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KNOBLAUCH STATE BANK RELEASES YEAR END RESULTS

 READING, Pa., Jan. 19 /PRNewswire/ -- For the year ended Dec. 31, 1992, Knoblauch Bank reported total assets of $102.9 million, deposits of $89.7 million and equity capital of $12.8 million. The ratio of capital to total assets was 11.7 percent. This ratio is near the top of Knoblauch's peer group, as defined by the FDIC, which averaged 7.6 percent at June 30, 1992. The percentage of tier one capital to risk-weighted assets was 21.7 percent.
 The bank's original capital of $17 million was reduced by $3.3 million to $13.7 million effective April 20, 1992, the day the bank opened for business. This reduction was the net impact of independently valuing the assets acquired to fair market value.
 Total loans outstanding as of Dec. 31, 1992, were $66.3 million. Non-performing loans were $7.0 million or 10.5 percent of the total loan portfolio. Loan loss reserves at year end were $6.3 million, which is 9.4 percent of the loan portfolio and 89.5 percent of non-performing loans. Loan delinquencies, net of non-accruals, were 2.9 percent of loans.
 For the eight and a half months ended Dec. 31, 1992, income from operations, exclusive of unusual items, was $501,000. Unusual items were a $1.1 million provision for possible loan losses taken during the initial period ended June 30, which reflects management's assessment of the quality of the acquired loan portfolio; and legal expenses for the year of $225,000 reflecting the costs of monitoring ongoing litigation and managing settlement issues with the Receivership. This resulted in a net loss for the year of $824,000.
 The bank's year-end results are preliminary, pending receipt of the final report from its auditors.
 /delval/
 -0- 1/19/93
 /CONTACT: Bruce Crawley of Crawley, Haskins & Rodgers Public Relations, 215-922-7184, for Knoblauch Bank/


CO: Knoblauch Bank ST: Pennsylvania IN: FIN SU: ERN

294 01-19-93 15:51 EST MJ-JS -- PH031 -- 6513 01/19/93 15:52 EST
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Date:Jan 19, 1993
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