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SOUTHWEST NATIONAL CORPORATION REPORTS EARNINGS

 GREENSBURG, Pa., Oct. 20 /PRNewswire/ -- Southwest National Corporation (NASDAQ: SWPA), parent company of Southwest Bank, reported net income of $2.114 million, or $.80 per share, for the third quarter ending Sept. 30, 1993. This represents an increase of $.097 million or 4.8 percent from the $2.017 million, or $.76 per share, reported in the third quarter of 1992.
 Net income for the first nine months was $5.954 million, or $2.24 per share, an increase of $.504 million or 9.2 percent from the $5.450 million, or $2.05 per share, reported for the same period in 1992.
 "We are again pleased to report positive performance for the corporation in this period of limited economic growth," stated David S. Dahlmann, president and chief executive officer. "Our third quarter earnings were particularly strong last year which provides added significance to the present quarter's increase.
 "The sluggish economy is contributing to weak loan demand in our markets. However, we have increased loans 9.8 percent from last year on the strength of active business and consumer refinancing. Our net interest margin has declined vs. a year ago. This was anticipated as the difference between long- and short-term interest rates begins to narrow and the impact of refinancing increases. We believe this trend will continue and affect margins throughout the banking industry," noted Dahlmann. "The corporation's return on average assets, a key bank performance measure, was a very strong 1.22 percent in the third quarter. We remain a well-capitalized institution and our asset quality continues to be maintained at a high level."
 In other business, the corporation's board of directors on Oct. 19, 1993, authorized a 6.9 percent or $.02 per share increase in the quarterly dividend to $.31 per share, payable Dec. 10, 1993, to shareholders of record Nov. 10, 1993.
 SOUTHWEST NATIONAL CORPORATION AND SUBSIDIARY
 Financial Highlights
 Sept. 30, 1993
 ($ in thousands, except per share amounts)
 Third quarter 1993 1992 pct. change
 Net income $2,114 $2,017 +4.8
 Cash dividends 772 692 +11.6
 Return on average assets 1.22 pct. 1.20 pct.
 Return on average
 shareholders' equity 13.29 13.79
 Net interest margin 4.73 4.82
 Per share:
 Net income $.80 $.76 +5.3
 Cash dividends $.29 $.26 +11.5
 First nine months
 Net income $5,954 $5,450 +9.2
 Cash dividends 2,315 2,075 +11.6
 Return on average assets 1.16 pct. 1.08 pct.
 Return on average
 shareholders' equity 12.70 12.64
 Net interest margin 4.82 4.64
 Per share:
 Net income $2.24 $2.05 +9.3
 Cash dividends $.87 $.78 +11.5
 At Sept. 30
 Shareholders' equity $64,516 $59,544 +8.4
 Total assets 689,626 670,763 +2.8
 Loans 363,167 330,714 +9.8
 Investment securities 252,034 253,927 -.7
 Money market investments 21,704 45,210 -52.0
 Deposits 619,318 605,995 +2.2
 Period-end ratios at
 Sept. 30
 Book value per share $24.25 $22.38 +8.4
 Risk-based capital ratios:
 Tier 1 capital 17.79 pct. 17.16 pct.
 Total capital 18.98 18.09
 Leverage capital ratio 9.35 8.86
 Nonperforming assets to loans,
 other real estate owned
 and other repossessions .52 .67
 Nonperforming loans to loans .35 .33
 Loans past due 90 days to loans .21 .42
 Reserve for possible loan
 losses to nonperforming loans 338.10 295.32
 -0- 10/20/93
 /CONTACT: Donald A. Lawry, executive vice president, of Southwest National, 412-832-6115/
 (SWPA)


CO: Southwest National Corporation; Southwest Bank ST: Pennsylvania IN: FIN SU: ERN

KC-CD -- PG004 -- 4521 10/20/93 11:20 EDT
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Date:Oct 20, 1993
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