Laurel Capital Group Announces Third Quarter Results ALLISON PARK,
Pa., April 23 /PRNewswire-FirstCall/ -- Laurel Capital Group, Inc.
today reported net income for the three- and nine- month periods
ended March 31, 2004. Consolidated net income for the three- month
period ended March 31, 2004 was $433,000 or $.22 per diluted share,
a decrease of 23.6%, compared to $567,000 or $.29 per diluted share
for the same quarter in the prior year. The decrease in earnings
was primarily due to an increase in operating expenses partially
offset by the combined effects of an increase in net interest and
other income and a decrease in income tax expense. The increase in
operating expenses was primarily attributable to expenses incurred
from the operation of two branch offices obtained as part of the
acquisition of SFSB Holding Company on March 28, 2003. For the
nine-month period ended March 31, 2004, the Company recorded
consolidated net income of $1,256,000 or $.63 per diluted share, a
decrease of 36.5% compared to consolidated net income of $1,978,000
or $1.00 per share for the nine months ended March 31, 2003. The
decrease in earnings for the nine- month period was the result of
both a decrease in net interest income combined with increased
operating expenses, partially offset by an increase in other income
and a decrease in income tax expense. At March 31, 2004, Laurel
Capital Group, Inc., had total assets of $301.3 million, total
loans receivable, net of $168.4 million, and total deposits of
$247.7 million. Stockholders' equity amounted to $27.5 million or
$14.29 per share at March 31, 2004, and $27.7 million or $14.71 per
share at June 30, 2003. The decrease in stockholders' equity per
share from June 30, 2003 to March 31, 2004 was primarily due to a
decrease in total stockholders' equity combined with an increase in
the number of shares outstanding due to the exercise of stock
options. Laurel Capital Group, Inc., headquartered in Allison Park,
Pennsylvania, is the holding company for Laurel Savings Bank. The
Bank is a 116-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 March 31, 2004
Year-To-Date (Dollars in thousands, except per share data) At or
For The Nine Months Ended: Unaudited March 31, March 31, 2004 2003
Earnings Interest Income $9,951 $11,313 Interest Expense 4,703
5,833 Net Interest Income Before Provision for Loan Losses 5,248
5,480 Provision for Loan Losses 9 9 Net Interest Income after
Provision for Loan Losses 5,239 5,471 Net Gain on Sale of
Investment and Mortgage- Backed Securities 35 4 Gain on Sale of
Loans Held for Sale 7 7 Other Income 1,097 642 Operating Expenses
4,670 3,258 Income before Income Taxes 1,708 2,866 Provision for
Income Taxes 452 888 Net Income $1,256 $1,978 Profitability Ratios
(annualized) Return on Average Assets 0.54% 0.96% Return on Average
Stockholders' Equity 6.13% 9.76% Yield on Interest-Earning Assets
4.56% 5.66% Cost of Interest-Bearing Liabilities 2.40% 3.37%
Average Interest Rate Spread 2.16% 2.29% Net Interest Margin 2.41%
2.74% Operating Expenses to Average Assets 2.02% 1.58% Efficiency
Ratio (1) 73.72% 53.02% Per Common Share Data Shares Outstanding
1,925,228 1,882,664 Average Shares Outstanding-Basic 1,890,728
1,880,767 Average Shares Outstanding-Diluted 1,987,200 1,982,897
Earnings Per Share -Basic $0.66 $1.05 Earnings Per Share -Diluted
$0.63 $1.00 Cash Dividends Paid $0.60 $0.57 Book Value (period end)
$14.29 $14.55 Market Value (period end closing sales price) $23.740
