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PARKVALE FINANCIAL CORPORATION ANNOUNCES 36 PERCENT EARNINGS INCREASE FOR THE SECOND QUARTER OF FISCAL 1993

 MONROEVILLE, Pa., Jan. 21 /PRNewswire/ -- Parkvale Financial Corporation (NASDAQ: PVSA) today reported net income for the quarter ended Dec. 31, 1992, of $1.4 million or 80 cents a share, up 36 percent compared to net income of $1.0 million or 60 cents per share for the quarter ended Dec. 31, 1991. The increase in net income was primarily from operations and was due to an increased net interest margin. Net interest income for the quarter ended Dec. 31, 1992, increased to $6.6 million from $5.2 million for the quarter ended Dec. 31, 1991.
 For the six-month period ended Dec. 31, 1992, Parkvale reported net income of $2.7 million or $1.55 per share, up 35.6 percent compared to $2.0 million or $1.18 per share for the six-month period ended Dec. 31, 1991. Net interest income increased 34.1 percent from $9.8 million for the six months ended Dec. 31, 1991, to $13.2 million for the 1992 period.
 Parkvale has received approval from the Pennsylvania Department of Banking and the Office of Thrift Supervision (OTS) to formally convert from a savings association to a state chartered savings bank effective Jan. 1, 1993. Such charter conversion results in the replacement of the OTS by the Federal Deposit Insurance Corporation (FDIC) as the bank's primary regulator with the consequence of substantially reducing the bank's annual expenses associated with examinations and assessments.
 As a Pennsylvania-chartered savings bank, deposits continue to be insured by the FDIC and Parkvale retains its membership in the Federal Home Loan Bank of Pittsburgh. Parkvale's conversion to a Pennsylvania savings bank charter was primarily for economic reasons, more specifically the elimination of the OTS annual assessment which for calendar year 1993 was expected to exceed $180,000. Parkvale anticipates no changes to its current operation as a result of this charter conversion.
 Parkvale Financial Corporation, a unitary savings bank holding company, is the parent company of Parkvale Savings Bank. The bank, which operates 26 offices in the Greater Pittsburgh area, had assets of $891 million at Dec. 31, 1992. Parkvale's capital was $43.4 million or $25.68 per share at Dec. 31, 1992, up from $38.8 million or $23.26 per share at Dec. 31, 1991.
 PARKVALE FINANCIAL CORPORATION
 (Unaudited; dollar amounts in thousands, except per-share data)
 Periods ended Three months Six months
 Dec. 31 1992 1991 1992 1991
 Total interest income $17,036 $18,524 $34,805 $35,777
 Total interest expense 10,386 13,342 21,607 25,937
 Net interest income 6,650 5,182 13,108 9,840
 Provision for loan losses 1,017 798 2,185 1,510
 Net interest income after
 provision for losses 5,633 4,384 11,013 8,330
 Gain on sale of assets 0 52 0 121
 Total other income 490 523 984 992
 Total other expenses 3,319 3,075 6,441 5,805
 Income before income taxes 2,804 1,884 5,556 3,638
 Income tax expense 1,404 855 2,841 1,635
 Net income 1,400 1,029 2,715 2,003
 Net income per share $.80 $.60 $1.55 $1.18
 Dividend per share .13 .11 .26 .22
 Book value per share $25.68 $23.26 --- ---
 Shares outstanding 1,691,300 1,669,300 --- ---
 -0- 1/21/93
 /CONTACT: Robert J. McCarthy Jr., president and CEO, 412-373-4815, or Timothy G. Rubritz, CFO, 412-373-4817, both of Parkvale Financial/
 (PVSA)


CO: Parkvale Financial Corporation ST: Pennsylvania IN: FIN SU: ERN

MK-LJ -- PG005 -- 7303 01/21/93 10:22 EST
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Date:Jan 21, 1993
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