Parkvale Financial Corporation, Monroeville, PA (Nasdaq: PVSA), Announces 5.2% Earnings Increase for the Third Quarter of Fiscal 2001

Apr 19, 2001, 01:00 ET from Parkvale Financial Corporation

    MONROEVILLE, Pa., April 19 /PRNewswire/ --
 Parkvale Financial Corporation (Nasdaq:   PVSA) reported net income for the
 quarter ended March 31, 2001 of $3.6 million or $0.61 per diluted share, up
 5.2% on a per share basis, from net income of $3.4 million or $0.58 per
 diluted share for the quarter ended March 31, 2000.  The $163,000 increase in
 net income reflects increased net interest income of $185,000 and increased
 fee income of $308,000, which are partially offset by an increase in
 non-interest expense of $325,000.
     Net income for the nine months ended March 31, 2001 was $10.5 million or
 $1.82 per diluted share, up 6.7%, or 11.0% on a per share basis, from net
 income of $9.8 million or $1.64 per diluted share for the nine months ended
 March 31, 2000.  The $655,000 growth in net income is attributable to
 increased net interest income of $1.1 million and increased fee income of
 $621,000, which are partially offset by an increase in non-interest expense of
 $1.0 million.  Net interest income for the nine months ended March 31, 2001
 increased to $27.0 million from $25.9 million for the nine months ended
 March 31, 2000.  The higher percentage increase in earnings per share was the
 result of fewer outstanding shares in the current quarter due to an ongoing
 stock repurchase program.  Return on average equity remained constant at 16.4%
 for the nine months ended March 2001 and March 2000.
     Parkvale Financial Corporation is the parent of Parkvale Bank, which has
 33 offices in the Greater Pittsburgh area.  The Bank had assets of
 $1.3 billion on March 31, 2001.
 
 
                         PARKVALE FINANCIAL CORPORATION
                 CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
                      (In Thousands except per share data)
                                  (Unaudited)
 
                                 Three months ended        Nine months ended
                                      March 31,                March 31,
                                   2001        2000          2001      2000
 
     Total interest income       $23,849     $21,426       $69,732   $62,779
     Total interest expense       14,773      12,535        42,734    36,896
       Net interest income         9,076       8,891        26,998    25,883
     Provision for loan losses        86          59           242       147
     Net interest income after
      provision for losses         8,990       8,832        26,756    25,736
     Gain on sale of assets            0           0             0         0
     Total non-interest income     1,183         875         3,274     2,653
     Total non-interest expense    4,725       4,400        13,906    12,873
       Income before income taxes  5,448       5,307        16,124    15,516
     Income tax expense            1,898       1,920         5,645     5,692
     Net income                   $3,550      $3,387       $10,479    $9,824
     Earnings per diluted share    $0.61       $0.58         $1.82     $1.64
     Cash dividends per share      $0.18       $0.18         $0.54     $0.54
 
 
                            SELECTED FINANCIAL DATA
                      (In Thousands except per share data)
 
                                  March 31,         June 30,      March 31,
                                     2001            2000           2000
 
     Total assets                 $1,347,037      $1,250,986    $1,229,699
     Savings deposits              1,120,156       1,080,096     1,073,448
     Total loans, net              1,091,076       1,034,369     1,019,771
     Loan loss reserves               13,462          13,368        13,372
     Non-performing assets             4,396           3,784         4,028
     Ratio of classified assets
      to total assets                  0.33%           0.30%         0.33%
     Allowance for loan losses
      as a % of gross loans            1.22%           1.27%         1.29%
     Total stockholders' equity      $93,054         $84,266       $83,031
     Book value per share              16.33           14.75         14.39
 
 
                              OTHER SELECTED DATA
 
                                     Three months ended     Nine months ended
                                          March 31,             March 31,
                                         2001     2000         2001     2000
 
     Average interest rate spread       2.55%    2.81%        2.62%    2.71%
     Return on average assets           1.08%    1.11%        1.09%    1.08%
     Return on average equity          16.16%   16.93%       16.39%   16.44%
     Non-interest expense to
      average assets                    1.43%    1.44%        1.45%    1.42%
 
