Laurel Capital (NASDAQ:LARL)
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Laurel Capital Group Announces Earnings for the First Quarter of
Fiscal 2005
ALLISON PARK, Pa., Oct. 27 /PRNewswire-FirstCall/ -- Laurel Capital Group,
Inc. (NASDAQ:LARL) today reported net income for the quarter ended September
30, 2004 of $488,000 or $.25 per diluted share compared to net income of
$470,000 or $.24 per diluted share for the quarter ended September 30, 2003.
The $18,000 or 3.8% increase in net income for the quarter reflects the effect
of an increase in net interest income combined with lower operating expenses,
partially offset by a reduction in other operating income and an increase in
income tax expense.
At September 30, 2004, Laurel Capital Group, Inc. had total assets of $306.6
million, loans receivable, net of $186.1 million and total deposits of $251.6
million. The $12.8 million increase in loans receivable during the current
quarter was primarily due to an increase in the single family loan portfolio.
Additionally, stockholders' equity amounted to $27.5 million or $14.26 per
share at September 30, 2004 compared to $27.5 million or $14.59 per share at
September 30, 2003 and $27.1 million or $14.06 per share at June 30, 2004.
Non-performing assets, which consist of loans delinquent 90 days and over and
other real estate owned, increased $868,000 to $2.0 million or .66% of total
assets at September 30, 2004 compared to $1.2 million or .38% of total assets
at September 30, 2003. The increase in non-performing loans was primarily due
to one commercial loan having a balance of $377,000 and two single family loans
having an average balance of $232,000 becoming non- performing. Management
does not believe that the current level of non- performing assets poses a
material risk to the Company.
Laurel Capital Group, Inc., headquartered in Allison Park, PA, is the holding
company for Laurel Savings Bank. Laurel Savings Bank is a 117-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 net interest margins 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, 2004
Fiscal 2005
(Dollars in thousands, except per
share data) At or For The Three Months Ended:
(Unaudited) September 30,
2004
Earnings
Interest Income $3,324
Interest Expense 1,516
Net Interest Income Before Provision for Loan Losses 1,808
Provision for Loan Losses 3
Net Interest Income after Provision for Loan Losses 1,805
Net Gain on Sale of Investment and Mortgage-Backed Securities 0
Gain on Sale of Loans Held for Sale 6
Other Income 363
Operating Expenses 1,472
Income before Income Taxes 702
Provision for Income Taxes 214
Net Income $488
Profitability Ratios (annualized where applicable)
Return on Average Assets 0.64%
Return on Average Stockholders' Equity 7.14%
Yield on Interest-Earning Assets 4.58%
Cost of Interest-Bearing Liabilities 2.34%
Average Interest Rate Spread 2.24%
Net Interest Margin 2.49%
Operating Expenses to Average Assets 1.93%
Efficiency Ratio (1) 67.80%
Per Common Share Data
Shares Outstanding (at period end) 1,928,604
Average Shares Outstanding-Basic 1,928,604
Average Shares Outstanding-Diluted 1,988,809
Earnings Per Share -Basic $0.25
Earnings Per Share -Diluted $0.25
Cash Dividends Paid $0.20
Book Value (period end) $14.26
Market Value (period end closing sales price) $22.650
LAUREL CAPITAL GROUP, INC.
Selected Consolidated Financial Data
September 30, 2004
Fiscal 2004
(Dollars in thousands, except per
share data) At or For The Three Months Ended:
(Unaudited) June 30, March 31, Dec. 31, Sept. 30,
2004 2004 2003 2003
Earnings
Interest Income $3,115 $3,316 $3,168 $3,467
Interest Expense 1,427 1,471 1,532 1,700
Net Interest Income Before
Provision for Loan Losses 1,688 1,845 1,636 1,767
Provision for Loan Losses 3 3 3 3
Net Interest Income after
Provision for Loan Losses 1,685 1,842 1,633 1,764
Net Gain on Sale of Investment
and Mortgage-Backed Securities 0 22 13 0
Gain on Sale of Loans Held for
Sale 7 0 1 6
Other Income 363 339 344 414
Operating Expenses 1,480 1,577 1,583 1,510
Income before Income Taxes 575 626 408 674
Provision for Income Taxes 144 193 55 204
Net Income $431 $433 $353 $470
Profitability Ratios (annualized
where applicable)
Return on Average Assets 0.57% 0.57% 0.46% 0.60%
Return on Average Stockholders'
Equity 6.34% 6.32% 5.20% 6.85%
Yield on Interest-Earning Assets 4.37% 4.65% 4.40% 4.64%
Cost of Interest-Bearing
Liabilities 2.28% 2.32% 2.37% 2.48%
Average Interest Rate Spread 2.09% 2.33% 2.03% 2.16%
Net Interest Margin 2.36% 2.59% 2.27% 2.36%
Operating Expenses to Average
Assets 1.96% 2.09% 2.08% 2.53%
Efficiency Ratio (1) 72.94% 72.59% 79.86% 69.23%
Per Common Share Data
Shares Outstanding (at period end) 1,928,604 1,925,228 1,879,354 1,885,410
Average Shares Outstanding-Basic 1,922,740 1,904,878 1,879,262 1,883,871
Average Shares Outstanding-Diluted 1,985,426 1,992,913 1,974,863 1,985,873
Earnings Per Share -Basic $0.22 $0.23 $0.19 $0.25
Earnings Per Share -Diluted $0.22 $0.22 $0.18 $0.24
Cash Dividends Paid $0.20 $0.20 $0.20 $0.20
Book Value (period end) $14.06 $14.29 $14.42 $14.59
Market Value (period end closing
sales price) $21.150 $23.740 $24.750 $20.690
LAUREL CAPITAL GROUP, INC.
