Laurel Capital Group Announces Third Quarter Results

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 Third Quarter Results ALLISON PARK, Pa., April 25 /PRNewswire-FirstCall/ -- Laurel Capital Group, Inc. (NASDAQ:LARL) today reported its results for the three- and nine- month periods ended March 31, 2005. Consolidated net income for the three- month period ended March 31, 2005 was $522,000 or $.26 per diluted share, an increase of $89,000 or 20.6% compared to $433,000 or $.22 per diluted share for the same quarter in the prior year. For the nine-months ended March 31, 2005, the Company recorded consolidated net income of $1.5 million or $.74 per diluted share, an increase of $215,000 or 17.1% compared to consolidated net income of $1.3 million or $.63 per diluted share for the nine-months ended March 31, 2004. For the quarter ended March 31, 2005, the Company's net interest income after provision for loan losses increased $102,000 or 5.5% to $1.9 million compared to $1.8 million for the same period in the prior year. Other income for the quarter decreased 2.2% to $353,000 compared to $361,000 for the same period in the prior year. However, included in the quarter ended March 31, 2004 was $22,000 gain on the sale of loans and investment and mortgage-backed securities compared to only $1,000 in the March 31, 2005 quarter. Partially offsetting the reduced amount of gains on the sale of loans, investments and mortgage-backed securities, was a $25,000 increase in non-operating income. Operating expenses for the three-months ended March 31, 2005 decreased 2.8% to $1.5 million compared to $1.6 million for the same period in the prior year. The decrease primarily resulted from reductions in compensation and related fringe benefit costs, professional fees and the amortization of the core deposit intangible related to the acquisition of SFSB Holding Company, partially offset by a slight increase in premises and occupancy expense, data processing expense and other miscellaneous expenses. The increase in earnings for the nine-month period ended March 31, 2005 was primarily the result of a 7.0% increase in net interest income, after provision for loan losses, to $5.6 million compared to $5.2 million for the same period in the prior year. Results were further impacted by a decrease of 2.5% in operating expenses from $4.7 million for the nine-months ended March 31, 2004 to $4.6 million for the nine-months ended March 31, 2005. Partially offsetting the reduction in operating expenses was a slight decrease in other income combined with an increase in the provision for income taxes. Non-performing assets, which consist of loans delinquent 90 days and over and other real estate owned, decreased $1.2 million or 55.4% to $1.0 million or .31% of total assets at March 31, 2005 compared to $2.2 million or .72% of total assets at June 30, 2004. At March 31, 2005 Laurel Capital Group, Inc. had total assets of $307.7 million, an increase of $8.4 million or 2.8% compared to $299.4 million at June 30, 2004. Loans receivable, net increased $29.2 million or 16.8% to $202.5 million at March 31, 2005 as compared to $173.3 million at June 30, 2004, primarily due to an increase in the single-family loan portfolio. Savings deposits increased $7.1 million or 2.9% to $253.3 million compared to $246.2 million at June 30, 2004 primarily due to an increase in certificate of deposit accounts. Stockholders' equity was $27.3 million or $14.07 per share at March 31, 2005, a slight increase compared to $27.1 million or $14.06 per share at June 30, 2004. Laurel Capital Group, Inc., headquartered in Allison Park, PA, is the holding company for Laurel Savings Bank, a 117-year-old, Pennsylvania- chartered, FDIC-insured savings bank operating 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 contains