Laurel Capital (NASDAQ:LARL)
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Laurel Capital Group Announces Earnings for the Year and Fourth
Quarter of Fiscal 2004
ALLISON PARK, Pa., Aug. 31 /PRNewswire-FirstCall/ -- Laurel Capital Group,
Inc. (NASDAQ:LARL) today reported net income for the fiscal year ended June 30,
2004 of $1.7 million or $.85 per diluted share compared to net income of $2.5
million or $1.28 per diluted share for the year ended June 30, 2003. The
$847,000 or 33.4% decrease in net income for the year reflects the effect of a
decrease in net interest income combined with higher operating expenses,
partially offset by an increase in other operating income and a decrease in
income tax expense. The increase in other operating income consisted primarily
of income from the Bank's investment in Bank Owned Life Insurance and an
increase in service fees collected. The increase in operating expenses was
primarily attributed to expenses incurred from the operation of two additional
branch offices and the amortization of the core deposit intangible, which were
both obtained as part of the acquisition of SFSB Holding Company on March 28,
2003, increasing the number of full-service offices to eight.
For fiscal 2004, the Company's return on average assets (ROA) was .55% and
return on average stockholders' equity was 6.19% compared to .89% and 9.32%,
respectively, for fiscal 2003.
Laurel Capital Group, Inc. also reported net income for the quarter ended June
30, 2004 of $431,000 or $.22 per diluted share compared to $556,000 or $.28 per
diluted share for the quarter ended June 30, 2003. The 22.5% decrease in net
income was primarily attributable to a decrease in net interest income, which
was partially offset by an increase in other income and a decrease in other
operating and income tax expenses.
Non-performing assets, which consist of loans delinquent 90 days and over,
increased $1.2 million to $2.2 million or .72% of total assets at June 30, 2004
compared to $956,000 or .30% of total assets at June 30, 2003. The increase in
non-performing loans was primarily due to three commercial loans having an
average balance of $239,000 and two single-family loans having an average
balance of $227,000 becoming non-performing. Management does not believe that
the current level of non-performing loans pose a material risk to the Company.
In commenting on the Company's performance, Edwin R. Maus, President and Chief
Executive Officer, stated that "The challenging interest rate and economic
environment continues to inhibit the Company's operations and ability to
generate earnings growth in a conservative manner. Notwithstanding these
challenges, we believe we are positioned to take advantage of changes in these
environments as they occur."
At June 30, 2004, Laurel Capital Group, Inc. had total assets of $299.4
million, loans receivable, net of $173.3 million and total deposits of $246.2
million. Additionally, stockholders' equity amounted to $27.1 million or
$14.06 per share compared to $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 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
June 30, 2004
(Dollars in thousands, except per
share data) At or For The Year Ended:
(Unaudited) June 30, June 30,
2004 2003
Earnings
Interest Income $13,066 $15,197
Interest Expense 6,130 7,651
Net Interest Income Before
Provision for Loan Losses 6,936 7,546
Provision for Loan Losses 12 12
Net Interest Income after
Provision for Loan Losses 6,924 7,534
Net Gain on Sale of Investment
and Mortgage-Backed Securities 35 4
Gain on Sale of Loans Held for
Sale 14 11
Other Income 1,460 909
Operating Expenses 6,150 4,799
Income before Income Taxes 2,283 3,659
Provision for Income Taxes 596 1,125
Net Income $1,687 $2,534
Profitability Ratios (annualized
where applicable)
Return on Average Assets 0.55% 0.89%
Return on Average Stockholders'
Equity 6.19% 9.32%
Yield on Interest-Earning Assets 4.51% 5.51%
Cost of Interest-Bearing
Liabilities 2.36% 3.18%
Average Interest Rate Spread 2.15% 2.33%
Net Interest Margin 2.39% 2.74%
Operating Expenses to Average
Assets 2.01% 1.68%
Efficiency Ratio (1) 73.53% 56.38%
Per Common Share Data
Shares Outstanding (at period
end) 1,928,604 1,882,231
Average Shares Outstanding-Basic 1,897,091 1,880,815
Average Shares Outstanding-
Diluted 1,985,116 1,981,934
Earnings Per Share-Basic $0.89 $1.35
Earnings Per Share-Diluted $0.85 $1.28
Cash Dividends Paid $0.80 $0.76
Book Value (period end) $14.06 $14.71
Market Value (period end closing
sales price) $21.150 $21.240
Fiscal 2004
(Dollars in
thousands, except
per share data) At or For The Three Months Ended:
(Unaudited) June 30, March 31, December 31, September 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
Fiscal 2003
(Dollars in thousands, At or For The Three Months Ended:
except per share data)
(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-
recuring 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 operation.
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, 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%
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
(2) Assets divided by stockholder equity.
LAUREL CAPITAL GROUP, INC.
Selected Consolidated Financial Data
June 30, 2004
(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 $322,783 $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 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 stockholder equity.
DATASOURCE: Laurel Capital Group, Inc.
CONTACT: Edwin R. Maus, President-CEO, +1-412-487-7404 ext. 303, or
email, , or John A. Howard, Jr., Sr. Vice-President-CFO,
+1-412-487-7404 ext. 311, or email, , both of Laurel
Capital Group, Inc.