Selected Consolidated Financial Data
September 30, 2004
Fiscal 2003
(Dollars in thousands, except per
share data) At or For The Three Months Ended:
(Unaudited) June 30, March 31,
2003 2003
Earnings
Interest Income $3,884 $3,564
Interest Expense 1,818 1,776
Net Interest Income Before Provision for
Loan Losses 2,066 1,788
Provision for Loan Losses 3 3
Net Interest Income after Provision for
Loan Losses 2,063 1,785
Net Gain on Sale of Investment and
Mortgage-Backed Securities 0 0
Gain on Sale of Loans Held for Sale 4 0
Other Income 267 203
Operating Expenses 1,541 1,183
Income before Income Taxes 793 805
Provision for Income Taxes 237 238
Net Income $556 $567
Profitability Ratios (annualized
where applicable)
Return on Average Assets 0.72% 0.83%
Return on Average Stockholders' Equity 8.04% 8.29%
Yield on Interest-Earning Assets 5.11% 5.47%
Cost of Interest-Bearing Liabilities 2.71% 3.16%
Average Interest Rate Spread 2.40% 2.31%
Net Interest Margin 2.72% 2.72%
Operating Expenses to Average Assets 1.99% 1.73%
Efficiency Ratio (1) 65.20% 59.37%
Per Common Share Data
Shares Outstanding (at period end) 1,882,231 1,882,664
Average Shares Outstanding-Basic 1,881,398 1,881,271
Average Shares Outstanding-Diluted 1,978,759 1,976,353
Earnings Per Share -Basic $0.30 $0.30
Earnings Per Share -Diluted $0.28 $0.29
Cash Dividends Paid $0.19 $0.19
Book Value (period end) $14.71 $14.55
Market Value (period end closing sales price) $21.240 $19.010
(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). Gains and losses on the sales of
assets 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 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 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, 2004
(Dollars in thousands) Fiscal 2005
(Unaudited) September 30,
2004
Balance Sheet Data (As Of)
Total Assets $306,633
Mortgage Loans 147,361
Commercial and Other Loans 1,095
Consumer Loans 37,643
Total Loans Receivable, Net 186,099
Cash and Investment Securities 84,305
Mortgage-Backed Securities 19,231
Savings Deposits 251,553
FHLB Advances 21,607
Stockholders' Equity 27,505
Asset Quality (As Of)
Non-Performing Loans $1,985
Non-Performing Assets 2,025
Allowance for Loan Losses 1,992
Net Loan Charge-Offs (Recoveries) 43
Non-Performing Loans to Total Loans, Net 1.07%
Non-Performing Assets to Total Assets 0.66%
Allowance for Loan Losses/Total Loans 1.07%
Allowance for Loan Losses/Non-Performing Loans 100.35%
Net Loan Charge-Offs (Recoveries)/Avg Loans 0.0233%
Ratios (As Of)
Dividend Payout Ratio 80.00%
Average Equity to Average Assets 8.96%
Core Capital - Tier I 7.70%
Risk-Based Capital -Tier I 15.21%
Risk-Based Capital -Tier II 16.46%
Leverage Multiple (2) 11.15x
Other Data (As Of)
Shareholders of Record 381
Number of Full-Service Banking Offices 8
LAUREL CAPITAL GROUP, INC.
