Laurel Capital (NASDAQ:LARL)
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ALLISON PARK, Pa., Aug. 30 /PRNewswire-FirstCall/ -- Laurel Capital Group, Inc. (NASDAQ:LARL) today reported net income for the fiscal year ended June 30, 2005 of $2.0 million or $1.03 per diluted share compared to net income of $1.7 million or $.85 per diluted share for the year ended June 30, 2004. The $362,000 or 21.5% increase in net income for the year reflects the effect of an increase in net interest income combined with a slight decrease in operating expenses, partially offset by a decrease in non-interest income and an increase in income tax expense.
For fiscal 2005, the Company's return on average assets (ROA) was .67% and its return on average stockholders' equity was 7.45% compared to .55% and 6.19%, respectively, for fiscal 2004.
Laurel Capital Group, Inc. also reported net income for the quarter ended June 30, 2005 of $578,000 or $.29 per diluted share compared to $431,000 or $.22 per diluted share for the quarter ended June 30, 2004. The 34.1% increase in net income for the fourth quarter of fiscal 2005 was primarily attributable to an increase in net interest income and a decrease in income tax expense partially offset by a slight decrease in non-interest income and an increase in operating expenses.
Non-performing assets, which consist of loans delinquent 90 days and over, other real estate owned and other repossessed assets, decreased $1.1 million or 53.3% to $1.0 million or .33% of total assets at June 30, 2005 compared to $2.2 million or .72% of total assets at June 30, 2004. The allowance for loan losses at June 30, 2005 was $2.0 million or .95% of total loans as compared to $2.0 million or 1.17% at June 30, 2004.
In commenting on the Company's performance, Edwin R. Maus, President and Chief Executive Officer, stated that "Although we are pleased with the significant improvement in earnings, the Company has been and will continue to be challenged by the current interest rate and economic environment. These conditions continue to make it difficult for the Company's operations to generate significant earnings growth. However, we are pleased with the reduction in the level of non-performing assets and believe it reflects our conservative lending practices."
At June 30, 2005, Laurel Capital Group, Inc. had total assets of $309.8 million, loans receivable, net of $209.7 million and total deposits of $254.9 million. Additionally, stockholders' equity amounted to $27.8 million or $14.31 per share compared to $27.1 million or $14.06 per share at June 30, 2004.
Laurel Capital Group, Inc., headquartered in Allison Park, Pennsylvania, is the holding company for Laurel Savings Bank, 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 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
June 30, 2005
Year-To-Date
(Dollars in thousands, except per
share data) At or For the Year Ended:
(Unaudited) June 30, June 30,
2005 2004
Earnings
Interest Income $13,762 $13,066
Interest Expense 6,294 6,130
Net Interest Income Before
Provision for Loan Losses 7,468 6,936
Provision for Loan Losses 9 12
Net Interest Income after
Provision for Loan Losses 7,459 6,924
Net Gain on Sale of Investment
and Mortgage-Backed Securities 15 35
Gain on Sale of Loans Held for Sale 9 14
Other Income (Excluding Gains on Sale) 1,417 1,460
Operating Expenses 6,114 6,150
Income before Income Taxes 2,786 2,283
Provision for Income Taxes 737 596
Net Income $2,049 $1,687
Profitability Ratios (annualized
where applicable)
Return on Average Assets 0.67% 0.55%
Return on Average Stockholders'
Equity 7.45% 6.19%
Yield on Interest-Earning Assets 4.71% 4.51%
Cost of Interest-Bearing Liabilities 2.44% 2.36%
Average Interest Rate Spread 2.27% 2.15%
Net Interest Margin 2.56% 2.39%
Operating Expenses to Average
Assets 1.99% 2.01%
Efficiency Ratio (1) 69.17% 73.53%
Per Common Share Data
Shares Outstanding (at period end) 1,943,000 1,928,604
Average Shares Outstanding - Basic 1,937,086 1,897,091
Average Shares Outstanding - Diluted 1,987,843 1,985,116
Earnings Per Share - Basic $1.06 $0.89
Earnings Per Share - Diluted $1.03 $0.85
Cash Dividends Paid $0.80 $0.80
Book Value (period end) $14.31 $14.06
Tangible Book Value (period end) $12.60 $12.16
Market Value of Outstanding
Shares $20.56 $21.15
(period end closing sales price)
LAUREL CAPITAL GROUP, INC.
