Laurel Capital Group Announces Earnings For The First Quarter Of Fiscal 2004

Share Name	Share Symbol	Market	Type
Laurel Capital	NASDAQ:LARL	NASDAQ	Common Stock

Laurel Capital (NASDAQ:LARL)
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Laurel Capital Group Announces Earnings For The First Quarter Of Fiscal 2004 ALLISON PARK, Pa., Nov. 7 /PRNewswire-FirstCall/ -- Laurel Capital Group, Inc. today reported net income for the quarter ended September 30, 2003 of $470,000 or $.24 per diluted share, as compared to net income of $702,000 or $.35 per diluted share for the quarter ended September 30, 2002. The $232,000 or 33% decline in net income for the quarter was primarily the result of continued compression of the interest margin and increased operating expenses, primarily attributable to increased expenses incurred as the result of the acquisition of SFSB Holding Company on March 28, 2003, partially offset by an increase in other income and a decrease in income taxes. At September 30, 2003, Laurel Capital Group had total assets of $307.3 million, loans receivable of $158.0 million and total deposits of $251.2 million. At September 30, 2003, stockholders' equity amounted to $27.5 million or $14.59 per share compared to $27.1 million or $14.39 per share at September 30, 2002, and $27.7 million or $14.71 per share at June 30, 2003. Laurel Capital Group, Inc., headquartered in Allison Park, Pa., is the holding company for Laurel Savings Bank. Laurel Savings Bank is a 116-year- old, Pennsylvania-chartered, FDIC-insured savings bank with eight full-service offices located in Allegheny and Butler counties offering a wide variety of financial services and products to customers throughout the Pittsburgh metropolitan area. The Company's filings with the Securities and Exchange Commission are available electronically on the Internet and can be found at http://www.sec.gov/edgar/searchedgar/webusers.htm . This news release may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual future results and trends could differ materially from those set forth in such statements due to various factors. Such factors include the possibility that increased demand or prices for the Company's financial services and products may not occur, changing economic and competitive conditions, technological developments, and other risks and uncertainties, including those detailed in the Company's filings with the Securities and Exchange Commission. LAUREL CAPITAL GROUP, INC. Selected Consolidated Financial Data September 30, 2003 Fiscal 2004 For The Three (Dollars in thousands, except Months Ended: per share data) Unaudited September 30 2003 Earnings Interest Income $3,467 Interest Expense 1,700 Net Interest Income Before Provision for Loan Losses 1,767 Provision for Loan Losses 3 Net Interest Income after Provision for Loan Losses 1,764 Net Gain on Sale of Investments (available for sale) 0 Gain on Sale of Loans Held for Sale 6 Other Income 414 Operating Expenses 1,510 Income before Income Taxes 674 Provision for Income Taxes 204 Net Income $470 Profitability Ratios (annualized) Return on Average Assets 0.79% Return on Average Stockholders' Equity 9.15% Yield on Interest-Earning Assets 4.64% Cost of Interest-Bearing Liabilities 2.48% Average Interest Rate Spread 2.16% Net Interest Margin 2.42% Operating Expenses to Average Assets 2.53% Efficiency Ratio (1) 69.23% Per Common Share Data Shares Outstanding 1,885,410 Average Shares Outstanding-Basic 1,883,871 Average Shares Outstanding- Diluted 1,985,873 Earnings Per Share-Basic $0.25 Earnings Per Share-Diluted $0.24 Cash Dividends Paid $0.20 Book Value (period end) $14.59 Market Value (period end closing sales price) $20.690 (1) Total operating expenses (excluding net income or (loss) on other real estate owned) divided by total operating income (excluding gains on sale of assets available for sale). As a result of rounding, the sum of quarterly amounts may not equal the year-to-date amounts. LAUREL CAPITAL GROUP, INC. Selected Consolidated Financial Data September 30, 2003 Fiscal 2003 (Dollars in thousands, except per share data) At or For The Three