$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 March 31, 2004 Fiscal 2004 (Dollars in
thousands, except per share data) At or For The Three Months Ended:
Unaudited March 31, December 31, September 30, 2004 2003 2003
Earnings Interest Income $3,316 $3,168 $3,467 Interest Expense
1,471 1,532 1,700 Net Interest Income Before Provision for Loan
Losses 1,845 1,636 1,767 Provision for Loan Losses 3 3 3 Net
Interest Income after Provision for Loan Losses 1,842 1,633 1,764
Net Gain on Sale of Investment and Mortgage-Backed Securities 22 13
0 Gain on Sale of Loans Held for Sale 0 1 6 Other Income 339 344
414 Operating Expenses 1,577 1,583 1,510 Income before Income Taxes
626 408 674 Provision for Income Taxes 193 55 204 Net Income $433
$353 $470 Profitability Ratios (annualized) Return on Average
Assets 0.57% 0.46% 0.60% Return on Average Stockholders' Equity
6.32% 5.20% 6.85% Yield on Interest-Earning Assets 4.65% 4.40%
4.64% Cost of Interest-Bearing Liabilities 2.32% 2.37% 2.48%
Average Interest Rate Spread 2.33% 2.03% 2.16% Net Interest Margin
2.59% 2.27% 2.36% Operating Expenses to Average Assets 2.09% 2.08%
2.53% Efficiency Ratio (1) 72.59% 79.86% 69.23% Per Common Share
Data Shares Outstanding 1,925,228 1,879,354 1,885,410 Average
Shares Outstanding-Basic 1,904,878 1,879,262 1,883,871 Average
Shares Outstanding-Diluted 1,992,913 1,974,863 1,985,873 Earnings
Per Share -Basic $0.23 $0.19 $0.25 Earnings Per Share -Diluted
$0.22 $0.18 $0.24 Cash Dividends Paid $0.20 $0.20 $0.20 Book Value
(period end) $14.29 $14.42 $14.59 Market Value (period end closing
sales price) $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 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
March 31, 2004 Fiscal 2003 (Dollars in thousands, except per share
data) At or For The Three Months Ended: Unaudited June 30, March
31, December 31, September 30, 2003 2003 2002 2002 Earnings
Interest Income $3,884 $3,564 $3,787 $3,962 Interest Expense 1,818
1,776 1,956 2,101 Net Interest Income Before Provision for Loan
Losses 2,066 1,788 1,831 1,861 Provision for Loan Losses 3 3 3 3
Net Interest Income after Provision for Loan Losses 2,063 1,785
1,828 1,858 Net Gain on Sale of Investment and Mortgage-Backed
Securities 0 0 0 4 Gain on Sale of Loans Held for Sale 4 0 2 5
Other Income 267 203 237 202 Operating Expenses 1,541 1,183 1,029
1,045 Income before Income Taxes 793 805 1,038 1,024 Provision for
Income Taxes 237 238 328 322 Net Income $556 $567 $710 $702
Profitability Ratios (annualized) Return on Average Assets 0.72%
0.83% 1.04% 1.01% Return on Average Stockholders' Equity 8.04%
8.29% 10.51% 10.49% Yield on Interest-Earning Assets 5.11% 5.47%
5.71% 5.84% Cost of Interest-Bearing Liabilities 2.71% 3.16% 3.38%
3.57% Average Interest Rate Spread 2.40% 2.31% 2.33% 2.27% Net
Interest Margin 2.72% 2.72% 2.76% 2.73% Operating Expenses to
Average Assets 1.99% 1.73% 1.50% 1.50% Efficiency Ratio (1) 65.20%
59.37% 49.42% 50.46% Per Common Share Data Shares Outstanding
1,882,231 1,882,664 1,877,092 1,883,837 Average Shares
Outstanding-Basic 1,881,398 1,881,271 1,878,552 1,882,328 Average
Shares Outstanding-Diluted 1,978,759 1,976,353 1,981,252 1,990,999
Earnings Per Share -Basic $0.30 $0.30 $0.38 $0.37 Earnings Per
Share -Diluted $0.28 $0.29 $0.36 $0.35 Cash Dividends Paid $0.19
$0.19 $0.19 $0.19 Book Value (period end) $14.71 $14.55 $14.49
$14.39 Market Value (period end closing sales price) $21.240
$19.010 $19.220 $19.750 (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 March 31, 2004 (Dollars in thousands)
