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OMEGA FIRST QUARTER EARNINGS UP

 STATE COLLEGE, Pa., April 27 /PRNewswire/ -- State College-based Omega Financial Corporation (NASDAQ: OMEF) reported net income for the first quarter of 1993 of $2,129,000 (which includes the cumulative effect of an accounting change), an increase of 30.5 percent over the net income reported in the first quarter of 1992.
 Return on average assets, at 1.70 percent was 29.8 percent favorable to last year. Fully diluted earnings per share are $.57 in 1993 as compared to $.45 in 1992.
 Implementation of a pronouncement issued by the Financial Accounting Standards Board (Statement of Financial Accounting Standard No. 109 - "Accounting for Income Taxes") was required as of Jan. 1, 1993, which changed the method of accounting for income taxes. Omega adopted the provision as a cumulative effect of a change in accounting principle, which caused a favorable impact of $400,000 to earnings. Net income prior to this adjustment was $1,729,000, or 5.9 percent favorable to the first quarter of 1992. Return on average assets was 1.38 percent prior to the adjustment, increased by 5.4 percent over 1992's 1.31 percent. On a comparable basis to prior year, fully diluted earnings per share were $.46 before the adjustment.
 Certain key performance ratios for Omega, which operates through its subsidiaries 22 banking offices in Centre, Clinton, Juniata and Mifflin counties, are summarized in the following table.
 OMEGA FINANCIAL CORPORATION AND SUBSIDIARIES
 Consolidated Financial Highlights
 (in thousands, except as indicated (A))
 For the quarter 1993 1992 Pct. Change
 Earnings:
 Net income before accounting change $1,729 $1,632 5.9
 Net income (B) 2,129 1,632 30.5
 Per share statistics (A):
 Fully diluted earnings before
 accounting change $.46 $.45 2.2
 Fully diluted earnings (B) $.57 $.45 26.7
 Dividends declared - common $.13 $.12 8.3
 Dividends declared - preferred $.45 $.45 --
 Book value - common $16.74 $15.86 5.5
 Market value - common
 (March 31 bid price) $21.00 $16.25 29.2
 Financial position at March 31:
 Assets $503,763 $506,876 (0.6)
 Deposits 433,816 441,840 (1.8)
 Net loans 357,286 339,087 5.4
 Shareholders' equity 56,749 50,420 12.6
 Average balances:
 Assets 500,961 500,200 0.2
 Deposits 431,914 436,510 (1.1)
 Net loans 358,859 338,352 6.1
 Shareholders' equity 55,553 49,865 11.4
 Profitability ratios - annualized (A):
 Return on average assets before
 accounting change 1.38pct. 1.31pct. 5.4
 Return on average assets (B) 1.70 1.31 29.8
 Return on average equity before
 accounting change 12.45 13.09 (4.9)
 Return on average equity (B) 15.33 13.09 17.1
 Net interest margin - fully tax
 equivalent 5.32 5.19 2.5
 Number of shares outstanding at March 31 (A):
 Common 3,390,850 3,179,125 6.7
 Preferred 219,781 219,781 --
 Number of shareholders at March 31 (A):
 Common 2,001 1,906 5.0
 Trust:
 Assets managed at March 31 $193,553 $172,523 12.2
 (B) After effect of change in accounting for taxes.
 /delval/
 -0- 4/27/93
 /CONTACT: Robert A. Frederick, director of public relations of Omega Financial, 814-231-5773/
 (OMEF)


CO: Omega Financial Corporation ST: Pennsylvania IN: FIN SU: ERN

DM-KC -- PG009 -- 1396 04/27/93 12:40 EDT
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Date:Apr 27, 1993
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