Laurel Capital Group Announces Third Quarter Results

Apr 19, 2001, 01:00 ET from Laurel Capital Group, Inc.

    ALLISON PARK, Pa., April 19 /PRNewswire/ --
 Laurel Capital Group, Inc. (Nasdaq:   LARL) the holding company for Laurel
 Savings Bank, today reported net earnings for the three- and nine-month
 periods ended March 31, 2001.  Consolidated net income for the three-month
 period ended March 31, 2001 was $859,000 or $.42 per diluted share, compared
 to $869,000 or $.40 per diluted share for the third quarter of the prior
 fiscal year, an increase of 5.0% in earnings per diluted share.  For the
 three-month period ended March 31, 2001 the Company's annualized return on
 average assets was 1.34% and return on average equity was 13.59% compared to
 1.46% and 14.70%, respectively, for the same period of the prior year.  The
 results for the current quarter were primarily affected by an increase in net
 interest income offset by an increase in operating expenses.
     For the nine-month period ended March 31, 2001, the Company recorded
 consolidated net income of $2,758,000 or $1.35 per diluted share, an increase
 of 10.8% or 19.5% on a per diluted share basis, compared to consolidated net
 income of $2,489,000 or $1.13 per diluted share for the nine months ended
 March 31, 2000.  Included in the current nine months' earnings was $325,000 of
 non-recurring income resulting from the settlement of litigation and an
 insurance claim during the period.  The results for the nine-month period were
 also affected by increases in net interest income and other income, which
 increases were partially offset by increased operating expenses and income
 taxes.  Core earnings (which exclude the aforementioned non-recurring income
 and gain on sale of investments, net of tax) for the nine-month period ended
 March 31, 2001 increased slightly to $2,497,000 compared to $2,489,000 for the
 nine months ended March 31, 2000, while core diluted earnings per share
 increased 8.8% from $1.13 to $1.23 per share for the same period.
     For both the current three- and nine-month periods the improvement in
 earnings per share reflects in part the effect of fewer shares being
 outstanding as a result of the Company's stock buy-back program.
     At March 31, 2001, Laurel Capital Group, Inc. had total assets of
 $253.0 million, loans receivable of $173.8 million and total deposits of
 $199.6 million.  At March 31, 2001 stockholders' equity amounted to
 $25.7 million or $13.12 per share compared to $23.2 million or $11.62 per
 share at June 30, 2000.
     Laurel Capital Group, Inc., headquartered in Allison Park, Pennsylvania,
 is the holding company for Laurel Savings Bank.  Laurel Savings Bank is a
 113-year-old, Pennsylvania-chartered, FDIC-insured savings bank with
 six 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.
 
     This news release may contain forward-looking statements as defined in the
 Private Securities Litigation Reform Act of 1995.  Actual future results and
 trends could differ materially from those set forth in such statements due to
 various factors. Such factors include 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, 2001
                                                          Year-To-Date
         (Dollars in thousands, except per
          share data)                              For The Nine Months Ended:
         (*Unaudited)                              March 31,         March 31,
                                                       2001*             2000*
 
         Earnings
         Interest Income                            $13,876           $12,226
         Interest Expense                             7,781             6,279
            Net Interest Income Before
             Provision for
               Loan Losses                            6,095             5,947
         Provision for Loan Losses                       13                13
 
            Net Interest Income after
             Provision for
               Loan Losses                            6,082             5,934
 
         Net Gain on Sale of Investments
          (available for sale)                           58                 0
         Gain on Sale of Loans Held for
          Sale                                           10                11
         Other Income (1)                               607               592
         Non-Operating Income                           325                 0
         Operating Expenses (1)                       3,067             2,932
 
