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KEYSTONE HERITAGE GROUP, INC. REPORTS EARNINGS, DECLARES REGULAR QUARTERLY CASH DIVIDEND

 LEBANON, Pa., Jan. 26 /PRNewswire/ -- Keystone Heritage Group, Inc. (NASDAQ: KHGI) today reported net income for the year 1992 of $5.1 million or $2.10 per share, an increase of $839 thousand or 20 percent compared to net income of $4.3 million or $1.76 per share for 1991.
 Return on average stockholders' equity for 1992 was 11.32 percent and return on average assets was .95 percent.
 Net income for the quarter ended Dec. 31, 1992 was $1.07 million or $.44 per share compared to $1.15 million or $.47 per share for the same quarter of 1991.
 "We consider the 20 percent increase in earnings for 1992 over 1991 to be satisfactory", said Albert B. Murry, president and chief executive officer. "Our core earnings strength was enhanced in 1992 by a favorable net interest margin and substantial improvement in fee based revenue sources as compared to 1991."
 The board of directors of Keystone Heritage Group, Inc., on Jan. 12, 1993, declared a regular quarterly cash dividend of $.26 per share payable on Feb. 10, 1993, to stockholders of record on Jan. 29.
 Keystone Heritage Group, Inc. is headquartered in Lebanon and is the parent company of Lebanon Valley National Bank and Keystone Heritage Life Insurance Company.
 KEYSTONE HERITAGE GROUP, INC.
 (Dollars in thousands, except per-share data)
 Periods ended Quarter Year
 Dec. 31 1992 1991 1992 1991
 Net interest income $ 5,502 $ 5,291 $21,679 $20,715
 Provision for loan losses 1,100 700 3,600 3,996
 Net interest income after
 provision for loan losses 4,402 4,591 18,079 16,719
 Other operating income 1,011 787 4,119 3,494
 Other operating expense 3,967 3,807 15,115 14,465
 Income before income taxes 1,446 1,571 7,082 5,748
 Provision for income taxes 372 425 1,977 1,482
 Net income 1,074 1,146 5,105 4,266
 Net income per share $ .44 $ .47 $ 2.10 $ 1.76
 Average shares
 outstanding 2,427,282 2,422,351 2,426,727 2,419,413
 At Dec. 31 1992 1991
 Assets $541,520 $547,301
 Deposits 465,302 476,775
 Loans 377,056 381,019
 Stockholders' equity 46,556 43,881
 Book value per common share $ 19.18 $ 18.11
 /delval/
 -0- 1/26/93
 /CONTACT: Kurt A. Phillips, senior vp of Keystone Heritage Group, 717-274-6800/
 (KHGI)


CO: Keystone Heritage Group, Inc. ST: Pennsylvania IN: FIN SU: ERN DIV

CC -- PH042 -- 9237 01/26/93 16:00 EST
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Date:Jan 26, 1993
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