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PARKVALE FINANCIAL CORPORATION ANNOUNCES INCREASED EARNINGS

 PARKVALE FINANCIAL CORPORATION ANNOUNCES INCREASED EARNINGS
 MONROEVILLE, Pa., April 15 /PRNewswire/ -- Parkvale Financial Corporation (NASDAQ: PVSA) reported net income for the quarter ended March 31, 1992, of $1,077,000 or 62 cents per share, up 18.1 percent compared to net income of $912,000 or 55 cents per share for the quarter ended March 31, 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 March 31, 1992, increased to $5.9 million from $4.5 million for the quarter ended March 31, 1991.
 For the nine-month period ended March 31, 1992, Parkvale reported net income of $3.1 million or $1.80 per share, up 17.7 percent compared to $2.6 million or $1.56 per share for the nine months ended March 31, 1991. Net interest income for the nine months of 1992 was $15.8 million, up 20.7 percent from $13.1 million for the earlier period.
 Parkvale Financial Corporation, a unitary savings and loan holding company, is the parent company of Parkvale Savings Bank. The bank, which operates 27 offices in the Greater Pittsburgh area, had assets of $912 million at March 31, 1992. Parkvale's capital was $39.7 million or $23.81 per share at March 31, 1992, up from $21.98 per share at March 31, 1991.
 PARKVALE FINANCIAL CORPORATION
 Condensed Consolidated Statement of Operations
 (Unaudited)
 (Dollar amounts in thousands, except per share data)
 Period Ended Three Months Nine Months
 March 31 1992 1991 1992 1991
 Total interest income $18,659 $17,131 $54,436 $52,331
 Total interest expense 12,730 12,663 38,667 39,270
 Net interest income 5,929 4,468 15,769 13,061
 Provision for loan losses 952 548 2,462 1,499
 Net interest income after
 provision for loan losses 4,977 3,920 13,307 11,562
 Gain on sale of assets 91 16 212 24
 Total other income 492 472 1,484 1,369
 Total other expenses 3,415 2,774 9,220 8,337
 Income before income taxes 2,145 1,634 5,783 4,618
 Income tax expense 1,068 722 2,703 2,001
 Net income 1,077 912 3,080 2,617
 Net income per share $0.62 $0.55 $1.80 $1.56
 Dividend per share $0.11 $0.10 $0.33 $0.30
 -0- 4/15/92
 /CONTACT: Robert J. McCarthy Jr., 412-373-4815, or Timothy G. Rubritz, 412-373-4817, both of Parkvale Financial/
 (PVSA) CO: Parkvale Financial Corporation; Parkvale Savings Bank ST: Pennsylvania IN: FIN SU: ERN


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Publication:PR Newswire
Date:Apr 15, 1992
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