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SOUTHWEST NATIONAL ISSUES EARNINGS

 SOUTHWEST NATIONAL ISSUES EARNINGS
 GREENSBURG, Pa., July 22 /PRNewswire/ -- Southwest National


Corporation (NASDAQ: SWPA), parent company of Southwest Bank, today reported net income of $1.77 million or $0.67 per share for the second quarter ending June 30, 1992.
 Net income increased $0.20 million or 12.6 percent from the $1.57 million or $0.59 per share earned in the second quarter of 1991.
 Net income for the first six months was $3.43 million or $1.29 per share representing an increase of $0.44 million or 14.8 percent from the $2.99 million or $1.12 per share reported for the same period in 1991.
 "We are pleased to report continued strong earnings for the bank this quarter and for the first six months of 1992," stated David S. Dahlmann, president and chief executive officer. "Borrowing continues to be weak, although we have seen a modest increase in loan activity over the first six months which may reflect improvement in consumer and business confidence in the economy. Refinancing has been heavy as both consumers and businesses have taken advantage of lower interest rates to consolidate loans and reduce interest expense."
 Total assets for the corporation were $671.5 million at June 30, an increase of $48.8 million or 7.8 percent from $622.7 million reported at the same time last year. The increase in assets reflects the acquisition in November 1991, of the Latrobe branch of Atlantic Financial from the RTC.
 In other business, the corporation's board of directors on July 21, 1992, declared a quarterly dividend of $0.26 per share, payable Sept. 10, 1992, to shareholders of record Aug. 10.
 SOUTHWEST NATIONAL CORPORATION AND SUBSIDIARY
 Financial Highlights
 (In thousands, except per share amounts)
 Periods Ended June 30 1992 1991 Pct. Change
 Second quarter:
 Net income $1,773 $1,575 12.6
 Cash dividends 691 639 8.1
 Per share:
 Net income $0.67 $0.59 13.6
 Cash dividend $0.26 $0.24 8.3
 Return on average assets 1.05 pct. 1.02 pct. --
 Return on average shareholders'
 equity 12.28 pct. 11.72 pct. --
 First six months:
 Net income $3,433 $2,990 14.8
 Cash dividends 1,383 1,277 8.3
 Per share:
 Net income $1.29 $1.12 15.2
 Cash dividends $0.52 $0.48 8.3
 Return on average assets 1.02 pct. 0.98 pct. --
 Return on average shareholders'
 equity 12.01 pct. 11.22 pct. --
 At June 30:
 Shareholders' equity 58,219 54,255 7.3
 Total assets 671,474 622,697 7.8
 Loans 328,161 314,673 4.3
 Investment securities 254,448 209,938 21.2
 Money market investments 47,621 57,809 (17.6)
 Deposits 609,470 564,095 8.0
 Period end ratios at June 30:
 Book value per share $21.88 $20.39 7.3
 Risk-based capital ratios (pct.)(A):
 Tier 1 capital 16.80 16.71 --
 Total capital 17.70 17.64 --
 Leverage capital ratio 8.66 8.70 --
 Nonperforming assets to loans,
 other real estate owned and
 other repossessions 0.69 0.46 --
 Nonperforming loans to loans 0.32 0.36 --
 Loans past due 90 days or more
 to loans 0.54 0.48 --
 Reserve for possible loan
 losses to nonperforming
 loans 297.13 268.17 --
 (A) Calculated under regulatory guidelines for year-end 1992.
 -0- 7/22/92
 /CONTACT: Donald A. Lawry, executive vice president of Southwest National, 412-832-6115/
 (SWPA) CO: Southwest National Corporation ST: Pennsylvania IN: FIN SU: ERN


CD-LJ -- PG011 -- 2022 07/22/92 14:35 EDT
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Date:Jul 22, 1992
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