Laurel Capital (NASDAQ:LARL)
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ALLISON PARK, Pa., Oct. 26 /PRNewswire-FirstCall/ -- Laurel Capital Group, Inc. (NASDAQ:LARL) today reported net income for the quarter ended September 30, 2005 of $490,000 or $.25 per diluted share compared to net income of $488,000 or $.25 per diluted share for the quarter ended September 30, 2004. The slight increase in income for the quarter reflects the combined effects of a $49,000 increase in net interest income after provision for possible loan losses partially offset by a $35,000 increase in operating expenses, a $26,000 decrease in other operating income, and a $14,000 decrease in the provision for income taxes.
At September 30, 2005, Laurel Capital Group, Inc. had total assets of $309.0 million, loans receivable, net, of $213.0 million and total deposits of $254.9 million. The $3.3 million increase in loans receivable during the first quarter of fiscal 2006 was primarily due to an increase in the single- family residential loan portfolio. Additionally, stockholders' equity amounted to $27.9 million or $14.05 per share at September 30, 2005 compared to $27.5 million or $14.26 per share at September 30, 2004 and $27.8 million or $14.31 per share at June 30, 2005. The decrease in stockholders' equity per share was primarily the result of an increase in the total number of shares outstanding reflecting the exercise of stock options.
Non-performing assets, which consist of loans delinquent 90 days and over and other real estate owned, decreased $1.2 million to $800,000 or .25% of total assets at September 30, 2005 compared to $2.0 million or .66% of total assets at September 30, 2004 and $1.0 million or .33% of total assets at June 30, 2005.
Laurel Capital Group, Inc., headquartered in Allison Park, PA, is the holding company for Laurel Savings Bank. Laurel Savings Bank is a 118-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. Such forward-looking statements are subject to risk and uncertainties, which could cause actual results to differ materially from those currently anticipated due to a number of factors. Such factors include, but are not limited to, changes in interest rates which could affect the net interest margin and net interest income, 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, 2005
(Dollars in thousands, Fiscal 2006
except per share data) At or For the Fiscal 2005
(Unaudited) Three Months At or For the
Ended: Three Months Ended:
September 30, June 30, March 31, December 31,
2005 2005 2005 2004
Earnings
Interest Income $3,565 $3,489 $3,525 $3,424
Interest Expense 1,711 1,637 1,578 1,563
Net Interest Income Before
Provision for Loan Losses 1,854 1,852 1,947 1,861
Provision for Loan Losses - - 3 3
Net Interest Income after
Provision for Loan Losses 1,854 1,852 1,944 1,858
Net Gain on Sale of Investment
and Mortgage-Backed Securities - 15 - -
Gain on Sale of Loans Held for
Sale 6 2 1 -
Other Income (Excluding Gains
on Sale) 337 343 352 359
Operating Expenses 1,507 1,560 1,533 1,549
Income before Income Taxes 690 652 764 668
Provision for Income Taxes 200 74 242 207
Net Income $490 $578 $522 $461
Profitability Ratios (annualized
where applicable)
Return on Average Assets 0.63% 0.75% 0.68% 0.60%
Return on Average Stockholders'
Equity 7.05% 8.40% 7.58% 6.68%
Yield on Interest-Earning Assets 4.82% 4.75% 4.81% 4.71%
Cost of Interest-Bearing
Liabilities 2.63% 2.54% 2.46% 2.41%
Average Interest Rate Spread 2.19% 2.21% 2.35% 2.30%
Net Interest Margin 2.55% 2.52% 2.65% 2.56%
Operating Expenses to Average
Assets 1.95% 2.02% 1.98% 2.02%
Efficiency Ratio (1) 68.69% 71.90% 67.24% 69.77%
Per Common Share Data Shares
Outstanding (at period end) 1,984,628 1,943,000 1,940,021 1,940,021
Average Shares Outstanding
-Basic 1,963,743 1,942,255 1,940,021 1,936,811
Average Shares Outstanding
-Diluted 1,996,242 1,989,273 1,998,902 2,000,559
Earnings Per Share -Basic $0.25 $0.30 $0.27 $0.24
Earnings Per Share -Diluted $0.25 $0.29 $0.26 $0.23
Cash Dividends Paid $0.20 $0.20 $0.20 $0.20
Book Value (period end) $14.05 $14.31 $14.07 $14.28
Tangible Book Value (period end) $12.41 $12.60 $12.31 $12.48
Market Value of Outstanding
Shares $23.00 $20.56 $21.88 $21.54
(period end closing price)
LAUREL CAPITAL GROUP, INC.
