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CENTRAL PENNSYLVANIA FINANCIAL REPORTS RESULTS

CENTRAL PENNSYLVANIA FINANCIAL REPORTS RESULTS
 SHAMOKIN, Pa., Feb. 14 /PRNewswire/ -- Central Pennsylvania Financial Corporation (NASDAQ: CPSA) reported today a loss for its third quarter.
 Net loss for the quarter ending Dec. 31, 1991, was $389,000 or $.20 per share.
 The 1991 current quarterly loss reflects an improvement over the prior year's loss of $865,000 or $.42 per share for the quarter ended Dec. 31, 1990. For the nine months ended Dec. 31, 1991, a net loss of $5.3 million or $2.65 per share has been posted compared to a profit of $879,000 or $.42 per share for the comparable period in 1990. In spite of the reported losses, the company meets and exceeds all three regulatory capital requirements for tangible, core and risk-based capital.
 Losses for the quarter resulted primarily from expenses associated with one-time non-recurring items. Expenses associated with the proposed White Eagle Federal Savings Bank merger which was terminated during the quarter and legal and consulting fees associated with regulatory directives in connection with the voluntary Cease and Desist Order in effect were in excess of $475,000. Also, during the third quarter ended Dec. 31, 1991, other major items affecting profitability were the addition of $435,000 to loan loss reserves and $573,000 in interest reserves.
 Total interest income increased by $681,000 during the nine months ended Dec. 31, 1991, to $34.3 million. However, as a result of the reserve for uncollected interest, a decrease of $42,000 in total interest income was recorded in quarter ended Dec. 31, 1991, as compared to the same quarter in 1990.
 Overall losses for the fiscal year to date result primarily from Central Pennsylvania Savings Association establishing $5.2 million in loan loss reserves during the second quarter ended Sept. 30, 1991, resulting from the increasingly stringent regulatory standards imposed by the Office of Thrift Supervision during the most recent regulatory examination of the a sociation. In a related matter, the association paid a $10,000 penalty to the Office of Thrift Supervision as a result of the voluntary Cease and Desist Order for accounting reporting errors.
 Central Pennsylvania Financial Corporation is the parent company of Central Pennsylvania Savings Association. The savings association converted to the stock form of ownership in 1984 and in 1986 the holding company was formed. The association was chartered by the Commonwealth of Pennsylvania in 1873 and conducts business in 23 offices throughout central, southcentral and eastern Pennsylvania.
 CENTRAL PENNSYLVANIA FINANCIAL CORPORATION
 Selected Financial Data
 Three months ended Dec. 31, 1991 Dec. 30, 1990
 Total Assets $547,459,000 $477,399,000
 Total Deposits 481,922,000 417,956,000
 Net income (loss) (389,000) (865,000)
 Loss per share $(0.20) $(0.42)
 Weighted average
 number of shares
 outstanding 1.98M 2.03M
 -0- 2/14/92
 CONTACT: Frank J. Fendt of Central Pennsylvania Financial, 717-644-0861
 (CPSA)
CO: CENTRAL PENNSYLVANIA FINANCIAL CORPORATION
IN: FIN
SU: ERN
ST: PENNSYLVANIA (PA)


-- PH012 -- 9023 02/14/92
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Publication:PR Newswire
Date:Feb 14, 1992
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