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SOUTHWEST NATIONAL CORPORATION ISSUES EARNINGS

 GREENSBURG, Pa., April 20 /PRNewswire/ -- Southwest National Corporation (NASDAQ: SWPA), parent company of Southwest Bank, reports net income of $1.952 million or $.73 per share for the first quarter ending March 31, 1993.
 This represents an increase of $.292 million or 17.6 percent from the $1.660 million, or $.62 per share earned in the first quarter of 1992. The corporation ended the quarter with assets of $679.7 million and achieved a return on average assets for the quarter of 1.16 percent.
 "We are pleased to begin 1993 with a strong earnings report," stated David S. Dahlmann, president and chief executive officer. "The bank is benefitting from an increase in the net interest margin as a result of interest rate trends over the past year. We have seen our depositors shift from more expensive savings certificates to more flexible but lower cost deposit products. Our overall deposit growth has been modest which we attribute to declining interest rates. Nationwide, depositors have been shifting deposits from the banking industry to securties and government bonds.
 "Loan demand has been good which has also contributed positively to earnings. Commercial loan activity has been strong and residential mortgage refinancings continue to be very active for the bank," according to Dahlmann. "Our outlook for the local economy continues to be favorable. We are finding, however, that many businesses are waiting for the direction of the new administration in Washington before making any significant commitments."
 SOUTHWEST NATIONAL CORPORATION AND SUBSIDIARY
 Preliminary Financial Highlights
 March 31, 1993
 ($ in thousands, except per share amounts)
 First quarter 1993 1992 Pct. Change
 Net income $1,952 $1,660 17.6
 Cash dividends 771 692 11.4
 Per share:
 Net income $.73 $.62 17.7
 Cash dividends $.29 $.26 11.5
 Return on average assets 1.16 pct. 1.00 pct. --
 Return on average shareholders'
 equity 12.74 11.79 --
 Net interest margin 4.93 4.42 --
 At March 31
 Shareholders' equity $62,058 $57,137 8.6
 Total assets 679,692 669,167 1.6
 Loans 354,758 325,967 8.8
 Investment securities 256,799 263,012 (2.4)
 Money market investments 27,407 38,737 (29.2)
 Deposits 612,934 606,941 1.0
 Period-end ratios at March 31
 Book value per share $23.33 $21.48 8.6
 Risk-based capital ratios (A):
 Tier 1 capital 17.22pct. 16.68pct. --
 Total capital 18.30 17.56 --
 Leverage capital ratio 9.12 8.52 --
 Nonperforming assets to loans, other
 real estate owned and other
 repossessions .65 .78 --
 Nonperforming loans to loans .41 .35 --
 Loans past due 90 days or more to
 loans .31 .41 --
 Reserve for possible loan losses to
 nonperforming loans 268.30 266.84 --
 (A) Calculated under regulatory guidelines for year-end 1992.
 -0- 4/20/93
 /CONTACT: Donald A. Lawry, executive vice president of Southwest National, 412-832-6115/
 (SWPA)


CO: Southwest National Corporation; Southwest Bank ST: Pennsylvania IN: FIN SU: ERN

DM-JG -- PG019 -- 8075 04/20/93 12:31 EDT
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Publication:PR Newswire
Date:Apr 20, 1993
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