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PARKVALE FINANCIAL CORPORATION ANNOUNCES 35 PERCENT EARNINGS INCREASE FOR THE FIRST QUARTER OF FISCAL 1993

PARKVALE FINANCIAL CORPORATION ANNOUNCES 35 PERCENT EARNINGS INCREASE
 FOR THE FIRST QUARTER OF FISCAL 1993
 MONROEVILLE, Pa., Oct. 19 /PRNewswire/ -- Parkvale Financial Corporation (NASDAQ: PVSA) today reported net income for the quarter ended Sept. 30, 1992, of $1.3 million or 75 cents a share, up 35.0 percent compared to net income of $974,000 or 58 cents per share for the quarter ended Sept. 30, 1991.
 The increase in net income was primarily from operations and was due to an increased net interest margin. Net interest income for the quarter ended Sept. 30, 1992, increased to $6.5 million from $4.7 million for the quarter ended Sept. 30, 1991.
 Parkvale Financial Corporation, a unitary savings and loan holding company, is the parent company of Parkvale Savings Bank. The bank, which operates 26 offices in the Greater Pittsburgh area, had assets of $902 million at Sept. 30, 1992. Parkvale's capital was $42.0 million or $25.05 per share at Sept. 30, 1992, up from3?7.9 million or $22.79 per share at Sept. 30, 1991.
 PARKVALE FINANCIAL CORPORATION
 Financial Data for the Three Months Ended
 Sept. 30, 1992 and 1991
 (Unaudited)
 (Dollar amounts in thousands, except per share data)
 Three Months Ended Sept. 30 1992 1991
 Total interest income $ 17,769 $ 17,253
 Total interest expense 11,221 12,595
 Net interest income 6,548 4,658
 Provision for loan losses 1,168 712
 Net interest income after provision
 for losses 5,380 3,946
 Gain on sale of assets 0 69
 Total other income 494 469
 Total other expenses 3,122 2,730
 Income before income taxes 2,752 1,754
 Income tax expense 1,437 780
 Net income 1,315 974
 Net income per share $0.75 $0.58
 Dividend per share $0.13 $0.11
 Book value per share $25.05 $22.79
 Shares outstanding 1,675,300 1,663,300
 -0- 10/19/92 R
 /CONTACT: Robert J. McCarthy Jr., president and CEO, 412-373-4815, or Timothy G. Rubritz, chief financial officer, 412-373-4817, both of Parkvale Financial/
 (PVSA) CO: Parkvale Financial Corporation ST: Pennsylvania IN: FIN SU: ERN


PT:LJ -- PG005R -- 1686 10/19/92 14:05 EDT
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Publication:PR Newswire
Date:Oct 19, 1992
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