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DAUPHIN DEPOSIT CORPORATION REPORTS RECORD 1993 EARNINGS; EARNINGS PER SHARE INCREASE 11.4%

 HARRISBURG, Pa., Jan. 18 /PRNewswire/ -- Dauphin Deposit Corporation (NASDAQ: DAPN) today announced net income of $64,492,000 for the year ended December 31, 1993, compared with $57,223,000 for the comparable period in 1992. Net income per share increased 11.4 percent for the year to $2.15 from $1.93 in 1992.
 Net income for the fourth quarter ended December 31, 1993, was $15,075,000, compared with $14,287,000 in 1992. Net income per share for the fourth quarter of 1993 amounted to $.50, compared with $.48 per share for that period in 1992.
 The corporation's total assets at December 31, 1993, were $4,596,410,000, compared with $4,572,586,000 at that time in 1992. Deposits totalled $3,300,825,000, compared with $3,401,110,000 at December 31, 1992. Total loans at December 31, 1993, were $2,366,830,000, compared with $2,195,335,000 a year earlier.
 Commenting on the results, William J. King, chairman of the board and chief executive officer, said, "We are pleased with our strong performance and proud of the fact that 1993 was the 22nd consecutive year during which Dauphin has had increased earnings per share. Our sound performance is due to our continued control of non-interest expenses, sustained favorable net-interest margins, and the hard work and dedication of our employees. Loan growth continued to escalate in both the commercial and retail areas, and our asset quality remained very good."
 As previously announced, Dauphin completed the acquisition of Valley Bancorp., Inc. in early January, adding 13 branch offices and $330,000,000 in assets and expanding the corporation's presence in Franklin County.
 Dauphin Deposit Corporation, headquartered in Harrisburg, is the parent company of Dauphin Deposit Bank and Trust Company, which includes the Bank of Pennsylvania Division and the Valleybank Division, and Farmers Bank and Trust Company of Hanover. Other subsidiaries of the corporation are: Farmers Bank, a Federal Savings Bank; Hopper Soliday & Co., Inc.; Dauphin Life Insurance Company; Dauphin Investment Company; Farmers Mortgage Corporation; Financial Realty, Inc.; and FARMCO Realty, Inc.
 DAUPHIN DEPOSIT CORPORATION AND SUBSIDIARIES
 Condensed Consolidated Balance Sheet
 (Unaudited; in thousands)
 Dec. 31 1993 1992
 Assets:
 Cash and due from banks $143,923 $204,857
 Short-term investments 8,494 91,950
 Investment securities 1,959,897 1,961,328
 Assets held for sale 9,203 8,503
 Loans 2,366,830 2,195,335
 Allowance for loan losses (36,109) (33,624)
 Other assets 144,172 144,237
 Total assets 4,596,410 4,572,586
 Liabilities and Stockholders' Equity:
 Deposits $3,300,825 $3,401,110
 Short-term borrowings 680,378 602,085
 Long-term debt 92,454 92,863
 Accrued expenses and taxes 50,149 45,997
 Total liabilities 4,123,806 4,142,055
 Stockholders' equity:
 Common stock 150,205 150,116
 Surplus 18,511 17,918
 Retained earnings 306,008 266,318
 Treasury stock, at cost (2,120) (3,821)
 Total stockholders' equity 472,604 430,531
 Total liabilities and
 stockholders' equity 4,596,410 4,572,586
 Condensed Consolidated Statements of Income
 (Unaudited; dollars in thousands, except per-share data)
 Three months Year
 Periods ended Dec. 31 1993 1992 1993 1992
 Interest income $73,770 $77,185 $301,488 $321,439
 Interest expense 33,663 37,995 139,452 168,012
 Net interest income 40,107 39,190 162,036 153,427
 Provision for loan losses 2,299 3,478 9,365 10,944
 Net interest income after
 provision for loan losses 37,808 35,712 152,671 142,483
 Non-interest income 15,759 12,927 58,251 53,986
 Non-interest expense 34,055 30,277 125,972 122,092
 Income before income taxes 19,512 18,362 84,950 74,377
 Provision for income taxes 4,437 4,075 20,458 17,154
 Net income 15,075 14,287 64,492 57,223
 Net income per share $.50 $.48 $2.15 $1.93
 Weighted average number of
 shares outstanding 30,079,848 29,897,729 30,035,507 29,639,940
 /delval/
 -0- 1/18/94
 /CONTACT: N. Bruce Pinto, vice president of Dauphin Deposit, 717-255-2066/
 (DAPN)


CO: Dauphin Deposit Corporation ST: Pennsylvania IN: FIN SU: ERN

MK-JO -- PH004 -- 2640 01/18/94 10:19 EST
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Date:Jan 18, 1994
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