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SOUTHWEST NATIONAL CORPORATION RELEASES PRELIMINARY RESULTS

 SOUTHWEST NATIONAL CORPORATION RELEASES PRELIMINARY RESULTS
 GREENSBURG, Pa., Jan. 22 /PRNewswire/ -- Southwest National Corporation (NASDAQ: SWPA), parent company of Southwest Bank, today released preliminary earning results.
 Net income for the year 1991 was $6.23 million or $2.34 per share. This is an increase of $0.69 million or 12.5 percent from the prior year net income of $5.54 million or $2.03 per share.
 Total assets for the corporation at the end of December were $667.0 million, an increase of $62.9 million, or 10.4 percent from the same period last year. The corporation reported a return on average assets for the year of 1.00 percent and return on shareholders' equity of 11.49 percent.
 Fourth quarter net income was $1.62 million or 61 cents per share. This represents an increase of $0.09 million or 5.6 percent from the $1.53 million earned in the fourth quarter of 1990.
 The corporation's board of directors on Jan. 21, 1992, declared a quarterly dividend payment of $0.26 per share payable on March 10, 1992 to shareholders of record Feb. 10, 1992.
 "We are pleased to report continued strong earnings growth for the bank in 1991," stated David S. Dahlmann, president and chief executive officer. "The strong performance can be attributed to improvements in the net interest margin, as well as strict cost management and continued high asset quality. Nonperforming loans were held to 0.29 percent of total loans as of Dec. 31 and our loan loss reserve stands at 323 percent of nonperforming loans," he said.
 Dahlmann indicated that the bank's acquisition of the Latrobe, Pa., branch of the failed Atlantic Financial Savings from the RTC in November contributed to the sizable increase in assets for the bank in 1991. "Latrobe is an important business center in our service area and we had a long-standing interest in entering this market which has now been fulfilled. The acquisition has proceeded very smoothly."
 Southwest also indicates that mortgage refinancing has been heavy and has been the bright spot in an otherwise slow period of loan activity brought on by low consumer and business confidence in the economy. According to Dahlmann, there is a misconception that money is tight. "We are very interested in making loans and will do so readily to qualified borrowers," he said.
 Dahlmann was appointed to a three-year term as a director of the Pittsburgh Branch of the Federal Reserve Bank of Cleveland in 1991. That appointment became effective Jan. 1, 1992. While honored by the personal recognition, he sees it more as an indication of the high regard Southwest has within the financial community.
 "The difficulty for the Federal Reserve right now is to continue to stimulate the economy without increasing inflation," said Dahlmann. "The bank is not expecting an improvement in the economy until the latter half of 1992, but even then that should be modest. We are very positive about the long-term prospects for our service area. We anticipate that as the economy improves, we may actually recover sooner and go farther than the rest of the country due to the level of investment and interest already under way in the area."
 SOUTHWEST NATIONAL CORPORATION AND SUBSIDIARY
 Preliminary Financial Highlights
 Dec. 31, 1991
 ($ in thousands, except per share amounts)
 Percent
 1990 1991 Change
 For the year
 Net income $6,234 $5,543 12.5
 Cash dividends 2,607 2,379 9.6
 Per share:
 Net income $2.34 $2.03 15.3
 Cash dividends $ .98 $ .87 12.6
 Return on average assets 1.00 percent .94 percent
 Return on average
 shareholders equity 11.49 10.85
 Fourth quarter
 Net income 1,620 1,534 5.6
 Cash dividends 691 655 5.5
 Per share:
 Net income $ .61 $ .56 8.9
 Cash dividends $ .26 $ .24 8.3
 Return on average assets .99 percent 1.03 percent
 Return on average
 shareholders equity 11.56 11.69
 At Dec. 31
 Shareholders equity $56,169 $52,940 6.1
 Total assets 667,049 604,072 10.4
 Loans 323,280 319,919 1.1
 Investment securities 247,475 192,587 28.5
 Money market investments 47,856 40,832 17.2
 Deposits 606,740 547,261 10.9
 Period-end ratios
 at Dec. 31
 Book value per share $21.11 $19.73 7.0
 Nonperforming assets to
 loans, other real estate
 owned and other
 reposessions .68 percent .56 percent
 Nonperforming loans to loans .29 .42
 Loans past due 90 days or
 more to loans .58 .49
 Reserve for possible loan
 losses to nonperforming
 loans 323.42 209.79
 -0- 1/22/92
 /CONTACT: Donald A. Lawry, executive v-p of Southwest National Corporation, 412-832-6115/
 (SWPA) CO: Southwest National Corporation; Southwest Bank ST: Pennsylvania IN: FIN SU: ERN


CD -- PG005 -- 2220 01/22/92 11:09 EST
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Date:Jan 22, 1992
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