Selected Consolidated Financial Data
September 30, 2004
(Dollars in thousands) Fiscal 2004
(Unaudited) June 30, March 31, Dec. 31, Sept. 30,
2004 2004 2003 2003
Balance Sheet Data (As Of)
Total Assets $299,375 $301,251 $302,725 $307,278
Mortgage Loans 133,920 127,900 118,205 114,799
Commercial and Other Loans 1,475 2,269 2,254 3,012
Consumer Loans 37,896 38,247 39,551 40,172
Total Loans Receivable, Net 173,291 168,416 160,010 157,983
Cash and Investment Securities 87,554 99,038 113,575 120,175
Mortgage-Backed Securities 21,024 15,452 10,640 10,397
Savings Deposits 246,179 247,677 248,803 251,236
FHLB Advances 21,609 21,610 21,612 24,632
Stockholders' Equity 27,125 27,519 27,145 27,509
Asset Quality (As Of)
Non-Performing Loans $2,156 $1,741 $1,595 $1,142
Non-Performing Assets 2,156 1,753 1,608 1,157
Allowance for Loan Losses 2,032 2,017 1,984 2,005
Net Loan Charge-Offs (Recoveries) (14) (5) 28 4
Non-Performing Loans to Total
Loans, Net 1.24% 1.03% 1.00% 0.72%
Non-Performing Assets to Total
Assets 0.72% 0.58% 0.53% 0.38%
Allowance for Loan Losses/
Total Loans 1.17% 1.20% 1.24% 1.27%
Allowance for Loan Losses/
Non-Performing Loans 94.25% 115.85% 124.39% 175.57%
Net Loan Charge-Offs
(Recoveries)/Avg Loans 0.0084% -0.0030% 0.0170% 0.0023%
Ratios (As Of)
Dividend Payout Ratio 94.13% 95.24% 95.24% 83.33%
Average Equity to Average Assets 8.89% 8.87% 8.77% 8.68%
Core Capital - Tier I 7.76% 7.70% 7.63% 7.22%
Risk-Based Capital -Tier I 15.65% 15.30% 15.39% 14.82%
Risk-Based Capital -Tier II 16.90% 16.60% 16.69% 16.08%
Leverage Multiple (2) 11.04x 10.95x 11.15x 11.17x
Other Data (As Of)
Shareholders of Record 383 387 393 395
Number of Full-Service Banking
Offices 8 8 8 8
LAUREL CAPITAL GROUP, INC.
Selected Consolidated Financial Data
September 30, 2004
(Dollars in thousands) Fiscal 2003
(Unaudited) June 30, March 31, December 31,
2003 2003 2002
Balance Sheet Data (As Of)
Total Assets $322,783 $316,755 $271,146
Mortgage Loans 133,518 143,151 133,499
Commercial and Other Loans 3,012 1,052 1,904
Consumer Loans 44,672 42,968 35,074
Total Loans Receivable, Net 181,202 187,171 170,477
Cash and Investment Securities 109,168 99,668 85,594
Mortgage-Backed Securities 13,505 16,031 9,927
Savings Deposits 265,580 259,388 218,761
FHLB Advances 24,672 24,713 21,618
Stockholders' Equity 27,684 27,385 27,202
Asset Quality (As Of)
Non-Performing Loans $956 $953 $149
Non-Performing Assets 956 1,083 304
Allowance for Loan Losses 2,006 2,014 1,794
Net Loan Charge-Offs (Recoveries) 18 8 15
Non-Performing Loans to Total Loans,
Net 0.53% 0.51% 0.09%
Non-Performing Assets to Total Assets 0.30% 0.34% 0.11%
Allowance for Loan Losses/
Total Loans 1.11% 1.08% 1.05%
Allowance for Loan Losses/
Non-Performing Loans 209.83% 211.33% 1204.03%
Net Loan Charge-Offs (Recoveries)/Avg
Loans 0.0103% 0.0062% 0.0086%
Ratios (As Of)
Dividend Payout Ratio 59.38% 57.00% 53.52%
Average Equity to Average Assets 9.52% 9.82% 9.74%
Core Capital - Tier I 7.51% 8.45% 9.57%
Risk-Based Capital -Tier I 13.82% 11.65% 18.68%
Risk-Based Capital -Tier II 15.04% 12.69% 19.98%
Leverage Multiple (2) 11.66x 11.57x 9.97x
Other Data (As Of)
Shareholders of Record 401 402 406
Number of Full-Service Banking
Offices 8 8 6
(2) Assets divided by stockholder 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.