Months Ended: Unaudited June 30 March 31 Dec. 31 Sept. 30 2003 2003 2002 2002 Earnings Interest Income $3,884 $3,564 $3,787 $3,962 Interest Expense 1,818 1,776 1,956 2,101 Net Interest Income Before Provision for Loan Losses 2,066 1,788 1,831 1,861 Provision for Loan Losses 3 3 3 3 Net Interest Income after Provision for Loan Losses 2,063 1,785 1,828 1,858 Net Gain on Sale of Investments (available for sale) 0 0 0 4 Gain on Sale of Loans Held for Sale 4 0 2 5 Other Income 267 203 237 202 Operating Expenses 1,541 1,183 1,029 1,045 Income before Income Taxes 793 805 1,038 1,024 Provision for Income Taxes 237 238 328 322 Net Income $556 $567 $710 $702 Profitability Ratios (annualized) Return on Average Assets 0.72% 0.83% 1.04% 1.01% Return on Average Stockholders' Equity 8.04% 8.29% 10.51% 10.49% Yield on Interest-Earning Assets 5.11% 5.47% 5.71% 5.84% Cost of Interest-Bearing Liabilities 2.71% 3.16% 3.38% 3.57% Average Interest Rate Spread 2.40% 2.31% 2.33% 2.27% Net Interest Margin 2.72% 2.72% 2.76% 2.73% Operating Expenses to Average Assets 1.99% 1.73% 1.50% 1.50% Efficiency Ratio (1) 65.20% 59.37% 49.42% 50.46% Per Common Share Data Shares Outstanding 1,882,231 1,882,664 1,877,092 1,883,837 Average Shares Outstanding-Basic 1,881,398 1,881,271 1,878,552 1,882,328 Average Shares Outstanding-Diluted 1,978,759 1,976,353 1,981,252 1,990,999 Earnings Per Share-Basic $0.30 $0.30 $0.38 $0.37 Earnings Per Share-Diluted $0.28 $0.29 $0.36 $0.35 Cash Dividends Paid $0.19 $0.19 $0.19 $0.19 Book Value (period end) $14.71 $14.55 $14.49 $14.39 Market Value (period end closing sales price) $21.240 $19.010 $19.220 $19.750 (1) Total operating expenses (excluding net income or (loss) on other real estate owned) divided by total operating income (excluding gains on sale of assets available for sale). As a result of rounding, the sum of quarterly amounts may not equal the year-to-date amounts. LAUREL CAPITAL GROUP, INC. Selected Consolidated Financial Data September 30, 2003 Fiscal 2002 (Dollars in thousands, except per share data) At or For The Three Months Ended: Unaudited June 30, March 31, 2002 2002 Earnings Interest Income $4,007 $3,988 Interest Expense 2,066 2,049 Net Interest Income Before Provision for Loan Losses 1,941 1,939 Provision for Loan Losses 4 5 Net Interest Income after Provision for Loan Losses 1,937 1,934 Net Gain on Sale of Investments (available for sale) 0 0 Gain on Sale of Loans Held for Sale 3 4 Other Income 213 208 Operating Expenses 1,034 1,045 Income before Income Taxes 1,119 1,101 Provision for Income Taxes 357 351 Net Income $762 $750 Profitability Ratios (annualized) Return on Average Assets 1.13% 1.16% Return on Average Stockholders' Equity 11.36% 11.20% Yield on Interest-Earning Assets 6.13% 6.39% Cost of Interest-Bearing Liabilities 3.71% 3.84% Average Interest Rate Spread 2.42% 2.55% Net Interest Margin 2.97% 3.09% Operating Expenses to Average Assets 1.54% 1.62% Efficiency Ratio (1) 47.77% 47.74% Per Common Share Data Shares Outstanding 1,882,726 1,926,134 Average Shares Outstanding-Basic 1,915,731 1,934,369 Average Shares Outstanding- Diluted 2,028,633 2,040,792 Earnings Per Share-Basic $0.40 $0.39 Earnings Per Share-Diluted $0.38 $0.37 Cash Dividends Paid $0.18 $0.18 Book Value (period end) $14.10 $13.81 Market Value (period end closing sales price) $20.115 $20.890 (1) Total operating expenses (excluding net income or (loss) on other real estate owned) divided by total operating income (excluding gains on sale of assets available for sale). As a result of rounding, the sum of quarterly amounts may not equal the year-to-date amounts. LAUREL CAPITAL GROUP, INC. Selected Consolidated Financial Data September 30, 2003 (Dollars in thousands) Fiscal 2004 (Unaudited) September 30, 2003 Balance Sheet Data (As Of) Total Assets $307,278 Mortgage Loans 114,799 Commercial and Other Loans 3,012 Consumer Loans 40,172 Total Loans Receivable, Net 157,983 Cash and Investment Securities 120,175 Mortgage-Backed Securities 10,397 Savings Deposits 251,236 FHLB Advances 24,632 Stockholders' Equity 27,509 Asset Quality (As Of) Non-Performing Loans $1,142 Non-Performing