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YORK FINANCIAL CORP. REPORTS FIRST QUARTER EARNINGS AND DIVIDEND

 YORK, Pa., Oct. 18 /PRNewswire/ -- York Financial Corp. (NASDAQ: YFED), parent company of York Federal Savings and Loan Association, today announced net income for the quarter ended Sept. 30, 1993, of $4,098,000 or $.83 per share.
 This is an increase in net income of 123.8 percent as compared to net income of $1,831,000 or $.38 per share in the same quarter of the previous year. The increase in net income includes the cumulative effect of a change in accounting principle of $2,088,000 or $.42 per share, resulting from implementation of Statement of Financial Accounting Standards No. 109, "Accounting for Income Taxes." Net income before the cumulative effect of a change in accounting principle was $2,010,000 or $.41 per share, a 9.8 percent increase over the same quarter in the previous year.
 In addition, the board of directors declared a regular cash dividend of $.16 per share payable Nov. 15, 1993, to shareholders of record Nov. 1, and an ordinary stock dividend of 10 percent to be distributed Nov. 15, 1993, to shareholders of record Nov. 1. The stock dividend is a postcash dividend. Earnings per share amounts give retroactive effect to the 10 percent stock dividend.
 A condensed income statement for the periods follows:
 YORK FINANCIAL CORP.
 (Dollars in thousands, except per-share data)
 Three months ended Sept. 30 1993 1992
 Net interest income $7,807 $7,736
 Provision for loan losses 600 800
 Net interest income after
 provision for loan losses 7,207 6,936
 Other income 2,065 2,690
 Other expenses 6,019 5,911
 Income before income taxes and
 change in accounting principle 3,253 3,715
 Provision for income taxes 1,243 1,884
 Income before change in
 accounting principle 2,010 1,831
 Cumulative effect of change
 in accounting principle 2,088 ---
 Net income 4,098 1,831
 Per-share data:
 Income before change in
 accounting principle $.41 $.39
 Cumulative effect of
 change in accounting principle .42 ---
 Net income .83 .39
 Weighted average shares 4,940,346 4,754,317
 York Financial Corp. has assets in excess of $902 million at Sept. 30, 1993, as compared to assets of $888 million at Sept. 30, 1992, and operates through its principal subsidiary York Federal Savings and Loan Association which has 20 branches in south central Pennsylvania and two branches in Harford County, Md. York Financial is the largest independent financial institution headquartered in York County, Pa.
 /delval/
 -0- 10/18/93
 /CONTACT: Robert W. Pullo, president of York Financial, 717-846-8777/
 (YFED)


CO: York Financial Corporation ST: Pennsylvania IN: FIN SU: ERN DIV

MP-MK -- PH027 -- 3465 10/18/93 14:30 EDT
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Publication:PR Newswire
Date:Oct 18, 1993
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