         Income before Income Taxes                   4,015             3,605
 
         Provision for Income Taxes                   1,257             1,116
 
         Net Income                                  $2,758            $2,489
 
         Core Net Income (2)                         $2,497            $2,489
 
         Profitability Ratios (annualized)
         Return on Average Assets                     1.43%             1.41%
         Return on Average Stockholders'
          Equity                                     15.11%            13.82%
         Yield on Earning Assets                      7.42%             7.16%
         Cost of Interest-Bearing Funds               4.76%             4.24%
         Average Interest Rate Spread                 2.66%             2.92%
         Net Interest Margin                          3.25%             3.47%
         Operating Expenses to Average
          Assets                                      1.59%             1.66%
         Efficiency Ratio (3)                        46.01%            44.23%
 
         Per Common Share Data
         Shares Outstanding                       1,956,451         2,053,802
         Average Shares Outstanding-Basic         1,965,188         2,130,553
         Average Shares Outstanding-
          Diluted                                 2,036,484         2,208,327
         Earnings Per Share -Basic                    $1.40             $1.17
         Earnings Per Share -Diluted                  $1.35             $1.13
         Core Earnings Per Share -Diluted
          (2)                                         $1.23             $1.13
         Cash Dividends Paid                          $0.51             $0.48
         Book Value (period end)                     $13.12            $11.45
         Market Value (period end)                  $16.125           $12.125
 
 
                           LAUREL CAPITAL GROUP, INC.
                      Selected Consolidated Financial Data
                                 March 31, 2001
 
                                                     Fiscal 2001
        (Dollars in thousands, except per
         share data)                          For The Three Months Ended:
                                              March    December     September
        (*Unaudited)                           31,        31,           30,
                                              2001*      2000*         2000*
 
        Earnings
        Interest Income                       $4,612      $4,674      $4,590
        Interest Expense                       2,549       2,679       2,553
           Net Interest Income Before
            Provision for
              Loan Losses                      2,063       1,995       2,037
        Provision for Loan Losses                  4           4           5
 
           Net Interest Income after
            Provision for
              Loan Losses                      2,059       1,991       2,032
 
        Net Gain on Sale of Investments
         (available for sale)                      0          53           5
        Gain on Sale of Loans Held for
         Sale                                      2           3           5
        Other Income (1)                         193         218         196
        Non-Operating Income                       0         325           0
        Operating Expenses (1)                 1,021       1,023       1,023
 
        Income before Income Taxes             1,233       1,567       1,215
 
        Provision for Income Taxes               374         511         372
 
        Net Income                              $859      $1,056        $843
 
        Core Net Income (2)                     $859        $801        $840
 
        Profitability Ratios (annualized)
        Return on Average Assets               1.34%       1.63%       1.32%
        Return on Average Stockholders'
         Equity                               13.59%      17.41%      14.38%
        Yield on Earning Assets                7.42%       7.42%       7.40%
        Cost of Interest-Bearing Funds         4.77%       4.84%       4.68%
        Average Interest Rate Spread           2.65%       2.58%       2.72%
        Net Interest Margin                    3.30%       3.17%       3.28%
        Operating Expenses to Average
         Assets                                1.59%       1.58%       1.60%
        Efficiency Ratio (3)                  44.51%      46.23%      45.77%
 
        Per Common Share Data
        Shares Outstanding                 1,956,451   1,955,429   1,962,881
        Average Shares Outstanding-Basic   1,955,568   1,958,449   1,978,530
        Average Shares Outstanding-
         Diluted                           2,032,514   2,025,440   2,046,301
        Earnings Per Share -Basic              $0.44       $0.54       $0.43
        Earnings Per Share -Diluted            $0.42       $0.52       $0.41
        Core Earnings Per Share -Diluted
         (2)                                   $0.42       $0.40       $0.41
        Cash Dividends Paid                    $0.17       $0.17       $0.17
        Book Value (period end)               $13.12      $12.73      $12.09
        Market Value (period end)            $16.125     $14.813     $14.250
 