Assets 1,157 Allowance for Loan Losses 2,005 Net Loan Charge-Offs (Recoveries) 4 Non-Performing Loans to Total Loans, Net 0.72% Allowance for Loan Losses/ Total Loans 1.27% Allowance for Loan Losses/ Non-Performing Loans 175.57% Net Loan Charge-Offs (Recoveries)/Avg Loans (Annualized) 0.0023% Ratios (As Of) Dividend Payout Ratio 83.33% Average Equity to Average Assets 8.60% Core Capital - Tier I 7.22% Risk-Based Capital - Tier I 14.82% Risk-Based Capital - Tier II 16.08% Leverage Multiple (2) 11.17x Other Data (As Of) Shareholders of Record 395 Number of Full-Service Banking Offices 8 (2) Assets divided by stockholders equity. LAUREL CAPITAL GROUP, INC. Selected Consolidated Financial Data September 30, 2003 (Dollars in thousands) Fiscal 2003 (Unaudited) June 30, March 31, Dec. 31, Sept. 30, 2003 2003 2002 2002 Balance Sheet Data (As Of) Total Assets $322,734 $316,755 $271,146 $276,414 Mortgage Loans 133,518 143,151 133,499 140,174 Commercial and Other Loans 3,012 1,052 1,904 2,030 Consumer Loans 44,672 42,968 35,074 34,900 Total Loans Receivable, Net 181,202 187,171 170,477 177,104 Cash and Investment Securities 109,168 99,668 85,594 85,169 Mortgage-Backed Securities 13,505 16,031 9,927 9,612 Savings Deposits 265,580 259,388 218,761 224,092 FHLB Advances 24,672 24,713 21,618 21,619 Stockholders' Equity 27,684 27,385 27,202 27,113 Asset Quality (As Of) Non-Performing Loans $956 $953 $149 $275 Non-Performing Assets 956 1,083 304 404 Allowance for Loan Losses 2,006 2,014 1,794 1,791 Net Loan Charge-Offs (Recoveries) 18 8 15 15 Non-Performing Loans to Total Loans, Net 0.53% 0.51% 0.09% 0.16% Allowance for Loan Losses/ Total Loans 1.11% 1.08% 1.05% 1.01% Allowance for Loan Losses/ Non-Performing Loans 209.83% 211.33% 1204.03% 651.27% Net Loan Charge-Offs (Recoveries)/Avg Loans (Annualized) 0.0103% 0.0062% 0.0086% 0.0084% Ratios (As Of) Dividend Payout Ratio 59.38% 57.00% 53.52% 54.29% Average Equity to Average Assets 9.52% 9.82% 9.74% 9.63% Core Capital - Tier I 7.51% 8.45% 9.57% 9.31% Risk-Based Capital - Tier I 13.82% 11.65% 18.68% 17.73% Risk-Based Capital - Tier II 15.04% 12.69% 19.98% 18.97% Leverage Multiple (2) 11.66x 11.57x 9.97x 10.19x Other Data (As Of) Shareholders of Record 401 402 406 410 Number of Full-Service Banking Offices 8 8 6 6 (2) Assets divided by stockholders equity. LAUREL CAPITAL GROUP, INC. Selected Consolidated Financial Data September 30, 2003 (Dollars in thousands) Fiscal 2002 (Unaudited) June 30, March 31, Dec. 31, 2002 2002 2001 Balance Sheet Data (As Of) Total Assets $278,061 $260,568 $255,270 Mortgage Loans 144,104 144,304 138,791 Commercial and Other Loans 1,560 1,662 1,411 Consumer Loans 34,461 32,762 33,378 Total Loans Receivable, Net 180,125 178,728 173,580 Cash and Investment Securities 84,928 68,635 68,014 Mortgage-Backed Securities 8,038 7,940 8,399 Savings Deposits 225,419 206,922 203,453 FHLB Advances 21,620 21,622 21,623 Stockholders' Equity 26,553 26,600 26,677 Asset Quality (As Of) Non-Performing Loans $196 $193 $312 Non-Performing Assets 327 378 610 Allowance for Loan Losses 1,803 1,789 1,776 Net Loan Charge-Offs (Recoveries) (27) (17) (8) Non-Performing Loans to Total Loans, Net 0.11% 0.11% 0.18% Allowance for Loan Losses/ Total Loans 1.00% 1.00% 1.02% Allowance for Loan Losses/ Non-Performing Loans 919.90% 926.94% 569.23% Net Loan Charge-Offs (Recoveries)/Avg Loans (Annualized) (0.0153%) (0.0097%) (0.0045%) Ratios (As Of) Dividend Payout Ratio 47.68% 47.79% 46.75% Average Equity to Average Assets 10.24% 10.34% 10.34% Core Capital - Tier I 9.49% 10.03% 9.91% Risk-Based Capital - Tier I 17.97% 17.99% 18.30% Risk-Based Capital - Tier II 19.29% 19.31% 19.66% Leverage Multiple (2) 10.47x 9.80x 9.57x Other Data (As Of) Shareholders of Record 412 415 417 Number of Full-Service Banking Offices 6 6 6 (2) Assets divided by stockholders equity. DATASOURCE: Laurel Capital Group, Inc. CONTACT: Edwin R. Maus, President - CEO, +1-412-487-7404 ext. 303, or , or John A. Howard, Jr. Sr. Vice-President - CFO, +1-412-487-7404 ext. 311, or , both of Laurel Capital Group, Inc.

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LARL Laurel Capital