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INDEPENDENCE BANCORP REPORTS 10.9 PERCENT SECOND QUARTER EARNINGS INCREASE

 INDEPENDENCE BANCORP REPORTS 10.9 PERCENT
 SECOND QUARTER EARNINGS INCREASE
 PERKASIE, Pa., July 22 /PRNewswire/ -- Independence Bancorp (NASDAQ: INBC) today reported net income of $5.3 million for the three months ended June 30, 1992, a 10.9 percent increase from the second quarter of 1991.
 Primary and fully diluted earnings per share for the second quarter were 47 cents, compared with 43 cents primary and fully diluted a year ago.
 For the six-month period ended June 30, 1992, net income increased 8.2 percent to $10.3 million compared with $9.6 million a year ago. Primary earnings per share for the six-month period were $0.92 compared with $0.87 a year ago, while fully diluted earnings per share were $0.91 compared with $0.86 a year ago.
 The loan loss provision was $3.7 million for the second quarter of 1992, compared with $4.1 million a year ago. For the six-month period, the provision totaled $7.5 million compared with $8.5 million a year ago.
 Net charge-offs decreased to $2.8 million for the quarter, compared with $4.2 million a year ago, and to $5.5 million for the six-month period compared with $7.3 million a year ago.
 Nonperforming loans, including nonaccrual loans, restructured loans and other real estate owned, were $44.3 million, or 2.65 percent of total loans and other real estate owned, compared with $40.6 million or 2.47 percent a year ago, and $42.9 million or 2.53 percent in the first quarter of 1992.
 John D. Harding, president and chief executive officer, commented, "Our earnings have improved steadily in 1992, but with the economy remaining sluggish, we must continue to closely monitor asset quality and control costs throughout the organization."
 At June 30, 1992, Independence's loan loss allowance was $29.0 million, or 1.75 percent of total loans, compared with 1.53 percent a year ago. Independence's Tier 1 capital ratio was 9.88 percent, well above the required minimum of 4 percent.
 Total loans were $1.65 billion for the second quarter, compared with $1.63 billion a year ago. Total deposits were $2.21 billion, compared with $2.22 billion a year ago.
 Net interest income was $26.9 million for the second quarter of 1992, compared with $26.8 million a year ago, and the net interest margin was 4.49 percent for the second quarter, compared with 4.51 percent a year ago.
 For the second quarter of 1992, return on average assets was 0.81 percent, compared with 0.74 percent a year ago, and return on average equity was 10.28 percent, compared with 9.80 percent a year ago.
 Non-interest income was $6.4 million for the second quarter, compared with $5.4 million a year ago. Non-interest expense increased 3.2 percent to $22.6 million at June 30, 1992.
 The board of directors of Independence Bancorp on July 21, 1992, declared a quarterly cash dividend of 29 cents per share, payable on Aug. 10 to shareholders of record on July 31. The dividend, unchanged from the previous quarter, pays an annual rate of $1.16. Independence has approximately 11 million shares outstanding.
 Independence Bancorp is a $2.7 billion bank holding company for four community banks in eastern Pennsylvania: Bucks County Bank and Trust Company, Cheltenham Bank, Lehigh Valley Bank, and Third National Bank and Trust Company of Scranton.
 INDEPENDENCE BANCORP
 (dollars in thousands except per share data)
 Three Months Ended Six Months Ended
 June 30, Mar. 31, June 30, June 30,
 1992 1992 1991 1992 1991
 Income:
 Net income $5,312 $5,023 $4,791 $10,335 $9,550
 Per share:
 Primary 0.47 0.45 0.43 0.92 0.87
 Fully diluted 0.47 0.45 0.43 0.91 0.86
 Cash divs. paid 0.29 0.29 0.29 0.58 0.58
 Book value 18.85 18.62 18.18 18.85 18.18
 Net interest inc. 26,894 26,596 26,823 53,490 52,155
 Tax-equivalent net
 interest income 27,310 27,015 27,403 54,325 53,359
 Non-interest inc. 6,379 6,044 5,408 12,423 12,892
 Non-interest exp 22,571 22,639 21,861 45,210 44,046
 Loan loss
 provision 3,692 3,817 4,108 7,509 8,530
 Net charge-offs 2,775 2,711 4,205 5,486 7,269
 Period-end Balances:
 Total assets 2,655,156 2,633,526 2,624,727 2,655,156 2,624,727
 Total loans 1,654,835 1,676,266 1,628,064 1,654,835 1,628,064
 Allowance for
 loan losses 28,992 28,075 24,831 28,992 24,831
 Total deposits 2,209,011 2,199,204 2,219,389 2,209,011 2,219,389
 Shareholders'
 equity 210,541 207,279 200,072 210,541 200,072
 Nonaccrual loans 22,294 28,266 26,397 22,294 26,397
 Restructured loans 5,580 -- -- 5,580 --
 Other real estate
 owned 16,376 14,584 14,159 16,376 14,159
 Average Balances:
 Average assets 2,639,528 2,582,017 2,612,254 2,610,263 2,607,995
 Average earning
 assets 2,445,920 2,401,634 2,435,387 2,423,757 2,432,272
 Average loans 1,685,539 1,662,291 1,643,348 1,673,911 1,647,046
 Avg. deposits 2,242,020 2,168,098 2,200,973 2,205,047 2,194,208
 Shares Outstanding (in millions):
 Total shares
 outstanding 11.167 11.132 11.004 11.167 11.004
 Average primary
 shares 11.209 11.151 11.038 11.180 11.006
 Average fully
 diluted shares 12.394 12.325 12.205 12.370 12.192
 Selected Ratios (pct.):
 Net interest margin 4.49 4.52 4.51 4.51 4.42
 Allowance/loans 1.75 1.67 1.53 1.75 1.53
 Average equity/
 average assets 7.87 7.84 7.51 7.86 7.48
 Net charge-offs to
 average loans 0.66 0.66 1.03 0.66 0.89
 Nonperforming loans to
 loans and other
 real estate owned 2.65 2.53 2.47 2.65 2.47
 Allowance for possible
 loan losses to
 nonaccrual loans 130.04 99.32 94.07 130.04 94.07
 /delval/
 -0- 7/22/92
 /CONTACT: Gary A. Kimball, 215-453-3094, or (financial), Philip H. Rinnander, 215-453-3030, both of Independence Bancorp/
 (INBC) CO: Independence Bancorp ST: Pennsylvania IN: FIN SU: ERN


LJ -- PH007 -- 1708 07/22/92 09:05 EDT
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Date:Jul 22, 1992
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