 
                           LAUREL CAPITAL GROUP, INC.
                      Selected Consolidated Financial Data
                                 March 31, 2001
                                                        Fiscal 2000
        (Dollars in thousands, except per
         share data)                           For The Three Months Ended:
        (*Unaudited)                          June 30,   March 31, December 31,
                                                2000*       2000*      1999*
 
        Earnings
        Interest Income                        $4,384       $4,154      $4,053
        Interest Expense                        2,302        2,158       2,082
           Net Interest Income Before
            Provision for
              Loan Losses                       2,082        1,996       1,971
        Provision for Loan Losses                   5            4           4
 
           Net Interest Income after
            Provision for
              Loan Losses                       2,077        1,992       1,967
 
        Net Gain on Sale of Investments
         (available for sale)                       0            0           0
        Gain on Sale of Loans Held for
         Sale                                       1            0           4
        Other Income (1)                          236          199         197
        Non-Operating Income                        0            0           0
        Operating Expenses (1)                    987          934         998
 
        Income before Income Taxes              1,327        1,257       1,170
 
        Provision for Income Taxes                408          388         365
 
        Net Income                               $919         $869        $805
 
        Core Net Income (2)                      $919         $869        $805
 
        Profitability Ratios (annualized)
        Return on Average Assets                1.49%        1.46%       1.38%
        Return on Average Stockholders'
         Equity                                15.68%       14.70%      13.37%
        Yield on Earning Assets                 7.29%        7.22%       7.12%
        Cost of Interest-Bearing Funds          4.44%        4.36%       4.20%
        Average Interest Rate Spread            2.85%        2.86%       2.92%
        Net Interest Margin                     3.46%        3.45%       3.46%
        Operating Expenses to Average
         Assets                                 1.60%        1.57%       1.70%
        Efficiency Ratio (3)                   42.88%       42.55%      46.03%
 
        Per Common Share Data
        Shares Outstanding                  2,000,602    2,053,802   2,136,102
        Average Shares Outstanding-Basic    2,037,127    2,097,002   2,140,190
        Average Shares Outstanding-Diluted  2,100,288    2,164,871   2,217,133
        Earnings Per Share -Basic               $0.45        $0.41       $0.38
        Earnings Per Share -Diluted             $0.44        $0.40       $0.36
        Core Earnings Per Share -Diluted
         (2)                                    $0.44        $0.40       $0.36
        Cash Dividends Paid                     $0.16        $0.16       $0.16
        Book Value (period end)                $11.62       $11.45      $11.25
        Market Value (period end)             $13.250      $12.125     $15.000
 
       (1) Certain items previously reported have been reclassified to conform
           with the current year's reporting format.
       (2) Net income, excluding net gain on the sale of investments and non-
           operating income, net of taxes.
       (3) Total operating expenses (excluding net income or loss on real
           estate owned foreclosed) divided by total operating income
           (excluding gains on sale of assets available for sale).
 
       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, 2001
 
 
       (Dollars in thousands)                          Fiscal 2001
                                               March    December     September
        (*Unaudited)                            31,        31,           30,
                                               2001*      2000*         2000*
 
        Balance Sheet Data (As Of)
        Assets                               $253,032     $261,541    $257,104
 
        Mortgage Loans                        139,679      141,916     137,575
        Commercial Loans                        1,691        1,328       1,163
        Consumer Loans                         34,153       34,995      35,406
        Loans Receivable                      175,523      178,239     174,144
 
        Cash and Investment Securities         60,784       65,904      65,586
        Mortgage-Backed Securities             10,993       11,095      11,199
        Savings Deposits                      199,570      192,961     188,166
        FHLB Advances                          22,627       39,629      40,923
        Stockholders' Equity                   25,665       24,891      23,727
 