Selected Consolidated Financial Data
June 30, 2005
Fiscal 2005
(Dollars in thousands, except per
share data) At or For the Three Months Ended:
June March December September
(Unaudited) 30, 31, 31, 30,
2005 2005 2004 2004
Earnings
Interest Income $3,489 $3,525 $3,424 $3,324
Interest Expense 1,637 1,578 1,563 1,516
Net Interest Income Before
Provision for Loan Losses 1,852 1,947 1,861 1,808
Provision for Loan Losses 0 3 3 3
Net Interest Income after
Provision for Loan Losses 1,852 1,944 1,858 1,805
Net Gain on Sale of Investment and
Mortgage-Backed Securities 15 - - -
Gain on Sale of Loans Held for
Sale 2 1 - 6
Other Income (Excluding Gains on
Sale) 343 352 359 363
Operating Expenses 1,560 1,533 1,549 1,472
Income before Income Taxes 652 764 668 702
Provision for Income Taxes 74 242 207 214
Net Income $578 $522 $461 $488
Profitability Ratios (annualized
where applicable)
Return on Average Assets 0.75% 0.68% 0.60% 0.64%
Return on Average Stockholders'
Equity 8.40% 7.58% 6.68% 7.14%
Yield on Interest-Earning Assets 4.75% 4.81% 4.71% 4.58%
Cost of Interest-Bearing
Liabilities 2.54% 2.46% 2.41% 2.34%
Average Interest Rate Spread 2.21% 2.35% 2.30% 2.24%
Net Interest Margin 2.52% 2.65% 2.56% 2.49%
Operating Expenses to Average
Assets 2.02% 1.98% 2.02% 1.93%
Efficiency Ratio (1) 71.90% 67.24% 69.77% 67.80%
Per Common Share Data
Shares Outstanding
(at period end) 1,943,000 1,940,021 1,940,021 1,928,604
Average Shares Outstanding
- Basic 1,942,255 1,940,021 1,936,811 1,928,604
Average Shares Outstanding
- Diluted 1,989,273 1,998,902 2,000,559 1,988,809
Earnings Per Share - Basic $0.30 $0.27 $0.24 $0.25
Earnings Per Share - Diluted $0.29 $0.26 $0.23 $0.25
Cash Dividends Paid $0.20 $0.20 $0.20 $0.20
Book Value (period end) $14.31 $14.07 $14.28 $14.26
Tangible Book Value (period end) $12.60 $12.31 $12.48 $12.41
Market Value of Outstanding
Shares $20.56 $21.88 $21.54 $22.65
(period end closing sales price)
LAUREL CAPITAL GROUP, INC.