 

SOURCE Parkvale Financial Corporation
    MONROEVILLE, Pa., April 19 /PRNewswire/ --
 Parkvale Financial Corporation (Nasdaq:   PVSA) reported net income for the
 quarter ended March 31, 2001 of $3.6 million or $0.61 per diluted share, up
 5.2% on a per share basis, from net income of $3.4 million or $0.58 per
 diluted share for the quarter ended March 31, 2000.  The $163,000 increase in
 net income reflects increased net interest income of $185,000 and increased
 fee income of $308,000, which are partially offset by an increase in
 non-interest expense of $325,000.
     Net income for the nine months ended March 31, 2001 was $10.5 million or
 $1.82 per diluted share, up 6.7%, or 11.0% on a per share basis, from net
 income of $9.8 million or $1.64 per diluted share for the nine months ended
 March 31, 2000.  The $655,000 growth in net income is attributable to
 increased net interest income of $1.1 million and increased fee income of
 $621,000, which are partially offset by an increase in non-interest expense of
 $1.0 million.  Net interest income for the nine months ended March 31, 2001
 increased to $27.0 million from $25.9 million for the nine months ended
 March 31, 2000.  The higher percentage increase in earnings per share was the
 result of fewer outstanding shares in the current quarter due to an ongoing
 stock repurchase program.  Return on average equity remained constant at 16.4%
 for the nine months ended March 2001 and March 2000.
     Parkvale Financial Corporation is the parent of Parkvale Bank, which has
 33 offices in the Greater Pittsburgh area.  The Bank had assets of
 $1.3 billion on March 31, 2001.
 
 
                         PARKVALE FINANCIAL CORPORATION
                 CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
                      (In Thousands except per share data)
                                  (Unaudited)
 
                                 Three months ended        Nine months ended
                                      March 31,                March 31,
                                   2001        2000          2001      2000
 
     Total interest income       $23,849     $21,426       $69,732   $62,779
     Total interest expense       14,773      12,535        42,734    36,896
       Net interest income         9,076       8,891        26,998    25,883
     Provision for loan losses        86          59           242       147
     Net interest income after
      provision for losses         8,990       8,832        26,756    25,736
     Gain on sale of assets            0           0             0         0
     Total non-interest income     1,183         875         3,274     2,653
     Total non-interest expense    4,725       4,400        13,906    12,873
       Income before income taxes  5,448       5,307        16,124    15,516
     Income tax expense            1,898       1,920         5,645     5,692
     Net income                   $3,550      $3,387       $10,479    $9,824
     Earnings per diluted share    $0.61       $0.58         $1.82     $1.64
     Cash dividends per share      $0.18       $0.18         $0.54     $0.54
 
 
                            SELECTED FINANCIAL DATA
                      (In Thousands except per share data)
 
                                  March 31,         June 30,      March 31,
                                     2001            2000           2000
 
     Total assets                 $1,347,037      $1,250,986    $1,229,699
     Savings deposits              1,120,156       1,080,096     1,073,448
     Total loans, net              1,091,076       1,034,369     1,019,771
     Loan loss reserves               13,462          13,368        13,372
     Non-performing assets             4,396           3,784         4,028
     Ratio of classified assets
      to total assets                  0.33%           0.30%         0.33%
     Allowance for loan losses
      as a % of gross loans            1.22%           1.27%         1.29%
     Total stockholders' equity      $93,054         $84,266       $83,031
     Book value per share              16.33           14.75         14.39
 
 
                              OTHER SELECTED DATA
 
                                     Three months ended     Nine months ended
                                          March 31,             March 31,
                                         2001     2000         2001     2000
 
     Average interest rate spread       2.55%    2.81%        2.62%    2.71%
     Return on average assets           1.08%    1.11%        1.09%    1.08%
     Return on average equity          16.16%   16.93%       16.39%   16.44%
     Non-interest expense to
      average assets                    1.43%    1.44%        1.45%    1.42%
 
 SOURCE  Parkvale Financial Corporation