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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ALLISON PARK, Pa., April 27 /PRNewswire-FirstCall/ -- Laurel Capital Group, Inc. (NASDAQ:LARL) today reported its results for the three- and nine- month periods ended March 31, 2006. Consolidated net income for the three- month period ended March 31, 2006 was $464,000 or $.23 per diluted share, a decrease of $58,000 or 11.1% compared to $522,000 or $.26 per diluted share for the same quarter in the prior year. For the nine-months ended March 31, 2006, the Company recorded consolidated net income of $1.4 million or $.71 per diluted share, a decrease of $55,000 or 3.7% compared to consolidated net income of $1.5 million or $.74 per diluted share for the nine-months ended March 31, 2005. For the quarter ended March 31, 2006, net interest income after provision for possible loan losses decreased $125,000 or 6.4% to $1.8 million compared to $1.9 million for the same period in the prior year. Other income, excluding gains on sales, also decreased, decreasing 12.8% to $307,000 for the three months ended March 31, 2006 compared to $352,000 for the same period in the prior year. For the nine-month period ended March 31, 2006 net interest income after provision for possible loan losses decreased $100,000 or 1.8% to $5.5 million compared to $5.6 million for the same period in the prior year. Other income, excluding gains on sales, also decreased for the 2006 period, decreasing 10.3% to $963,000 compared to $1.1 million for the same period in the prior year. For the three-month period ended March 31, 2006 operating expenses decreased $47,000 or 3.1% to $1,486,000 compared to $1,533,000 during the third quarter of fiscal 2005. The decrease was primarily the result of reduced other operating expenses partially offset by an increase in compensation and related fringe benefit expense. For the nine-month period ended March 31, 2006 operating expenses decreased $54,000 or 1.2% to $4.5 million compared to the same period in the prior fiscal year. The decrease was primarily the result of reductions in other operating expenses and the amortization of core deposit intangibles partially offset by an increase in compensation and related fringe benefit expense. Non-performing assets, which consist of loans delinquent 90 days and over and other real estate owned, decreased $292,000 or 30.4% to $669,000 or .21% of total assets compared to $961,000 or .31% of total assets at March 31, 2005. At June 30, 2005, non-performing assets totaled $1.0 million or .33% of total assets. At March 31, 2006 Laurel Capital Group, Inc. had total assets of $314 million, an increase of $4.5 million or 1.5% compared to June 30, 2005. Total loans receivable, net increased $5.2 million or 2.5% to $215.0 million at March 31, 2006 compared to $209.7 million at June 30, 2005, primarily due to an increase in the single-family loan portfolio. Savings deposits increased $3.9 million or 1.5% to $258.8 million at March 31, 2006 as compared to June 30, 2005. Stockholders' equity was $27.8 million or $13.97 per share, essentially the same as June 30, 2005 when the book value was $14.31 per share. One reason for the reduced book value per share is the result of an increase in the average shares outstanding at March 31, 2006, to 2,005,201 compared to 1,989,273 at June 30, 2005, as the result of the issuance of shares upon the exercise of options. Laurel Capital Group, Inc., headquartered in Allison Park, PA, is the holding company for Laurel Savings Bank, a 118-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 presentation of financial measures excluding the impact of these items provides 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, 2006 (Dollars in thousands, except per share data) (Unaudited) Year-To-Date At or For The Nine Months Ended: March 31, March 31, 2006 2005 Earnings Interest Income $10,851 $10,273 Interest Expense 5,344 4,657 Net Interest Income Before Provision for Loan Losses 5,507 5,616 Provision for Loan Losses - 9 Net Interest Income after Provision for Loan Losses 5,507 