Selected Consolidated Financial Data
September 30, 2005
(Dollars in thousands, Fiscal 2005 Fiscal 2004
except per share data) At or For the At or For the
(Unaudited) Three Months Three Months
Ended: Ended:
September 30, June 30, March 31,
2004 2004 2004
Earnings
Interest Income $3,324 $3,115 $3,316
Interest Expense 1,516 1,427 1,471
Net Interest Income Before
Provision for Loan Losses 1,808 1,688 1,845
Provision for Loan Losses 3 3 3
Net Interest Income after
Provision for Loan Losses 1,805 1,685 1,842
Net Gain on Sale of Investment
and Mortgage-Backed Securities - - 22
Gain on Sale of Loans Held for Sale 6 7 -
Other Income (Excluding Gains on Sale) 363 363 339
Operating Expenses 1,472 1,480 1,577
Income before Income Taxes 702 575 626
Provision for Income Taxes 214 144 193
Net Income $488 $431 $433
Profitability Ratios (annualized
where applicable)
Return on Average Assets 0.64% 0.57% 0.57%
Return on Average Stockholders'
Equity 7.14% 6.34% 6.32%
Yield on Interest-Earning Assets 4.58% 4.37% 4.65%
Cost of Interest-Bearing
Liabilities 2.34% 2.28% 2.32%
Average Interest Rate Spread 2.24% 2.09% 2.33%
Net Interest Margin 2.49% 2.36% 2.59%
Operating Expenses to Average
Assets 1.93% 1.96% 2.09%
Efficiency Ratio (1) 67.80% 72.94% 72.59%
Per Common Share Data
Shares Outstanding
(at period end) 1,928,604 1,928,604 1,925,228
Average Shares Outstanding-Basic 1,928,604 1,922,740 1,904,878
Average Shares Outstanding
-Diluted 1,988,809 1,985,426 1,992,913
Earnings Per Share -Basic $0.25 $0.22 $0.23
Earnings Per Share -Diluted $0.25 $0.22 $0.22
Cash Dividends Paid $0.20 $0.20 $0.20
Book Value (period end) $14.26 $14.06 $14.29
Tangible Book Value (period end) $12.41 $12.16 $12.28
Market Value of Outstanding Shares $22.65 $21.15 $23.74
(period end closing price)
(1) Equals 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). Gains and losses on the sales
of loans and securities available for sale are excluded since they are
generally considered by the Company's management to be non-recurring
in nature. Similarly, net income or loss on other real estate owned
is excluded since it is also generally considered by the Company's
management to be non-recurring in nature. The efficiency ratio is not
a financial measurement required by Generally Accepted Accounting
Principles (GAAP) used in the United States of America. However, the
Company believes such information is useful to investors in evaluating
the Company\'s operations.