        Asset Quality (As Of)
        Non-performing Loans                     $674         $658        $354
        Non-performing Assets                     674          861         496
        Allowance for Loan Losses               1,764        1,759       1,764
        Net Loan Charge-Offs (Recoveries)          48           48          38
        Non-performing Loans to Total
         Loans, Net                             0.39%        0.37%       0.21%
        Allowance for Loan Losses/
           Total Loans                          1.00%        0.99%       1.01%
        Allowance for Loan Losses/
           Non-Performing Loans               261.72%      267.33%     498.31%
        Net Loan Charge-Offs/Avg Loans
         (Annualized)                         0.0274%      0.0276%     0.0221%
 
        Capital Ratios (As Of)
        Dividend Payout Ratio                  37.78%       36.56%      41.46%
        Average Equity to Average Assets        9.49%        9.29%       9.19%
        Core Capital - Tier I                   9.38%        9.34%       9.28%
        Risk-Based Capital -Tier I             16.96%       16.54%      16.41%
        Risk-Based Capital -Tier II            18.39%       17.74%      17.63%
        Leverage Multiple                       9.86x       10.51x      10.84x
 
        Other Data (As Of)
        Shareholders of Record                    434          442         450
        Number of Banking Offices                   6            6           6
 
 
                           LAUREL CAPITAL GROUP, INC.
                      Selected Consolidated Financial Data
                                 March 31, 2001
 
                                                                       Fiscal
       (Dollars in thousands)                Fiscal 2000                1999
                                June     March    December September
       (*Unaudited)              30,      31,       31,       30,      June 30,
                                2000     2000*     1999*     1999*     1999
 
       Balance Sheet Data (As
        Of)
       Assets                 $254,073  $243,217  $236,851  $232,873  $231,474
 
       Mortgage Loans          135,290   124,952   120,484   120,036   120,216
       Commercial Loans            919     1,266     1,362     1,361       941
       Consumer Loans           35,110    34,358    33,820    32,838    32,099
       Loans Receivable        171,319   160,576   155,666   154,235   153,256
 
       Cash and Investment
        Securities              65,514    65,402    63,766    60,574    60,099
       Mortgage-Backed
        Securities              11,344    11,692    11,989    12,740    12,940
       Savings Deposits        192,663   190,257   186,829   181,804   182,118
       FHLB Advances            33,424    24,425    22,427    23,128    20,028
       Stockholders' Equity     23,246    23,509    24,036    24,025    24,530
 
       Asset Quality (As Of)
       Non-performing Loans       $560      $586      $536      $566      $476
       Non-performing Assets       560       785     1,059       906       853
       Allowance for Loan
        Losses                   1,798     1,809     1,856     1,860     1,866
       Net Loan Charge-Offs
        (Recoveries)                86        70        19        11         4
       Non-performing Loans
        to Total Loans, Net      0.33%     0.37%     0.35%     0.37%     0.31%
       Allowance for Loan
        Losses/
          Total Loans            1.05%     1.13%     1.19%     1.21%     1.22%
       Allowance for Loan
        Losses/
          Non-Performing
           Loans               321.07%   308.70%   346.27%   328.62%   392.02%
       Net Loan Charge-
        Offs/Avg Loans
        (Annualized)           0.0338%   0.0459%   0.0124%   0.0072%   0.0026%
 
       Capital Ratios (As Of)
       Dividend Payout Ratio    36.36%    40.00%    43.84%    44.44%    44.12%
       Average Equity to
        Average Assets           9.47%     9.91%    10.40%    10.48%    10.84%
       Core Capital - Tier I     9.43%     9.89%    10.03%    10.13%    10.46%
       Risk-Based Capital -
        Tier I                  16.45%    17.50%    17.74%    18.22%    19.67%
       Risk-Based Capital -
        Tier II                 17.70%    18.75%    18.99%    19.47%    20.93%
       Leverage Multiple        10.93x    10.35x     9.85x     9.69x     9.44x
 
       Other Data (As Of)
       Shareholders of Record      458       462       474       466       475
       Number of Banking
        Offices                      6         6         6         6         6
 