Selected Consolidated Financial Data
June 30, 2005
Fiscal 2004
(Dollars in thousands, except per
share data) At or For The Three Months
Ended:
(Unaudited) June 30, March 31,
2004 2004
Earnings
Interest Income $3,115 $3,316
Interest Expense 1,427 1,471
Net Interest Income Before
Provision for Loan Losses 1,688 1,845
Provision for Loan Losses 3 3
Net Interest Income after
Provision for Loan Losses 1,685 1,842
Net Gain on Sale of Investment
and Mortgage-Backed Securities - 22
Gain on Sale of Loans Held for Sale 7 -
Other Income (Excluding Gains on Sale) 363 339
Operating Expenses 1,480 1,577
Income before Income Taxes 575 626
Provision for Income Taxes 144 193
Net Income $431 $433
Profitability Ratios (annualized
where applicable)
Return on Average Assets 0.57% 0.57%
Return on Average Stockholders' Equity 6.34% 6.32%
Yield on Interest-Earning Assets 4.37% 4.65%
Cost of Interest-Bearing
Liabilities 2.28% 2.32%
Average Interest Rate Spread 2.09% 2.33%
Net Interest Margin 2.36% 2.59%
Operating Expenses to Average
Assets 1.96% 2.09%
Efficiency Ratio (1) 72.94% 72.59%
Per Common Share Data
Shares Outstanding (at period end) 1,928,604 1,925,228
Average Shares Outstanding - Basic 1,922,740 1,904,878
Average Shares Outstanding - Diluted 1,985,426 1,992,913
Earnings Per Share - Basic $0.22 $0.23
Earnings Per Share - Diluted $0.22 $0.22
Cash Dividends Paid $0.20 $0.20
Book Value (period end) $14.06 $14.29
Tangible Book Value (period end) $12.16 $12.28
Market Value of Outstanding Shares $21.15 $23.74
(period end closing sales 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
June 30, 2005
(Dollars in thousands) Fiscal 2005
June March December September
(Unaudited) 30, 31, 31, 30,
2005 2005 2004 2004
Balance Sheet Data (As Of)
Total Assets $309,801 $307,742 $308,499 $306,633
Mortgage Loans 172,854 165,008 159,464 147,361
Commercial and Other Loans 665 731 1,174 1,095
Consumer Loans 36,230 36,748 37,289 37,643
Total Loans Receivable, Net 209,749 202,487 197,927 186,099
Cash and Investment Securities 69,428 72,697 76,032 84,305
Mortgage-Backed Securities 13,002 15,002 17,068 19,231
Savings Deposits 254,891 253,282 254,652 251,553
FHLB Advances 21,602 21,604 21,605 21,607
Stockholders' Equity 27,804 27,293 27,702 27,505
Asset Quality (As Of Or For The
FYTD Period (2))
Non-Performing Loans $970 $833 $1,205 $1,985
Non-Performing Assets 1,007 961 1,555 2,025
Allowance for Loan Losses 1,989 1,998 1,988 1,992
Net Loan Charge-Offs
(Recoveries) 52 43 50 43
Non-Performing Loans to Total
Loans, Net 0.46% 0.41% 0.61% 1.07%
Non-Performing Assets to Total
Assets 0.33% 0.31% 0.50% 0.66%
Allowance for Loan Losses/
Total Loans 0.95% 0.99% 1.00% 1.07%
Allowance for Loan Losses/
Non-Performing Loans 205.05% 239.86% 164.98% 100.35%
Net Loan Charge-Offs
(Recoveries)/Avg Loans 0.0263% 0.0222% 0.0264% 0.0233%
Ratios (As Of Or For The FYTD
Period (2))
Dividend Payout Ratio 77.59% 81.40% 83.33% 80.00%
Average Equity to Average
Assets 8.96% 8.97% 8.99% 8.96%
Core Capital - Tier I (3) 7.91% 7.64% 7.71% 7.70%
Risk-Based Capital - Tier I (3) 15.33% 14.83% 14.98% 15.21%
Risk-Based Capital - Tier II (3) 16.59% 16.08% 16.24% 16.46%
Leverage Multiple (4) 11.14x 11.28x 11.14x 11.15x
Other Data (As Of)
Stockholders of Record 372 374 376 381
Number of Full-Service Banking
Offices 8 8 8 8
LAUREL CAPITAL GROUP, INC.
Selected Consolidated Financial Data
June 30, 2005
(Dollars in thousands) Fiscal 2004
June March December September
(Unaudited) 30, 31, 31, 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 Or For The
FYTD Period (2))
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 Or For The FYTD
Period (2))
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 (3) 7.76% 7.70% 7.63% 7.22%
Risk-Based Capital - Tier I (3) 15.65% 15.30% 15.39% 14.82%
Risk-Based Capital - Tier II (3) 16.90% 16.60% 16.69% 16.08%
Leverage Multiple (4) 11.04x 10.95x 11.15x 11.17x
Other Data (As Of)
Stockholders of Record 383 387 393 395
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.