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, 2005
(Dollars in thousands)
(Unaudited) Fiscal 2006 Fiscal 2005
Sept. 30, June 30, March 31, Dec. 31,
Balance Sheet Data (As Of) 2005 2005 2005 2004
Total Assets $309,034 $309,801 $307,742 $308,499
Mortgage Loans 175,097 172,854 165,008 159,464
Commercial and Other Loans 690 665 731 1,174
Consumer Loans 37,265 36,230 36,748 37,289
Total Loans Receivable, Net 213,052 209,749 202,487 197,927
Cash and Investment Securities 66,832 69,428 72,697 76,032
Mortgage-Backed Securities 11,684 13,002 15,002 17,068
Savings Deposits 254,893 254,891 253,282 254,652
FHLB Advances 21,600 21,602 21,604 21,605
Stockholders' Equity 27,873 27,804 27,293 27,702
Asset Quality (As Of Or For
The FYTD Period (2))
Non-Performing Loans $752 $970 $833 $1,205
Non-Performing Assets 787 1,007 961 1,555
Allowance for Loan Losses 1,999 1,989 1,998 1,988
Net Loan Charge-Offs
(Recoveries) (10) 52 43 50
Non-Performing Loans to Total
Loans, Net 0.35% 0.46% 0.41% 0.61%
Non-Performing Assets to Total
Assets 0.25% 0.33% 0.31% 0.50%
Allowance for Loan Losses/
Total Loans 0.94% 0.95% 0.99% 1.00%
Allowance for Loan Losses/
Non-Performing Loans 265.82% 205.05% 239.86% 164.98%
Net Loan Charge-Offs
(Recoveries)/Avg Loans (0.0047)% 0.0263% 0.0222% 0.0264%
Ratios (As Of Or For The FYTD
Period (2))
Dividend Payout Ratio 81.50% 77.59% 81.40% 83.33%
Average Equity to Average
Assets 8.98% 8.96% 8.97% 8.99%
Core Capital - Tier I (3) 7.80% 7.91% 7.64% 7.71%
Risk-Based Capital -Tier I (3) 14.93% 15.33% 14.83% 14.98%
Risk-Based Capital -Tier II (3) 16.17% 16.59% 16.08% 16.24%
Leverage Multiple (4) 11.09x 11.14x 11.28x 11.14x
Other Data (As Of)
Stockholders of Record 368 372 374 376
Number of Full-Service Banking
Offices 8 8 8 8
(2) Fiscal Year To Date
(3) Ratios for Laurel Savings Bank.
(4) Total assets divided by stockholders' equity.
LAUREL CAPITAL GROUP, INC.
Selected Consolidated Financial Data
September 30, 2005
(Dollars in thousands)
(Unaudited) Fiscal 2005 Fiscal 2004
Sept. 30, June 30, March 31, Dec. 31,
Balance Sheet Data (As Of) 2004 2004 2004 2003
Total Assets $306,633 $299,375 $301,251 $302,725
Mortgage Loans 147,361 133,920 127,900 118,205
Commercial and Other Loans 1,095 1,475 2,269 2,254
Consumer Loans 37,643 37,896 38,247 39,551
Total Loans Receivable, Net 186,099 173,291 168,416 160,010
Cash and Investment Securities 84,305 87,554 99,038 113,575
Mortgage-Backed Securities 19,231 21,024 15,452 10,640
Savings Deposits 251,553 246,179 247,677 248,803
FHLB Advances 21,607 21,609 21,610 21,612
Stockholders' Equity 27,505 27,125 27,519 27,145
Asset Quality (As Of Or For
The FYTD Period (2))
Non-Performing Loans $1,985 $2,156 $1,741 $1,595
Non-Performing Assets 2,025 2,156 1,753 1,608
Allowance for Loan Losses 1,992 2,032 2,017 1,984
Net Loan Charge-Offs
(Recoveries) 43 (14) (5) 28
Non-Performing Loans to Total
Loans, Net 1.07% 1.24% 1.03% 1.00%
Non-Performing Assets to Total
Assets 0.66% 0.72% 0.58% 0.53%
Allowance for Loan Losses/
Total Loans 1.07% 1.17% 1.20% 1.24%
Allowance for Loan Losses/
Non-Performing Loans 100.35% 94.25% 115.85% 124.39%
Net Loan Charge-Offs
(Recoveries)/Avg Loans 0.0233% (0.0084)% (0.0030)% 0.0170%
Ratios (As Of Or For The FYTD
Period (2))
Dividend Payout Ratio 80.00% 94.13% 95.24% 95.24%
Average Equity to Average
Assets 8.96% 8.89% 8.87% 8.77%
Core Capital - Tier I (3) 7.70% 7.76% 7.70% 7.63%
Risk-Based Capital -Tier I (3) 15.21% 15.65% 15.30% 15.39%
Risk-Based Capital -Tier II (3) 16.46% 16.90% 16.60% 16.69%
Leverage Multiple (4) 11.15x 11.04x 10.95x 11.15x
Other Data (As Of)
Stockholders of Record 381 383 387 393
Number of Full-Service Banking
Offices 8 8 8 8
(2) Fiscal Year To Date
(3) Ratios for Laurel Savings Bank.
(4) Total 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.