 

SOURCE Laurel Capital Group, Inc.
    ALLISON PARK, Pa., April 19 /PRNewswire/ --
 Laurel Capital Group, Inc. (Nasdaq:   LARL) the holding company for Laurel
 Savings Bank, today reported net earnings for the three- and nine-month
 periods ended March 31, 2001.  Consolidated net income for the three-month
 period ended March 31, 2001 was $859,000 or $.42 per diluted share, compared
 to $869,000 or $.40 per diluted share for the third quarter of the prior
 fiscal year, an increase of 5.0% in earnings per diluted share.  For the
 three-month period ended March 31, 2001 the Company's annualized return on
 average assets was 1.34% and return on average equity was 13.59% compared to
 1.46% and 14.70%, respectively, for the same period of the prior year.  The
 results for the current quarter were primarily affected by an increase in net
 interest income offset by an increase in operating expenses.
     For the nine-month period ended March 31, 2001, the Company recorded
 consolidated net income of $2,758,000 or $1.35 per diluted share, an increase
 of 10.8% or 19.5% on a per diluted share basis, compared to consolidated net
 income of $2,489,000 or $1.13 per diluted share for the nine months ended
 March 31, 2000.  Included in the current nine months' earnings was $325,000 of
 non-recurring income resulting from the settlement of litigation and an
 insurance claim during the period.  The results for the nine-month period were
 also affected by increases in net interest income and other income, which
 increases were partially offset by increased operating expenses and income
 taxes.  Core earnings (which exclude the aforementioned non-recurring income
 and gain on sale of investments, net of tax) for the nine-month period ended
 March 31, 2001 increased slightly to $2,497,000 compared to $2,489,000 for the
 nine months ended March 31, 2000, while core diluted earnings per share
 increased 8.8% from $1.13 to $1.23 per share for the same period.
     For both the current three- and nine-month periods the improvement in
 earnings per share reflects in part the effect of fewer shares being
 outstanding as a result of the Company's stock buy-back program.
     At March 31, 2001, Laurel Capital Group, Inc. had total assets of
 $253.0 million, loans receivable of $173.8 million and total deposits of
 $199.6 million.  At March 31, 2001 stockholders' equity amounted to
 $25.7 million or $13.12 per share compared to $23.2 million or $11.62 per
 share at June 30, 2000.
     Laurel Capital Group, Inc., headquartered in Allison Park, Pennsylvania,
 is the holding company for Laurel Savings Bank.  Laurel Savings Bank is a
 113-year-old, Pennsylvania-chartered, FDIC-insured savings bank with
 six 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.
 
     This news release may contain forward-looking statements as defined in the
 Private Securities Litigation Reform Act of 1995.  Actual future results and
 trends could differ materially from those set forth in such statements due to
 various factors. Such factors include 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, 2001
                                                          Year-To-Date
         (Dollars in thousands, except per
          share data)                              For The Nine Months Ended:
         (*Unaudited)                              March 31,         March 31,
                                                       2001*             2000*
 
         Earnings
         Interest Income                            $13,876           $12,226
         Interest Expense                             7,781             6,279
            Net Interest Income Before
             Provision for
               Loan Losses                            6,095             5,947
         Provision for Loan Losses                       13                13
 
            Net Interest Income after
             Provision for
               Loan Losses                            6,082             5,934
 
         Net Gain on Sale of Investments
          (available for sale)                           58                 0
         Gain on Sale of Loans Held for
          Sale                                           10                11
         Other Income (1)                               607               592
         Non-Operating Income                           325                 0
         Operating Expenses (1)                       3,067             2,932
 
