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KEY CENTURION EARNINGS INCREASE 26 PERCENT IN THIRD QUARTER

 KEY CENTURION EARNINGS INCREASE 26 PERCENT IN THIRD QUARTER
 CHARLESTON, W.Va., Oct. 27 /PRNewswire/ -- Key Centurion Bancshares, Inc. (NASDAQ: KEYC), West Virginia's largest bank holding company, reported a 26 percent increase in net income during the third quarter ending Sept. 30, 1992.
 The quarter's net income rose to $9.7 million compared with $7.6 million earned in the third quarter 1991. Earnings per share for the quarter increased 29 percent to 40 cents, compared with 31 cents in 1991's third quarter.
 The results for the first nine months of 1992 also reflect the earnings momentum achieved by Key Centurion. The nine month net income total increased 24 percent to $28.7 million. In the first nine months of 1991, the net income figure had been $23.1 million. Net income per share showed a similar increase of 24.2 percent to $1.18, up 23 cents per share over the first nine months of 1991.
 Marshall T. Reynolds, chairman of Key Centurion, called the quarter "noteworthy," and not only as reflected in Key Centurion's financial performance. He pointed out that during the quarter the shareholders of Peoples Bank of Charles Town approved their company's agreement to become a wholly owned subsidiary of Key Centurion. Moreover, he noted that the execution of a definitive agreement with BANC ONE, which spells out the terms on which Key Centurion itself would become a wholly owned subsidiary of BANC ONE, was announced just after the quarter's end (Oct. 8, 1992). "Progress is evident on all fronts," Reynolds concluded.
 Key Centurion's quarterly financial performance was marked by a 1.28 percent return on assets (a key measurement of bank financial performance) and a 12.4 percent return on shareholder equity. In part because of the company's strong earnings, the equity-to-asset ratio increased to 10.3 percent at the end of the quarter compared with 9.6 percent at Sept. 30, 1991.
 "We led with our strength again this quarter," observed A. Michael Perry, president and chief executive officer, "as our net interest margin continued its upward momentum for the quarter." He noted that the primary impetus for Key Centurion's earnings growth historically has been the stability and direction of the company's net interest margin and that "this quarter was more of the same, only better." Perry said he was also encouraged by the quarter's decline in the level of net charge-offs even as the reserve coverage, as measured by the ratio of the allowance for possible loan losses as a percent of loans, is higher than at anytime in the company's history.
 Meanwhile, Key Centurion continues to proceed with steps as outlined in a previously announced definitive agreement with the Peoples Bank of Charles Town (W.Va.). This agreement provides for, among other items, an exchange of stock which would make Peoples Bank of Charles Town (W.Va.) a wholly owned subsidiary of Key Centurion. When completed (closing date is anticipated for late November 1992), this transaction would provide Key Centurion an initial entry in the fastest growing section of West Virginia, close to the Washington, D.C.,metropolitan market.
 Key Centurion's financial results include the addition of Southern Bankshares Inc. in a merger completed April 30, 1991. The Southern merger was accounted for as a purchase transaction, and accordingly was included in Key Centurion's results from that date.
 Key Centurion currently has bank subsidiaries with 54 offices in West Virginia and Kentucky, operating as Beckley National Bank, Beckley and Oak Hill; The Central National Bank of Buckhannon, Buckhannon; Charleston National Bank, Charleston; Union National Bank of West Virginia, Clarksburg; The First Huntington National Bank, Huntington; The Lincoln National Bank of Hamlin, Hamlin; The National Bank of Logan, Logan; Boone National Bank, Madison; The First National Bank of New Martinsville, New Martinsville; First National Bank in Philippi, Philippi; Citizens National of Point Pleasant, Point Pleasant; Citizens National Bank of St. Albans, St. Albans; Nicholas County Bank, Summersville; Wayne County Bank, Wayne; Security National Bank & Trust, Wheeling; The National Bank of Commerce of Williamson, Williamson, all in West Virginia and First National Bank of Pikeville in Pikeville, Kentucky.
 KEY CENTURION BANCSHARES, INC. AND SUBSIDIARIES
 Financial Highlights
 $(thousands, except per share data)
 Period Three Months Nine Months
 Ended Pct. Pct.
 Sept. 30 1992 1991 Change 1992 1991 Change
 Earnings and dividends:
 Net income $9,652 $7,640 26.3 $28,732 $23,106 24.3
 Net interest
 income 34,337 30,868 11.2 100,884 88,501 14.0
 Cash dividends on
 common stock 4,089 3,873 5.6 12,249 11,725 4.5
 Per common share:
 Net income $0.40 $0.31 29.0 $1.18 $0.95 24.2
 Cash dividends
 (excluding
 pooled
 affiliate) $0.17 $0.16 6.3 $0.51 $0.48 6.3
 Shareholders'
 equity $13.04 $12.12 7.6 $13.04 $12.12 7.6
 Market price:
 High $20.75 $15.50 $20.75 $15.50
 Low $18.50 $14.25 $14.50 $10.00
 Financial ratios:
 Return on average
 assets (pct.) 1.28 1.01 1.27 1.08
 Return on average
 equity (pct.)12.42 10.32 12.64 10.65
 Net interest
 margin (pct.) 5.21 4.72 5.15 4.76
 At June 30
 Balance Sheet Data:
 Assets $3,038,530 $3,044,317 (0.2)
 Loans 1,417,278 1,435,919 (1.3)
 Deposits 2,454,088 2,471,640 (0.7)
 Shareholders'
 equity 313,786 293,235 7.0
 Period end shares
 outstand-
 ing 24,059,716 24,189,238 24,059,716 24,189,238
 Weighted average
 shares outstand-
 ing 24,336,000 24,390,000 24,286,000 24,397,000
 -0- 10/27/92
 /CONTACT: Larry A. Stark of Key Centurion, 304-526-4337, or at home, 304-529-3624/
 (KEYC) CO: Key Centurion Bancshares, Inc. ST: West Virginia, Kentucky IN: FIN SU: ERN


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