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GLENDALE BANCORPORATION ANNOUNCES 1992 SECOND QUARTER RESULTS

 GLENDALE BANCORPORATION ANNOUNCES 1992 SECOND QUARTER RESULTS
 VOORHEES, N.J., July 16 /PRNewswire/ -- Glendale Bancorporation (NASDAQ: GNBC), the holding company of Glendale National Bank of New Jersey and Glendale Bank of Pennsylvania, reported net income of $371,000 for the three months ended June 30, 1992, compared to $230,000 for the same period in 1991.
 On a primary and fully diluted per share basis, net income was $.20 for the second quarter of 1992 compared to $.12 for the second quarter of 1991.
 For the six-month period ended June 30, 1992, net income was $646,000 or $.34 per share, vs. $535,000 or $.28 per share, for the same period in 1991. Provisions to the allowance for loan losses totalled $665,000 during the first six months of 1992 compared to $490,000 during the first six months of 1991.
 The increased earnings were primarily attributed to higher income derived from service fees and greater net interest income.
 Glendale Bancorporation reported consolidated total assets of $236 million as of June 30, 1992.
 /delval/
 -0- 7/16/92
 /CONTACT: Joseph J. Zullo, vice president and chief accounting officer of Glendale Bancorporation, 609-346-8400/
 (GNBC) CO: Glendale Bancorporation ST: New Jersey, Pennsylvania IN: FIN SU: ERN


JS-MK -- PH022 -- 9782 07/16/92 12:58 EDT
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Publication:PR Newswire
Date:Jul 16, 1992
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