         Income before Income Taxes                   4,015             3,605
 
         Provision for Income Taxes                   1,257             1,116
 
         Net Income                                  $2,758            $2,489
 
         Core Net Income (2)                         $2,497            $2,489
 
         Profitability Ratios (annualized)
         Return on Average Assets                     1.43%             1.41%
         Return on Average Stockholders'
          Equity                                     15.11%            13.82%
         Yield on Earning Assets                      7.42%             7.16%
         Cost of Interest-Bearing Funds               4.76%             4.24%
         Average Interest Rate Spread                 2.66%             2.92%
         Net Interest Margin                          3.25%             3.47%
         Operating Expenses to Average
          Assets                                      1.59%             1.66%
         Efficiency Ratio (3)                        46.01%            44.23%
 
         Per Common Share Data
         Shares Outstanding                       1,956,451         2,053,802
         Average Shares Outstanding-Basic         1,965,188         2,130,553
         Average Shares Outstanding-
          Diluted                                 2,036,484         2,208,327
         Earnings Per Share -Basic                    $1.40             $1.17
         Earnings Per Share -Diluted                  $1.35             $1.13
         Core Earnings Per Share -Diluted
          (2)                                         $1.23             $1.13
         Cash Dividends Paid                          $0.51             $0.48
         Book Value (period end)                     $13.12            $11.45
         Market Value (period end)                  $16.125           $12.125
 
 
                           LAUREL CAPITAL GROUP, INC.
                      Selected Consolidated Financial Data
                                 March 31, 2001
 
                                                     Fiscal 2001
        (Dollars in thousands, except per
         share data)                          For The Three Months Ended:
                                              March    December     September
        (*Unaudited)                           31,        31,           30,
                                              2001*      2000*         2000*
 
        Earnings
        Interest Income                       $4,612      $4,674      $4,590
        Interest Expense                       2,549       2,679       2,553
           Net Interest Income Before
            Provision for
              Loan Losses                      2,063       1,995       2,037
        Provision for Loan Losses                  4           4           5
 
           Net Interest Income after
            Provision for
              Loan Losses                      2,059       1,991       2,032
 
        Net Gain on Sale of Investments
         (available for sale)                      0          53           5
        Gain on Sale of Loans Held for
         Sale                                      2           3           5
        Other Income (1)                         193         218         196
        Non-Operating Income                       0         325           0
        Operating Expenses (1)                 1,021       1,023       1,023
 
        Income before Income Taxes             1,233       1,567       1,215
 
        Provision for Income Taxes               374         511         372
 
        Net Income                              $859      $1,056        $843
 
        Core Net Income (2)                     $859        $801        $840
 
        Profitability Ratios (annualized)
        Return on Average Assets               1.34%       1.63%       1.32%
        Return on Average Stockholders'
         Equity                               13.59%      17.41%      14.38%
        Yield on Earning Assets                7.42%       7.42%       7.40%
        Cost of Interest-Bearing Funds         4.77%       4.84%       4.68%
        Average Interest Rate Spread           2.65%       2.58%       2.72%
        Net Interest Margin                    3.30%       3.17%       3.28%
        Operating Expenses to Average
         Assets                                1.59%       1.58%       1.60%
        Efficiency Ratio (3)                  44.51%      46.23%      45.77%
 
        Per Common Share Data
        Shares Outstanding                 1,956,451   1,955,429   1,962,881
        Average Shares Outstanding-Basic   1,955,568   1,958,449   1,978,530
        Average Shares Outstanding-
         Diluted                           2,032,514   2,025,440   2,046,301
        Earnings Per Share -Basic              $0.44       $0.54       $0.43
        Earnings Per Share -Diluted            $0.42       $0.52       $0.41
        Core Earnings Per Share -Diluted
         (2)                                   $0.42       $0.40       $0.41
        Cash Dividends Paid                    $0.17       $0.17       $0.17
        Book Value (period end)               $13.12      $12.73      $12.09
        Market Value (period end)            $16.125     $14.813     $14.250
 