5,607 Net Gain on Sale of Investment and Mortgage-Backed Securities - - Gain on Sale of Loans Held for Sale 17 7 Other Income (Excluding Gains on Sale) 963 1,074 Operating Expenses 4,500 4,554 Income before Income Taxes 1,987 2,134 Provision for Income Taxes 571 663 Net Income $1,416 $1,471 Profitability Ratios (annualized where applicable) Return on Average Assets 0.61% 0.64% Return on Average Stockholders' Equity 6.78% 7.14% Yield on Interest-Earning Assets 4.90% 4.70% Cost of Interest-Bearing Liabilities 2.76% 2.41% Average Interest Rate Spread 2.14% 2.29% Net Interest Margin 2.49% 2.57% Operating Expenses to Average Assets 1.94% 1.99% Efficiency Ratio (1) 69.44% 68.27% Per Common Share Data Shares Outstanding (at period end) 1,991,177 1,940,021 Average Shares Outstanding-Basic 1,980,203 1,935,312 Average Shares Outstanding-Diluted 2,005,201 1,994,964 Earnings Per Share -Basic $0.71 $0.76 Earnings Per Share -Diluted $0.71 $0.74 Cash Dividends Paid $0.60 $0.60 Book Value (period end) $13.97 $14.07 Tangible Book Value (period end) $12.42 $12.31 Market Value of Outstanding Shares (period end closing price) $21.00 $21.88 LAUREL CAPITAL GROUP, INC. Selected Consolidated Financial Data March 31, 2006 (Dollars in thousands, except per share data) (Unaudited) Fiscal 2006 At or For the Three Months Ended: March 31, Dec. 31, Sept. 30, 2006 2005 2005 Earnings Interest Income $3,672 $3,614 $3,565 Interest Expense 1,853 1,780 1,711 Net Interest Income Before Provision for Loan Losses 1,819 1,834 1,854 Provision for Loan Losses - - - Net Interest Income after Provision for Loan Losses 1,819 1,834 1,854 Net Gain on Sale of Investment and Mortgage-Backed Securities - - - Gain on Sale of Loans Held for Sale 9 2 6 Other Income (Excluding Gains on Sale) 307 319 337 Operating Expenses 1,486 1,507 1,507 Income before Income Taxes 649 648 690 Provision for Income Taxes 185 186 200 Net Income $464 $462 $490 Profitability Ratios (annualized where applicable) Return on Average Assets 0.60% 0.60% 0.63% Return on Average Stockholders' Equity 6.64% 6.63% 7.05% Yield on Interest-Earning Assets 4.94% 4.94% 4.82% Cost of Interest-Bearing Liabilities 2.89% 2.76% 2.63% Average Interest Rate Spread 2.05% 2.18% 2.19% Net Interest Margin 2.44% 2.51% 2.55% Operating Expenses to Average Assets 1.91% 1.96% 1.95% Efficiency Ratio (1) 69.85% 69.81% 68.69% Per Common Share Data Shares Outstanding (at period end) 1,991,177 1,991,177 1,984,628 Average Shares Outstanding-Basic 1,991,177 1,989,540 1,963,743 Average Shares Outstanding-Diluted 2,010,000 2,010,745 1,996,242 Earnings Per Share -Basic $0.23 $0.23 $0.25 Earnings Per Share -Diluted $0.23 $0.23 $0.25 Cash Dividends Paid $0.20 $0.20 $0.20 Book Value (period end) $13.97 $14.02 $14.05 Tangible Book Value (period end) $12.42 $12.43 $12.41 Market Value of Outstanding Shares (period end closing price) $21.00 $20.80 $23.00 LAUREL CAPITAL GROUP, INC. Selected Consolidated Financial Data March 31, 2006 (Dollars in thousands, except per share data) (Unaudited) Fiscal 2005 At or For the Three Months Ended: June 30, March 31, Dec. 31, Sept. 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 - 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 Tax 652 764 668 702 Provision for Income Tax 74 242 207 214 Net Income $578 $522 $461 $488 Profitability Ratios (annualized where applicable) Return on Average Asset 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 (period end closing price) $20.56 $21.88 $21.54 $22.65 (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 March 31, 2006 (Dollars in thousands) Fiscal 2006 March 31, Dec. 31, Sept. 30, (Unaudited) 2006 2005 2005 Balance Sheet Data (As Of) Total Assets $314,295 $309,506 $309,034 Mortgage Loans 176,687 175,250 175,097 Commercial and Other Loans 927 706 690 Consumer Loans 37,373 37,675 37,265 Total Loans Receivable, Net 214,987 213,631 213,052 Cash and Investment Securities 72,568 67,987 66,832 Mortgage-Backed Securities 9,661 10,644 11,684 Savings Deposits 258,810 254,972 254,893 FHLB Advances 21,597 21,599 21,600 Stockholders' Equity 27,824 27,924 27,873 Asset Quality (As Of Or