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BT FINANCIAL CORPORATION REPORTS EARNINGS

 BT FINANCIAL CORPORATION REPORTS EARNINGS
 JOHNSTOWN, Pa., April 23 /PRNewswire/ -- BT Financial


Corporation's (NASDAQ-NMS: BTFC) first quarter of 1992 produced solid noteworthy results, the company said today.
 Consolidated net income of $2,063,000 represents an increase of 18.8 percent over the $1,736,000, earned in the first quarter of 1991. Net income per share increased to $.69 per share, or 19.0 percent from the $.58 per share earned the previous year. These results include Peoples Federal Savings Bank and the Somerset office of Atlantic Financial Savings, purchased in the second half of 1991, which had a favorable impact on net income.
 A lower level of economic activity in BT Financial Corporation's market region during this period translated into essentially flat loan demand and lower interest rates for savings account customers. Therefore, to maintain an adequate net interest margin, BT Financial Corporation has reduced its deposit gathering program, which resulted in a planned program of asset reduction, but greater profitability. Despite net interest margin pressure, net interest income increased $1,907,000 or 23.7 percent. Within this time frame and environment, the provision for loan losses was increased $686,000 compared to $282,000 for the previous year; assets increased $85,758,000 or 11.0 percent to $867,071,000; deposits were up $87,247,000 or 12.8 percent to $768,245,000; net loans rose $28,073,000 or 5.6 percent to $530,289,000; and shareholders equity increased $5,166,000 or 8.4 percent to $66,395,000.
 The lack of progress by Congress on banking reform legislation is disappointing, the bank said. They have increased funding for the FDIC and RTC, while basic issues of unregulated competition from non-banking entities remain unresolved. Despite the legislation and economic climate, BT Financial Corporation's strategic goal to improve shareholder value is to broaden diversification through acquisition. This philosophy should reduce dependence on any one economic region or type of industry.
 On March 13, 1992, a merger agreement was executed to merge the Peoples Bank One, West Lebanon, Pa., into the company's largest affiliate, Johnstown Bank and Trust Company. Peoples Bank One has four banking offices with assets of approximately $18 million. They are located in West Lebanon, Elderton, North Washington and Duquesne, Pa., which will be operated as branch offices of Bank and Trust. Under the terms of the agreement, Peoples Bank One shareholders will receive $1.8 million in cash. In addition, at the time of the closing of the merger, Bank and Trust will acquire two branch offices currently leased by Peoples for a cash payment of $700,000.00.
 During the first quarter, BT Financial Corporation successfully promoted, at its banking affiliates, a "package of services" product, called "PayCheck," specifically designed for direct deposit customers; consumer loans and adjustable rate mortgage; ComPak Checking, a low activity business account; and a wide range of savings and loan products for both individuals and businesses. The trust affiliate, BT Management Trust Company, continues to build business and reputation through various estate planning and management seminars, within the marketing region.
 The Community Reinvestment Act requires banks to assess credit needs through interaction with community groups and leaders, with their needs subsequently effectively met through actual lending practices and patterns. The Community Reinvestment Act regulations are managed by the holding company through each affiliate. The affiliates, which have completed their Community Reinvestment Act examinations, have received excellent ratings. Therefore, BT Financial Corporation is especially proud of their efforts in this program. BT Financial Corporation's management team is also working diligently to comply with the recently enacted "Americans with Disabilities Act." They intend to comply with all aspects of the regulation.
 On April 22, 1992, BT Financial Corporation's board of directors declared a cash dividend of $.25 per share to shareholders of record May 4, 1992, payable June 1, 1992. As previously stated, the increased cash dividend supports the corporation's philosophy of shareholders benefiting from improved earnings.
 BT Financial Corporation is a bank holding company, with assets of $900 million, headquartered in Johnstown, Pa. Banking affiliates include Johnstown Bank and Trust Company, Johnstown, Pa.; Laurel Bank, Ebensburg, Pa.; and Fayette Bank and Trust Company, Uniontown, Pa. Together, they comprise a total of 51 offices serving Cambria, Somerset, Bedford, Blair, Indiana, Westmoreland, Fayette, Butler and Allegheny counties. BT Financial Corporation's other affiliates are BT Management Trust Company, a Pennsylvania state-chartered trust company, and Bedford Associates, Inc., a real estate company.
 BT FINANCIAL CORPORATION AND AFFILIATES
 Consolidated Balance Sheet
 March 31, 1992
 (In thousands, except shares and per share data)
 3/31/92 12/31/91 3/31/91
 Assets
 Cash and due from banks $ 34,729 $ 42,287 $ 32,374
 Investment securities 203,966 186,736 142,955
 Int. bearing deposits
 with banks 28,835 30,250 38,638
 Federal funds sold 35,000 51,050 34,650
 Net loans 530,289 548,253 502,216
 Premises and equipment 17,517 17,685 17,850
 Other assets 16,735 15,393 12,630
 Total assets 867,071 891,654 781,313
 Liabilities
 Deposits 768,245 781,761 680,998
 Fed funds purchased &
 securities sold under
 agreement to repurchase 13,312 20,291 16,509
 Other liabilities 10,439 14,143 12,137
 Capital notes 8,680 10,440 10,440
 Total liabilities 800,676 826,635 720,084
 Shareholders' Equity
 Common stock 15,437 15,437 15,437
 Capital surplus 13,747 13,747 13,747
 Retained earnings 38,734 37,358 33,568
 Treasury stock (1,523) (1,523) (1,523)
 Total shareholders' equity 66,395 65,019 61,229
 Total liabilities and
 shareholders' equity 867,071 891,654 781,313
 Book value per share $22.22 $21.76 $20.50
 Number of shares
 outstanding 2,987,488 2,987,488 2,987,488
 BT FINANCIAL CORPORATION AND AFFILIATES
 Consolidated Statement of Income
 (in thousands, except shares and per share data)
 Quarter ended March 31, 1992 1991
 Interest income 17,980 17,575
 Interest expense 8,038 9,540
 Net interest income 9,942 8,035
 Provision for loan losses 686 282
 Net interest income after provision
 for loan losses 9,256 7,753
 Other income 1,528 1,260
 Other expenses 7,943 6,737
 Income before taxes 2,841 2,276
 Provision for income tax 778 540
 Net income 2,063 1,736
 Per share data:
 Net income $0.69 $0.58
 Cash dividends declared $0.23 $0.22
 Weighted average number
 of shares outstanding 2,987,488 2,987,488
 -0- 4/23/92
 /CONTACT: Gerald W. Swatsworth, chairman, president and chief executive officer of BT Financial, 814-532-3801/
 (BTFC) CO: BT Financial Corporation ST: Pennsylvania IN: FIN SU: ERN


DM-PT -- PG023 -- 2183 04/23/92 17:44 EDT
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