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CENTRAL PENNSYLVANIA FINANCIAL CORP. REPORTS RESULTS

 SHAMOKIN, Pa., Nov. 10 /PRNewswire/ -- Central Pennsylvania Financial Corp. (NASDAQ: CPSA) today reported net income of $614,000 or $0.31 per share for the corporation's second quarter that ended Sept. 30, 1993, compared to earnings of $476,000 or $0.24 per share recorded during the same period of 1992.
 For the six months ended Sept. 30, 1993 income from operations was $1,144,000 or $0.58 per share. When income that resulted from the change in accounting for income taxes required by the adoption of Financial Standard 109 in the first quarter is added, net income for the six months ended Sept. 30, 1993 amounted to $1,694,000 or $0.86 per share as compared to $985,000 or $0.51 per share for the same period of 1992.
 For the quarter ended Sept. 30, 1993 net interest income after provision for possible loan losses was $3,164,000 as compared to $2,818,000 in the same quarter of 1992. The provision for possible loan losses was $450,000 for the current quarter as compared to $845,000 during the 1992 quarter. At Sept. 30, 1993 the corporation's total loan loss allowance amounted to $3,690,000 as compared to $4,251,000 at March 31, 1993. This reduction in the allowance for possible loan losses reflects the reduction in non-performing assets to $9,969,000 at Sept. 30, 1993 from $14,556,000 at March 31, 1993, a reduction of $4,587,000.
 Net income for the three months ended Sept. 30, 1993 also included $390,000 in service charge and fee income and $238,000 in gains on sales of investments, compared to $251,000 and $601,000 respectively during the quarter ended Sept. 30, 1992.
 Central Pennsylvania Financial Corporation is the parent of Central Pennsylvania Savings Association, which was originally chartered in 1873. The association has 23 offices throughout central, southeastern and southern Pennsylvania. Offices are located in Shamokin, Mount Carmel, Williamsport, Lewisburg, Danville, Shamokin Dam, Sunbury, Hershey, Camp Hill, Lancaster, York, Columbia, Wrightsville, Fairview Village, West Point, Quakertown, Norristown, Reading, Warminster, Allentown and Philadelphia.
 CENTRAL PENNSYLVANIA FINANCIAL CORP.
 Selected Unaudited Financial Data
 Six months ended Sept. 30 1993 1992
 Total assets $442,853,000 $519,226,000
 Stockholders' Equity 33,639,000 32,309,000
 Net interest income 7,447,000 7,085,000
 Net income before accounting change 1,144,000 985,000
 Net income from accounting change 550,000 ---
 Net income 1,694,000 985,000
 Earnings per share before accounting
 change $0.58 $0.51
 Earnings per share from accounting
 change 0.28 ---
 Earnings per share net income 0.86 0.51
 Weighted average number of shares
 outstanding 1,959,713 1,934,829
 -0- 11/10/93
 /CONTACT: Frank J. Fendt of Central Pennsylvania Financial, 717-644-0861/
 (CPSA)


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

MJ-JR -- PH031 -- 2978 11/10/93 18:05 EST
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Publication:PR Newswire
Date:Nov 10, 1993
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