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KEYSTONE HERITAGE GROUP REPORTS EARNINGS, DECLARES CASH DIVIDEND

 KEYSTONE HERITAGE GROUP REPORTS EARNINGS, DECLARES CASH DIVIDEND
 LEBANON, Pa., Jan. 29 /PRNewswire/ -- Keystone Heritage Group, Inc. (NASDAQ: KHGI) today reported net income for 1991 of $4.27 million or $1.76 per share compared to net income of $4.24 million or $1.75 per share for 1990.
 Return on average stockholders' equity for 1991 was 10.05 percent and return on average assets was .80 percent.
 Net income for the fourth quarter of 1991 was $1.15 million or $.47 per share compared to $1.79 million or $.74 per share in the fourth quarter of 1990.
 "We find these results satisfactory for a year which was very difficult for the economy and the banking industry in particular," said Albert B. Murry, president and chief executive officer of the company. "Our capital foundation remains very strong and will provide us a positive base for future profitability."
 Total assets at Dec. 31, 1991, were $547 million, a 2.2 percent increase over year-end 1990. Total deposits at Dec. 31, 1991, were $477 million, a .9 percent increase over year-end 1990. Total loans at year-end 1991 were $381 million compared to $404 million at Dec. 31, 1990.
 The board of directors of Keystone Heritage Group declared a regular quarterly cash dividend of $.26 per share payable on Feb. 10, 1992, to stockholders of record on Jan. 31.
 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 1991 1990 1991 1990
 Net interest income $5,291 $5,379 $20,715 $20,353
 Provision for loan losses 700 500 3,996 5,025
 Net interest income after
 provision for loan losses 4,591 4,879 16,719 15,328
 Other operating income 787 880 3,494 3,129
 Other operating expense 3,807 3,404 14,465 12,894
 Income before income taxes 1,571 2,355 5,748 5,563
 Provision for income taxes 425 561 1,482 1,326
 Net income 1,146 1,794 4,266 4,237
 Net income per share $.47 $.74 $1.76 $1.75
 Average shares
 outstanding 2,422,102 2,415,835 2,419,413 2,415,835
 At year-end 1991 1990
 Assets $547,301 $535,697
 Deposits 476,775 472,371
 Loans 381,019 404,294
 Stockholders' equity 43,881 41,788
 Book value per common share $18.11 $17.24
 /delval/
 -0- 1/29/92
 /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


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Date:Jan 29, 1992
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