financial information determined by methods other than in accordance with U.S. generally accepted accounting principles ("GAAP"). The Company's management uses these non-GAAP measures in its analysis of the Company's performance. These measures typically adjust GAAP performance measures to exclude the effects of significant gains or losses that are unusual in nature. Because these items and their impact on the Company's performance are difficult to predict, management believes that presentations of financial measures excluding the impact of these items provide useful supplemental information that is essential to a proper understanding of the operating results of the Company's businesses. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures, which may be presented by other companies. 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 March 31, 2005 Year-To-Date (Dollars in thousands, except per share data) At or For The Nine Months Ended: (Unaudited) March 31, March 31, 2005 2004 Earnings Interest Income $10,273 $9,951 Interest Expense 4,657 4,703 Net Interest Income Before Provision for Loan Losses 5,616 5,248 Provision for Loan Losses 9 9 Net Interest Income after Provision for Loan Losses 5,607 5,239 Net Gain on Sale of Investment and Mortgage-Backed Securities - 35 Gain on Sale of Loans Held for Sale 7 7 Other Income (excluding gains) 1,074 1,097 Operating Expenses 4,554 4,670 Income before Income Taxes 2,134 1,708 Provision for Income Taxes 663 452 Net Income $1,471 $1,256 Profitability Ratios (annualized where applicable) Return on Average Assets 0.64% 0.54% Return on Average Stockholders' Equity 7.14% 6.13% Yield on Interest-Earning Assets 4.70% 4.56% Cost of Interest-Bearing Liabilities 2.41% 2.40% Average Interest Rate Spread 2.29% 2.16% Net Interest Margin 2.57% 2.41% Operating Expenses to Average Assets 1.99% 2.00% Efficiency Ratio (1) 68.33% 73.72% Per Common Share Data Shares Outstanding (at period end) 1,940,021 1,925,228 Average Shares Outstanding-Basic 1,935,312 1,890,728 Average Shares Outstanding-Diluted 1,994,964 1,987,200 Earnings Per Share-Basic $0.76 $0.66 Earnings Per Share-Diluted $0.74 $0.63 Cash Dividends Paid $0.60 $0.60 Book Value (period end) $14.07 $14.29 Tangible Book Value (period end) $12.31 $12.28 Market Value (period end closing sales price) $21.880 $23.740 LAUREL CAPITAL GROUP, INC. Selected Consolidated Financial Data March 31, 2005 Fiscal 2005 (Dollars in thousands, except per share data) At or For the Three Months Ended: (Unaudited) March 31, December 31, September 30, 2005 2004 2004 Earnings Interest Income $3,525 $3,424 $3,324 Interest Expense 1,578 1,563 1,516 Net Interest Income Before Provision for Loan Losses 1,947 1,861 1,808 Provision for Loan Losses 3 3 3 Net Interest Income after Provision for Loan Losses 1,944 1,858 1,805 Net Gain on Sale of Investment and Mortgage-Backed Securities - - - Gain on Sale of Loans Held for Sale 1 - 6 Other Income (excluding gains) 352 359 363 Operating Expenses 1,533 1,549 1,472 Income before Income Taxes 764 668 702 Provision for Income Taxes 242 207 214 Net Income $522 $461 $488 Profitability Ratios (annualized where applicable) Return on Average Assets 0.68% 0.60% 0.64% Return on Average Stockholders' Equity 7.58% 6.68% 7.14% Yield on Interest-Earning Assets 4.81% 4.71% 4.58% Cost of Interest-Bearing Liabilities 2.46% 2.41% 2.34% Average Interest Rate Spread 2.35% 2.30% 2.24% Net Interest Margin 2.65% 2.56% 2.49% Operating Expenses to Average Assets 1.98% 2.02% 1.93% Efficiency Ratio (1) 67.41% 69.77% 67.80% Per Common Share Data Shares Outstanding (at period end) 1,940,021 1,940,021 1,928,604 Average Shares Outstanding-Basic 1,940,021 1,936,811 1,928,604 Average Shares Outstanding-Diluted 1,998,902 2,000,559 1,988,809 Earnings Per Share -Basic $0.27 $0.24 $0.25 Earnings Per Share -Diluted $0.26 $0.23 $0.25 Cash Dividends Paid $0.20 $0.20 $0.20 Book Value (period end) $14.07 $14.28 $14.26 Tangible Book Value (period end) $12.31 $12.48 $12.41 Market Value (period end closing sales price) $21.880 $21.540 $22.650 LAUREL CAPITAL GROUP, INC. Selected Consolidated Financial Data March 31, 2005 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 - 22 13 - Gain on Sale of Loans Held for Sale 7 - 1 6 Other Income (excluding gains) 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 $14.44 $14.59 Tangible Book Value (period end) $12.16 $12.28 $12.33 $12.43 Market Value (period end closing sales price) $21.150 $23.740 $24.750 $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). 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 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 March 31, 2005 (Dollars in thousands) Fiscal 2005 (Unaudited) March 31, December 31, September 30, 2005 2004 2004 Balance Sheet Data (As Of) Total Assets $307,742 $308,499 $306,633 Mortgage Loans 165,008 159,464 147,361 Commercial and Other Loans 731 1,174 1,095 Consumer Loans 36,748 37,289 37,643 Total Loans Receivable, Net 202,487 197,927 186,099 Cash and Investment Securities 72,697 76,032 84,305 Mortgage-Backed Securities 15,002 17,068 19,231 Savings Deposits 253,282 254,652 251,553 FHLB Advances 21,604 21,605 21,607 Stockholders' Equity 27,293 27,702 27,505 Asset Quality (As Of) Non-Performing Loans $833 $1,205 $1,985 Non-Performing Assets 961 1,555 2,025 Allowance for Loan Losses 1,998 1,988 1,992 Net Loan Charge-Offs (Recoveries) 43 50 43 Non-Performing Loans to Total Loans, Net 0.41% 0.61% 1.07% Non-Performing Assets to Total Assets 0.31% 0.50% 0.66% Allowance for Loan Losses/ Total Loans 0.99% 1.00% 1.07% Allowance for Loan Losses/ Non-Performing Loans 239.86% 164.98% 100.35% Net Loan Charge-Offs (Recoveries)/Avg Loans 0.0222% 0.0264% 0.0233% Ratios (As Of) Dividend Payout Ratio 81.40% 83.33% 80.00% Average Equity to Average Assets 8.97% 8.99% 8.96% Core Capital - Tier I (3) 7.64% 7.71% 7.70% Risk-Based Capital - Tier I (3) 14.83% 14.98% 15.21% Risk-Based Capital - Tier II (3) 16.08% 16.24% 16.46% Leverage Multiple (2) 11.28x 11.14x 11.15x Other Data (As Of) Shareholders of Record 374 376 381 Number of Full-Service Banking Offices 8 8 8 LAUREL CAPITAL GROUP, INC. Selected Consolidated Financial Data March 31, 2005 (Dollars in thousands) Fiscal 2004 (Unaudited) June 30, March 31, December 31, December 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 (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 (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 March 31, 2005 (Dollars in thousands) Fiscal 2003 (Unaudited) June 30, 2003 Balance Sheet Data (As Of) Total Assets $322,783 Mortgage Loans 133,518 Commercial and Other Loans 3,012 Consumer Loans 44,672 Total Loans Receivable, Net 181,202 Cash and Investment Securities 109,168 Mortgage-Backed Securities 13,505 Savings Deposits 265,580 FHLB Advances 24,672 Stockholders' Equity 27,684 Asset Quality (As Of) Non-Performing Loans $956 Non-Performing Assets 956 Allowance for Loan Losses 2,006 Net Loan Charge-Offs (Recoveries) 18 Non-Performing Loans to Total Loans, Net 0.53% Non-Performing Assets to Total Assets 0.30% Allowance for Loan Losses/ Total Loans 1.11% Allowance for Loan Losses/ Non-Performing Loans 209.83% Net Loan Charge-Offs (Recoveries)/Avg Loans 0.0103% Ratios (As Of) Dividend Payout Ratio 59.38% Average Equity to Average Assets 9.52% Core Capital - Tier I (3) 7.51% Risk-Based Capital - Tier I (3) 13.82% Risk-Based Capital - Tier II (3) 15.04% Leverage Multiple (2) 11.66x Other Data (As Of) Shareholders of Record 401 Number of Full-Service Banking Offices 8 (2) Assets divided by stockholders' equity. (3) Ratios for Laurel Savings Bank. 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