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DAUPHIN DEPOSIT CORPORATION REPORTS INCREASED NET INCOME FOR 1991

 DAUPHIN DEPOSIT CORPORATION REPORTS INCREASED NET INCOME FOR 1991
 HARRISBURG, Pa., Jan. 16 /PRNewswire/ -- Dauphin Deposit Corporation (NASDAQ: DAPN) today announced net income of $45,723,000 for the year ended Dec. 31, 1991, compared with $45,368,000 in 1990.
 Per share earnings for 1991 were $3.67 per share, compared with $3.56 per share in 1990, an increase of 3.1 percent.
 Net income for the fourth quarter ended Dec. 31, 1991, amounted to $12,121,000 compared with $11,660,000 for the same period in 1990. Fourth quarter 1991 per share earnings were $.97, up 4.3 percent over 1990 fourth quarter per share earnings of $.93.
 In making the announcement, William J. King, chairman and chief executive officer, said, "We are pleased with these results in yet another difficult and challenging year for the banking industry. Solid earnings growth allowed us to strengthen the corporation by adding to our capital base and also permitted us to increase our dividend to stockholders for the 15th consecutive year."
 Total assets at Dec. 31, 1991, were $3,611,655,000, up 3.5 percent from $3,489,436,000 at year-end 1990. Total deposits were $2,822,510,000 at Dec. 31, 1991, compared with $2,729,854,000 at year- end 1990, an increase of 3.4 percent. Total loans at Dec. 31, 1991, were $1,812,123,000 compared with $1,754,618,000 at year-end 1990, an increase of 3.3 percent.
 Dauphin Deposit's return on average assets for the year 1991 was 1.30 percent while its return on average equity was 14.44 percent. This is expected to compare favorably with Federal Reserve Peer Group II, the most comparable national group of banking companies in relation to Dauphin Deposit.
 Dauphin Deposit Corporation, headquartered in Harrisburg, is the parent company of Dauphin Deposit Bank and Trust Company, which includes the Bank of Pennsylvania Division, serving central Pennsylvania with 85 branch offices. Other subsidiaries of the corporation are Hopper Soliday & Co., Inc., Dauphin Life Insurance Company, Dauphin Investment Company and Financial Realty, Inc.
 DAUPHIN DEPOSIT CORPORATION AND SUBSIDIARIES
 Consolidated Balance Sheets
 (Unaudited; in thousands)
 At Dec. 31 1991 1990
 Assets:
 Cash and due from banks $156,939 $183,513
 Short-term investments 23,106 80,327
 Investment securities 1,506,464 1,362,898
 Assets held for sale 4,488 2,277
 Loans 1,812,123 1,754,618
 Allowance for loan losses (22,119) (21,292)
 Other assets 130,654 127,095
 Total assets 3,611,655 3,489,436
 Liabilities and stockholders' equity:
 Deposits $2,822,510 $2,729,854
 Short-term borrowings 376,741 374,070
 Long-term debt 36,097 40,308
 Accrued expenses and taxes 42,775 41,061
 Total liabilities 3,278,123 3,185,293
 Stockholders' equity:
 Common stock 64,948 64,948
 Surplus 68,273 68,417
 Retained earnings 216,760 188,151
 Total 349,981 321,516
 Less: Treasury stock -- at cost (16,449) (17,373)
 Total stockholders' equity 333,532 304,143
 Total liabilities and
 stockholders' equity 3,611,655 3,489,436
 Consolidated Statements of Income
 (Unaudited; dollars in thousands, except per-share data)
 Year ended
 Fourth quarter Dec. 31
 1991 1990 1991 1990
 Interest income $72,857 $76,516 $293,789 $298,901
 Interest expense 41,679 48,582 175,971 188,439
 Net interest income 31,178 27,934 117,818 110,462
 Provision for loan losses 1,975 1,650 7,900 6,450
 Net interest income after
 provision for loan losses 29,203 26,284 109,918 104,012
 Non-interest income 11,542 8,733 40,609 36,487
 Non-interest expense 25,254 20,438 93,510 82,700
 Income before income taxes 15,491 14,579 57,017 57,799
 Provision for income taxes 3,370 2,919 11,294 12,431
 Net income 12,121 11,660 45,723 45,368
 Net income per share $.97 $.93 $3.67 $3.56
 Weighted average number of
 shares outstanding 12,470,078 12,470,490 12,450,680 12,740,827
 /delval/
 -0- 1/16/92
 /CONTACT: N. Bruce Pinto, vice president of Dauphin Deposit, 717-255-2066/
 (DAPN) CO: Dauphin Deposit Corporation ST: Pennsylvania IN: FIN SU: ERN


MK-JS -- PH013 -- 0434 01/16/92 10:52 EST
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