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CENTRAL PENNSYLVANIA FINANCIAL CORP. REPORTS THIRD QUARTER RESULTS

 SHAMOKIN, Pa., Feb. 18 /PRNewswire/ -- Central Pennsylvania Financial Corp. (NASDAQ: CPSA) today reported net income of $415,000 or $.21 per share for the company's third quarter ended Dec. 31, 1992, compared to a loss of $389,000 or $.20 per share recorded during the same quarter of 1991. For the nine months ended Dec. 31, 1992, net income was $1.4 million or $.72 per share compared to a loss of $5.3 million or $2.65 per share for the corresponding 9 month period in 1991.
 Net interest income before provision for possible loan losses for the third quarter ended Dec. 31, 1992, was $3.8 million as compared to $2.8 million for the same quarter in 1991. Total assets decreased to $475.9 million at Dec. 31, 1992, from $537.3 million at March 31, 1992, and loans receivable, net decreased by $47.7 million, as loan customers repaid loans to take advantage of prevailing low interest rates. The company's loan loss provision for the third quarter was $467,000 as compared to $435,000 for the same period in 1991. Non-performing assets of $13.1 million were 2.8 percent of total assets as of Dec. 31, 1992, as compared to $16.6 million or 3.1 percent of total assets at March 31, 1992.
 During the third quarter of 1992, the company reported a gain of $105,000 from the sale of mortgage servicing rights in conjunction with a previous sale of mortgages. No such gain was recorded in the comparable period of 1991.
 Central Pennsylvania Financial Corp. is the parent of Central Pennsylvania Savings Association which was originally chartered in 1873. The association continues to be in compliance with all of the fully phased in capital requirements of the OTS.
 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.
 -0- 2/18/93
 /CONTACT: Frank J. Fendt of Central Pennsylvania Financial, 717-644-0861/
 (CPSA)


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

MJ-JS -- PH043 -- 8040 02/18/93 15:47 EST
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Date:Feb 18, 1993
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