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LAUREL SAVINGS ASSOCIATION ANNOUNCES 173 PERCENT JUMP IN THIRD QUARTER INCOME

 LAUREL SAVINGS ASSOCIATION ANNOUNCES
 173 PERCENT JUMP IN THIRD QUARTER INCOME
 ALLISON PARK, Pa., April 22 /PRNewswire/ -- Laurel Savings Association (NASDAQ: LARL) today reported record earnings for the third fiscal quarter ended March 31, 1992.
 Net income for the period was $361,000 or $.72 per share vs. $132,000 or $.27 per share for the third fiscal quarter last year. Net interest income before provision for loan losses rose 35 percent to $1,559,000 compared with $1,157,000 in the third quarter of fiscal 1991. This represents the sixth consecutive quarter of record net interest income for Laurel Savings. At March 31, 1992, the association had total assets of $171,752,780 and stockholders' equity of $11,222,283 or $22.77 per share.
 For the nine months ended March 31, 1992, Laurel Savings recorded an 84 percent increase in net income. Net income for the first nine months of fiscal 1992 was $773,000 or $1.56 per share compared with $419,000 or $.85 per share in the same period last year. Net interest income before provision for loan losses rose 22 percent to $4,163,000 vs. $3,411,000 for the comparable period last year.
 Edwin R. Maus, president and chief executive officer, stated, "Our performance for both the quarter and year-to-date reflects the impact of a very favorable interest rate environment. The association's improving asset quality was also a contributor to our improved operating performance." Maus continued, "Fiscal 1992 continues to look like an outstanding year for Laurel Savings."
 Laurel Savings Association is a 105-year-old, Pennsylvania-chartered SAIF-insured savings association conducting business through six offices in Allegheny and Butler counties.
 LAUREL SAVINGS ASSOCIATION AND SUBSIDIARIES
 (Unaudited; in thousands, except per-share data)
 Nine months ended March 31 1992 1991
 Interest income $11,226 $11,311
 Interest expense 7,063 7,900
 Net interest income before provision
 for loan losses 4,163 3,411
 Provision for loan losses 529 464
 Net interest income after provision
 for loan losses 3,634 2,947
 Gain (loss) on investments and
 mortgage backed securities 2 22
 Other income 341 362
 Operating expenses 2,611 2,522
 Income before income taxes 1,366 809
 Provision for income taxes 593 390
 Net income 773 419
 Net income per share $1.56 $.85
 Weighted average shares used to
 calculate earnings per share 494,832 490,914
 Three months ended March 31 1992 1991
 Interest income $3,751 $3,756
 Interest expense 2,192 2,599
 Net interest income before provision
 for loan losses 1,559 1,157
 Provision for loan losses 195 154
 Net interest income after provision
 for loan losses 1,364 1,003
 Gain (loss) on investments and
 mortgage backed securities (11) 12
 Other income 131 124
 Operating expenses 847 900
 Income before income taxes 637 239
 Provision for income taxes 276 107
 Net income 361 132
 Net income per share $.72 $.27
 Weighted average shares used to
 calculate earnings per share 501,475 490,914
 -0- 4/22/92
 /CONTACT: Edwin R. Maus, president of Laurel Savings Association, 412-487-7400/
 (LARL) CO: Laurel Savings Association ST: Pennsylvania IN: FIN SU: ERN


MP-KA -- PG014 -- 1166 04/22/92 10:37 EDT
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Publication:PR Newswire
Date:Apr 22, 1992
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