Fiscal 2004 March 31, December 31, September 30, (Unaudited) 2004
2003 2003 Balance Sheet Data (As Of) Total Assets $301,251 $302,725
$307,278 Mortgage Loans 127,900 118,205 114,799 Commercial and
Other Loans 2,269 2,254 3,012 Consumer Loans 38,247 39,551 40,172
Total Loans Receivable, Net 168,416 160,010 157,983 Cash and
Investment Securities 99,038 113,575 120,175 Mortgage-Backed
Securities 15,452 10,640 10,397 Savings Deposits 247,677 248,803
251,236 FHLB Advances 21,610 21,612 24,632 Stockholders' Equity
27,519 27,145 27,509 Asset Quality (As Of) Non-Performing Loans
$1,741 $1,595 $1,142 Non-Performing Assets 1,753 1,608 1,157
Allowance for Loan Losses 2,017 1,984 2,005 Net Loan Charge-Offs
(Recoveries) (5) 28 4 Non-Performing Loans to Total Loans, Net
1.03% 1.00% 0.72% Allowance for Loan Losses/ Total Loans 1.20%
1.24% 1.27% Allowance for Loan Losses/ Non-Performing Loans 115.85%
124.39% 175.57% Net Loan Charge-Offs (Recoveries)/Avg Loans
(Annualized) -0.0040% 0.0170% 0.0023% Ratios (As Of) Dividend
Payout Ratio 95.24% 95.24% 83.33% Average Equity to Average Assets
8.87% 8.77% 8.68% Core Capital - Tier I 7.70% 7.63% 7.22%
Risk-Based Capital -Tier I 15.30% 15.39% 14.82% Risk-Based Capital
-Tier II 16.60% 16.69% 16.08% Leverage Multiple (2) 10.95x 11.15x
11.17x Other Data (As Of) Shareholders of Record 387 393 395 Number
of Full-Service Banking Offices 8 8 8 (2) Assets divided by
stockholders equity. LAUREL CAPITAL GROUP, INC. Selected
Consolidated Financial Data March 31, 2004 (Dollars in Fiscal
thousands) Fiscal 2003 2002 (Unaudited) June 30, March 31, Dec. 31,
Sept. 30, June 30, 2003 2003 2002 2002 2002 Balance Sheet Data (As
Of) Total Assets $322,783 $316,755 $271,146 $276,414 $278,061
Mortgage Loans 133,518 143,151 133,499 140,174 144,104 Commercial
and Other Loans 3,012 1,052 1,904 2,030 1,560 Consumer Loans 44,672
42,968 35,074 34,900 34,461 Total Loans Receivable, Net 181,202
187,171 170,477 177,104 180,125 Cash and Investment Securities
109,168 99,668 85,594 85,169 84,928 Mortgage-Backed Securities
13,505 16,031 9,927 9,612 8,038 Savings Deposits 265,580 259,388
218,761 224,092 225,419 FHLB Advances 24,672 24,713 21,618 21,619
21,620 Stockholders' Equity 27,684 27,385 27,202 27,113 26,553
Asset Quality (As Of) Non-Performing Loans $956 $953 $149 $275 $196
Non-Performing Assets 956 1,083 304 404 327 Allowance for Loan
Losses 2,006 2,014 1,794 1,791 1,803 Net Loan Charge-Offs
(Recoveries) 18 8 15 15 (27) Non-Performing Loans to Total Loans,
Net 0.53% 0.51% 0.09% 0.16% 0.11% Allowance for Loan Losses/ Total
Loans 1.11% 1.08% 1.05% 1.01% 1.00% Allowance for Loan Losses/
Non-Performing Loans 209.83% 211.33% 1204.03% 651.27% 919.90% Net
Loan Charge-Offs (Recoveries)/Avg Loans (Annualized) 0.0103%
0.0062% 0.0086% 0.0084% (0.0153%) Ratios (As Of) Dividend Payout
Ratio 59.38% 57.00% 53.52% 54.29% 47.68% Average Equity to Average
Assets 9.52% 9.82% 9.74% 9.63% 10.24% Core Capital - Tier I 7.51%
8.45% 9.57% 9.31% 9.49% Risk-Based Capital - Tier I 13.82% 11.65%
18.68% 17.73% 17.97% Risk-Based Capital - Tier II 15.04% 12.69%
19.98% 18.97% 19.29% Leverage Multiple (2) 11.66x 11.57x 9.97x
10.19x 10.47x Other Data (As Of) Shareholders of Record 401 402 406
410 412 Number of Full- Service Banking Offices 8 8 6 6 6 (2)
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., SVP/CFO, +1-412-487-7404
Ext. 311, or , both of Laurel Capital Group, Inc. Web site:
http://www.sec.gov/edgar/searchedgar/webusers.htm
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