For The FYTD Period (2)) Non-Performing Loans $669 $668 $752 Non-Performing Assets 669 668 787 Allowance for Loan Losses 2,000 1,998 1,999 Net Loan Charge-Offs (Recoveries) (11) (9) (10) Non-Performing Loans to Total Loans, Net 0.31% 0.31% 0.35% Non-Performing Assets to Total Assets 0.21% 0.22% 0.25% Allowance for Loan Losses Total Loans 0.93% 0.94% 0.94% Allowance for Loan Losses/ Non-Performing Loans 298.95% 299.10% 265.82% Net Loan Charge-Offs (Recoveries)/Avg Loans (0.0051)% (0.0042)% (0.0047)% Ratios (As Of Or For The FYTD Period (2)) Dividend Payout Ratio 84.99% 84.18% 81.50% Average Equity to Average Assets 9.01% 9.02% 8.98% Core Capital - Tier I (3) 7.82% 7.89% 7.80% Risk-Based Capital -Tier I (3) 14.78% 14.97% 14.93% Risk-Based Capital -Tier II (3) 16.01% 16.21% 16.17% Leverage Multiple (4) 11.30x 11.08x 11.09x Other Data (As Of) Stockholders of Record 360 364 368 Number of Full-Service Banking Offices 8 8 8 LAUREL CAPITAL GROUP, INC. Selected Consolidated Financial Data March 31, 2006 (Dollars in thousands) Fiscal 2005 (Unaudited) June 30, March 31, Dec. 31, 2005 2005 2004 Balance Sheet Data (As Of) Total Assets $309,801 $307,742 $308,499 Mortgage Loans 172,854 165,008 159,464 Commercial and Other Loans 665 731 1,174 Consumer Loans 36,230 36,748 37,289 Total Loans Receivable, Net 209,749 202,487 197,927 Cash and Investment Securities 69,428 72,697 76,032 Mortgage-Backed Securities 13,002 15,002 17,068 Savings Deposits 254,891 253,282 254,652 FHLB Advances 21,602 21,604 21,605 Stockholders' Equity 27,804 27,293 27,702 Asset Quality (As Of Or For The FYTD Period (2)) Non-Performing Loans $970 $833 $1,205 Non-Performing Assets 1,007 961 1,555 Allowance for Loan Losses 1,989 1,998 1,988 Net Loan Charge-Offs (Recoveries) 52 43 50 Non-Performing Loans to Total Loans, Net 0.46% 0.41% 0.61% Non-Performing Assets to Total Assets 0.33% 0.31% 0.50% Allowance for Loan Losses/ Total Loans 0.95% 0.99% 1.00% Allowance for Loan Losses/ Non-Performing Loans 205.05% 239.86% 164.98% Net Loan Charge-Offs (Recoveries)/Avg Loans 0.0263% 0.0222% 0.0264% Ratios (As Of Or For The FYTD Period (2)) Dividend Payout Ratio 77.59% 81.40% 83.33% Average Equity to Average Assets 8.96% 8.97% 8.99% Core Capital - Tier I (3) 7.91% 7.64% 7.71% Risk-Based Capital -Tier I (3) 15.33% 14.83% 14.98% Risk-Based Capital -Tier II (3) 16.59% 16.08% 16.24% Leverage Multiple (4) 11.14x 11.28x 11.14x Other Data (As Of) Stockholders of Record 372 374 376 Number of Full-Service Banking Offices 8 8 8 LAUREL CAPITAL GROUP, INC. Selected Consolidated Financial Data March 31, 2006 (Dollars in thousands) Fiscal 2005 Fiscal 2004 (Unaudited) Sept. 30, June 30, 2004 2004 Balance Sheet Data (As Of) Total Assets $306,633 $299,375 Mortgage Loans 147,361 133,920 Commercial and Other Loans 1,095 1,475 Consumer Loans 37,643 37,896 Total Loans Receivable, Net 186,099 173,291 Cash and Investment Securities 84,305 87,554 Mortgage-Backed Securities 19,231 21,024 Savings Deposits 251,553 246,179 FHLB Advances 21,607 21,609 Stockholders' Equity 27,505 27,125 Asset Quality (As Of Or For The FYTD Period (2)) Non-Performing Loans $1,985 $2,156 Non-Performing Assets 2,025 2,156 Allowance for Loan Losses 1,992 2,032 Net Loan Charge-Offs (Recoveries) 43 (14) Non-Performing Loans to Total Loans, Net 1.07% 1.24% Non-Performing Assets to Total Assets 0.66% 0.72% Allowance for Loan Losses/ Total Loans 1.07% 1.17% Allowance for Loan Losses/ Non-Performing Loans 100.35% 94.25% Net Loan Charge-Offs (Recoveries)/Avg Loans 0.0233% (0.0084)% Ratios (As Of Or For The FYTD Period (2)) Dividend Payout Ratio 80.00% 94.13% Average Equity to Average Assets 8.96% 8.89% Core Capital - Tier I (3) 7.70% 7.76% Risk-Based Capital -Tier I (3) 15.21% 15.65% Risk-Based Capital -Tier II (3) 16.46% 16.90% Leverage Multiple (4) 11.15x 11.04x Other Data (As Of) Stockholders of Record 381 383 Number of Full-Service Banking Offices 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. Web site: http://www.laurelsb.com/ http://www.sec.gov/edgar/searchedgar/webusers.htm

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LARL Laurel Capital