14 percent.
 "We are very pleased with the results of operations for the first quarter 1992," said Albert B. Murry, president and chief executive officer of the company.
 Non-performing loans at March 31, 1992, amounted to $5.1 million or 1.37 percent of total loans, down from $6.1 million or 1.59 percent of total loans at Dec. 31, 1991. Total assets at March 31, 1992 were $539 million, a 1.8 percent increase over March 31, 1991. Total deposits at March 31, 1992, were $474 million and stockholders' equity totalled $44.9 million. The company's total risk-based capital ratio at March 31, 1992, was 12.74 percent.
 Keystone Heritage Group, Inc. is headquartered in Lebanon, and is the parent company of Lebanon Valley National Bank and Keystone Heritage Life Insurance Company.
 KEYSTONE HERITAGE GROUP, INC.
 (Dollars in thousands, except per-share data)
 Quarter ended March 31 1992 1991
 Net interest income $5,315 $5,243
 Provision for loan losses 400 596
 Net interest income after
 provision for loan losses 4,915 4,647
 Other operating income 1,003 978
 Other operating expense 3,773 3,789
 Income before income taxes 2,145 1,836
 Provision for income taxes 612 485
 Net income 1,533 1,351
 Net income per share $.63 $.56
 Average shares outstanding 2,425,048 2,415,835
 At March 31 1992 1991
 Assets $538,622 $528,885
 Deposits 474,106 465,734
 Loans 376,023 391,470
 Stockholders' equity 44,877 42,579
 Book value per common share $18.49 $17.62
 /delval/
 -0- 4/14/92
 /CONTACT: Kurt A. Phillips, senior vp of Keystone Heritage Group, 717-274-6800/
 (KHGI) CO: Keystone Heritage Group, Inc. ST: Pennsylvania IN: FIN SU: ERN


MK-JS -- PH002 -- 8032 04/14/92 07:29 EDT
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Date:Apr 14, 1992
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