 
                           LAUREL CAPITAL GROUP, INC.
                      Selected Consolidated Financial Data
                                 March 31, 2001
                                                        Fiscal 2000
        (Dollars in thousands, except per
         share data)                           For The Three Months Ended:
        (*Unaudited)                          June 30,   March 31, December 31,
                                                2000*       2000*      1999*
 
        Earnings
        Interest Income                        $4,384       $4,154      $4,053
        Interest Expense                        2,302        2,158       2,082
           Net Interest Income Before
            Provision for
              Loan Losses                       2,082        1,996       1,971
        Provision for Loan Losses                   5            4           4
 
           Net Interest Income after
            Provision for
              Loan Losses                       2,077        1,992       1,967
 
        Net Gain on Sale of Investments
         (available for sale)                       0            0           0
        Gain on Sale of Loans Held for
         Sale                                       1            0           4
        Other Income (1)                          236          199         197
        Non-Operating Income                        0            0           0
        Operating Expenses (1)                    987          934         998
 
        Income before Income Taxes              1,327        1,257       1,170
 
        Provision for Income Taxes                408          388         365
 
        Net Income                               $919         $869        $805
 
        Core Net Income (2)                      $919         $869        $805
 
        Profitability Ratios (annualized)
        Return on Average Assets                1.49%        1.46%       1.38%
        Return on Average Stockholders'
         Equity                                15.68%       14.70%      13.37%
        Yield on Earning Assets                 7.29%        7.22%       7.12%
        Cost of Interest-Bearing Funds          4.44%        4.36%       4.20%
        Average Interest Rate Spread            2.85%        2.86%       2.92%
        Net Interest Margin                     3.46%        3.45%       3.46%
        Operating Expenses to Average
         Assets                                 1.60%        1.57%       1.70%
        Efficiency Ratio (3)                   42.88%       42.55%      46.03%
 
        Per Common Share Data
        Shares Outstanding                  2,000,602    2,053,802   2,136,102
        Average Shares Outstanding-Basic    2,037,127    2,097,002   2,140,190
        Average Shares Outstanding-Diluted  2,100,288    2,164,871   2,217,133
        Earnings Per Share -Basic               $0.45        $0.41       $0.38
        Earnings Per Share -Diluted             $0.44        $0.40       $0.36
        Core Earnings Per Share -Diluted
         (2)                                    $0.44        $0.40       $0.36
        Cash Dividends Paid                     $0.16        $0.16       $0.16
        Book Value (period end)                $11.62       $11.45      $11.25
        Market Value (period end)             $13.250      $12.125     $15.000
 
       (1) Certain items previously reported have been reclassified to conform
           with the current year's reporting format.
       (2) Net income, excluding net gain on the sale of investments and non-
           operating income, net of taxes.
       (3) Total operating expenses (excluding net income or loss on real
           estate owned foreclosed) divided by total operating income
           (excluding gains on sale of assets available for sale).
 
       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, 2001
 
 
       (Dollars in thousands)                          Fiscal 2001
                                               March    December     September
        (*Unaudited)                            31,        31,           30,
                                               2001*      2000*         2000*
 
        Balance Sheet Data (As Of)
        Assets                               $253,032     $261,541    $257,104
 
        Mortgage Loans                        139,679      141,916     137,575
        Commercial Loans                        1,691        1,328       1,163
        Consumer Loans                         34,153       34,995      35,406
        Loans Receivable                      175,523      178,239     174,144
 
        Cash and Investment Securities         60,784       65,904      65,586
        Mortgage-Backed Securities             10,993       11,095      11,199
        Savings Deposits                      199,570      192,961     188,166
        FHLB Advances                          22,627       39,629      40,923
        Stockholders' Equity                   25,665       24,891      23,727
 
