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DAUPHIN DEPOSIT REPORTS INCREASED EARNINGS

 DAUPHIN DEPOSIT REPORTS INCREASED EARNINGS
 HARRISBURG, Pa., July 15 /PRNewswire/ -- Dauphin Deposit Corporation


(NASDAQ: DAPN) today announced net income of $12,965,000 for the second quarter ended June 30, 1992, compared with net income of $11,085,000 for the comparable 1991 period.
 Net income per share of $1.01 for the quarter increased 13.5 percent from $.89 per share for that period in 1991.
 Net income for the six months ended June 30, 1992, was $25,548,000, up from $22,224,000 for the comparable 1991 period. Net income per share increased 12.3 percent for the first six months to $2.01 per share from $1.79 in 1991.
 The corporation's total assets at June 30, 1992, were $3,731,587,000 compared with $3,520,651,000 at that time in 1991. Deposits totaled $2,767,288,000 compared with $2,835,059,000 on June 30, 1991. Total loans at June 30, 1992, were $1,816,474,000, compared with $1,779,189,000 a year earlier.
 Commenting on the results, William J. King, chairman of the board and chief executive officer, said, "Despite the still sluggish economy, second quarter results continued very strong. We completed the acquisition of FB&T Corporation on July 1, 1992. This not only brought our total assets to over $4.4 billion but also strategically added new market areas to our increasing central Pennsylvania franchise. Asset quality, including those from our recent acquisition, remains solid." King pointed out that Dauphin Deposit's earnings for the quarter and first six months do not include FB&T's results of operations.
 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 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; Center Square Life Insurance Company; Dauphin Investment Company; Farmers Mortgage Corporation; Financial Realty, Inc.; FARMCO Realty, Inc.; and Reliance Consumer Discount Company.
 DAUPHIN DEPOSIT CORPORATION AND SUBSIDIARIES
 Consolidated Balance Sheets
 (Unaudited; in thousands)
 At June 30 1992 1991
 Assets:
 Cash and due from banks $142,950 $147,801
 Money market investments 13,323 64,707
 Investment securities 1,642,559 1,411,466
 Assets held for sale 4,913 1,148
 Loans 1,816,474 1,779,189
 Allowance for loan losses (23,023) (21,865)
 Other assets 134,391 138,205
 Total assets 3,731,587 3,520,651
 Liabilities and Stockholders' Equity:
 Deposits $2,767,288 $2,835,059
 Short-term borrowings 473,144 287,313
 Long-term debt 87,055 36,653
 Accrued expenses and taxes 40,922 43,011
 Total liabilities 3,368,409 3,202,036
 Stockholders' equity:
 Common stock 64,948 64,948
 Surplus 69,828 68,276
 Retained earnings 232,524 201,873
 Treasury stock, at cost (4,122) (16,482)
 Total stockholders' equity 363,178 318,615
 Total liabilities and
 stockholders' equity 3,731,587 3,520,651
 Consolidated Statements of Income
 (Unaudited; dollars in thousands, except per-share data)
 Periods ended Three months Six months
 June 30 1992 1991 1992 1991
 Interest income $68,609 $73,141 $137,360 $147,662
 Interest expense 36,405 44,702 73,376 90,413
 Net interest income 32,204 28,439 63,984 57,249
 Provision for loan losses 1,975 1,975 3,950 3,950
 Net interest income after
 provision for loan losses 30,229 26,464 60,034 53,299
 Non-interest income 12,559 9,363 24,806 17,915
 Non-interest expense 26,021 22,189 51,815 43,928
 Income before income taxes 16,767 13,638 33,025 27,286
 Provision for income taxes 3,802 2,553 7,477 5,062
 Net income 12,965 11,085 25,548 22,224
 Net income per share $1.01 $.89 $2.01 $1.79
 Weighted average number of
 shares outstanding 12,859,189 12,438,857 12,705,061 12,431,379
 /delval/
 -0- 7/15/92
 /CONTACT: N. Bruce Pinto, vice president of Dauphin Deposit, 717-255-2066/
 (DAPN) CO: Dauphin Deposit Corporation ST: Pennsylvania IN: FIN SU: ERN


MK-MP -- PH003 -- 9419 07/15/92 09:38 EDT
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Date:Jul 15, 1992
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