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SOUTHWEST NATIONAL CORPORATION ISSUES PRELIMINARY EARNINGS RESULTS

 GREENSBURG, Pa., Jan. 20 /PRNewswire/ -- Southwest National Corporation (NASDAQ: SWPA), parent company of Southwest Bank, released preliminary earnings results.
 Net income for the year 1992 was $7.55 million or $2.84 per share. This is an increase of $1.32 million or 21.2 percent from the prior year net income of $6.23 million or $2.34 per share.
 Fourth quarter net income was $2.10 million or $.79 per share. This represents an increase of $0.48 million or 29.9 percent from the $1.62 million or $.61 per share earned in the fourth quarter of 1991.
 "We are pleased to report record earnings in 1992," stated David S. Dahlmann, president and chief executive officer. "The bank has benefitted in large part from an increase in the net interest margin as a result of interest rate trends over the past year and shifts by depositors away from more expensive savings certificates. Noninterest income growth, particularly in our trust services area, also contributed positively to earnings growth in 1992.
 "The slow economy has been a major factor affecting growth this past year. Loan demand has been soft throughout most of 1992, with the exception of residential real estate, which has been very active due to refinancing opportunities brought about by lower interest rates. In the fourth quarter, we have seen a pickup in loan activity which coincides with improvements in retail sales reported locally and reports of an increase in consumer confidence nationally. We are anticipating a modest and steady improvement in the area economy in 1993.
 "Capital and asset quality continue to be areas of emphasis and strength for the bank," stated Dahlmann. "Shareholders' equity of $60.9 million at Dec. 31 represents an increase of 8.4 percent over a year ago vs. total asset growth of 1.6 percent over the same period. At the same time, the bank's return on average shareholders' equity of 12.95 percent and return on average assets of 1.12 percent represent a favorable increase over the 11.49 percent and 1.00 percent, respectively, reported for 1991. The bank's ratio of nonperforming loans to loans is .30 percent and we maintain a reserve for possible loan losses to nonperforming loans of 341.84 percent."
 In other business, the corporation's board of directors on Jan. 19, 1993, declared a quarterly dividend payment of $.29 per share payable on March 10, 1993, to shareholders of record Feb. 10, 1993.
 SOUTHWEST NATIONAL CORPORATION AND SUBSIDIARY
 Preliminary Financial Highlights
 Dec. 31, 1992
 ($ in thousands, except per share amounts)
 Fourth Quarter 1992 1991 Pct. change
 Net income $2,104 $1,620 29.9
 Cash dividends 771 691 11.6
 Per share:
 Net income $.79 $.61 29.5
 Cash dividends $.29 $.26 11.5
 Return on average assets 1.25 pct. .99 pct.
 Return on average shareholders'
 equity 13.96 11.56
 Net interest margin 4.83 4.41
 For the year 1992 1991 Pct. change
 Net income $7,554 $6,234 21.2
 Cash dividends 2,846 2,607 9.2
 Per share:
 Net income $2.84 $2.34 21.4
 Cash dividends $1.07 $.98 9.2
 Return on average assets 1.12 pct. 1.00 pct.
 Return on average shareholders'
 equity 12.95 11.49
 Net interest margin 4.70 4.42
 At Dec. 31
 Shareholders' equity $60,877 $56,169 8.4
 Total assets 677,845 667,049 1.6
 Loans 342,198 323,280 5.9
 Investment securities 248,675 247,475 .5
 Money market investments 44,209 47,856 (7.6)
 Deposits 613,375 606,740 1.1
 Period-end ratios at Dec. 31
 Book value per share $22.88 $21.11 8.4
 Risk-based capital ratios (A):
 Tier 1 capital 17.33 pct. 16.82 pct.
 Total capital 18.34 17.73
 Leverage capital ratio 8.97 8.40
 Nonperforming assets to loans,
 other real estate owned and
 other repossessions .60 .68
 Nonperforming loans to loans .30 .29
 Loans past due 90 days or more
 to loans .38 .59
 Reserve for possible loan losses
 to nonperforming loans 341.84 323.42
 (A) Calculated under regulatory guidelines for year-end 1992.
 -0- 1/20/93
 /CONTACT: Donald A. Lawry, executive vice president of Southwest National Corporation, 412-832-6115/
 (SWPA)


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

CD-DD -- PG015 -- 6939 01/20/93 13:40 EST
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Date:Jan 20, 1993
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