        Asset Quality (As Of)
        Non-performing Loans                     $674         $658        $354
        Non-performing Assets                     674          861         496
        Allowance for Loan Losses               1,764        1,759       1,764
        Net Loan Charge-Offs (Recoveries)          48           48          38
        Non-performing Loans to Total
         Loans, Net                             0.39%        0.37%       0.21%
        Allowance for Loan Losses/
           Total Loans                          1.00%        0.99%       1.01%
        Allowance for Loan Losses/
           Non-Performing Loans               261.72%      267.33%     498.31%
        Net Loan Charge-Offs/Avg Loans
         (Annualized)                         0.0274%      0.0276%     0.0221%
 
        Capital Ratios (As Of)
        Dividend Payout Ratio                  37.78%       36.56%      41.46%
        Average Equity to Average Assets        9.49%        9.29%       9.19%
        Core Capital - Tier I                   9.38%        9.34%       9.28%
        Risk-Based Capital -Tier I             16.96%       16.54%      16.41%
        Risk-Based Capital -Tier II            18.39%       17.74%      17.63%
        Leverage Multiple                       9.86x       10.51x      10.84x
 
        Other Data (As Of)
        Shareholders of Record                    434          442         450
        Number of Banking Offices                   6            6           6
 
 
                           LAUREL CAPITAL GROUP, INC.
                      Selected Consolidated Financial Data
                                 March 31, 2001
 
                                                                       Fiscal
       (Dollars in thousands)                Fiscal 2000                1999
                                June     March    December September
       (*Unaudited)              30,      31,       31,       30,      June 30,
                                2000     2000*     1999*     1999*     1999
 
       Balance Sheet Data (As
        Of)
       Assets                 $254,073  $243,217  $236,851  $232,873  $231,474
 
       Mortgage Loans          135,290   124,952   120,484   120,036   120,216
       Commercial Loans            919     1,266     1,362     1,361       941
       Consumer Loans           35,110    34,358    33,820    32,838    32,099
       Loans Receivable        171,319   160,576   155,666   154,235   153,256
 
       Cash and Investment
        Securities              65,514    65,402    63,766    60,574    60,099
       Mortgage-Backed
        Securities              11,344    11,692    11,989    12,740    12,940
       Savings Deposits        192,663   190,257   186,829   181,804   182,118
       FHLB Advances            33,424    24,425    22,427    23,128    20,028
       Stockholders' Equity     23,246    23,509    24,036    24,025    24,530
 
       Asset Quality (As Of)
       Non-performing Loans       $560      $586      $536      $566      $476
       Non-performing Assets       560       785     1,059       906       853
       Allowance for Loan
        Losses                   1,798     1,809     1,856     1,860     1,866
       Net Loan Charge-Offs
        (Recoveries)                86        70        19        11         4
       Non-performing Loans
        to Total Loans, Net      0.33%     0.37%     0.35%     0.37%     0.31%
       Allowance for Loan
        Losses/
          Total Loans            1.05%     1.13%     1.19%     1.21%     1.22%
       Allowance for Loan
        Losses/
          Non-Performing
           Loans               321.07%   308.70%   346.27%   328.62%   392.02%
       Net Loan Charge-
        Offs/Avg Loans
        (Annualized)           0.0338%   0.0459%   0.0124%   0.0072%   0.0026%
 
       Capital Ratios (As Of)
       Dividend Payout Ratio    36.36%    40.00%    43.84%    44.44%    44.12%
       Average Equity to
        Average Assets           9.47%     9.91%    10.40%    10.48%    10.84%
       Core Capital - Tier I     9.43%     9.89%    10.03%    10.13%    10.46%
       Risk-Based Capital -
        Tier I                  16.45%    17.50%    17.74%    18.22%    19.67%
       Risk-Based Capital -
        Tier II                 17.70%    18.75%    18.99%    19.47%    20.93%
       Leverage Multiple        10.93x    10.35x     9.85x     9.69x     9.44x
 
       Other Data (As Of)
       Shareholders of Record      458       462       474       466       475
       Number of Banking
        Offices                      6         6         6         6         6
 
 SOURCE  Laurel Capital Group, Inc.