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LAUREL SAVINGS ASSOCIATION ANNOUNCES 57 PERCENT JUMP IN SECOND QUARTER INCOME

 LAUREL SAVINGS ASSOCIATION ANNOUNCES 57 PERCENT JUMP
 IN SECOND QUARTER INCOME
 ALLISON PARK, Pa., Jan. 22 /PRNewswire/ -- Laurel Savings Association (NASDAQ: LARL) today reported a 57 percent increase in net income for the second fiscal quarter ended Dec. 31, 1991.
 Net income for the period was $228,000 or $0.46 per share vs. $145,000 or $0.30 per share for the second fiscal quarter last year. Net interest income before provision for loan losses rose 18 percent to $1,355,000 compared with $1,148,000 in the second quarter of fiscal 1991. This represents the fifth consecutive quarter of record net interest income for Laurel Savings and the highest quarterly net income in three years. At Dec. 31, 1991, the association had total assets of $167.3 million and stockholders' equity of $10.9 million or $22.48 per share.
 For the six months ended Dec. 31, 1991, Laurel Savings recorded a 44 percent increase in net income. Net income for the first half of fiscal 1992 was $412,000 or $0.83 per share compared with $287,000 or $0.58 per share in first half of last year. Net interest income before provision for loan losses rose 16 percent to $2,604,000 vs. $2,254,000 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. We anticipate strong earnings to continue for the remaining two quarters of fiscal 1992."
 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
 Selected Data
 (In thousands, except per share data; unaudited)
 Period Ended Three Months Six Months
 Dec. 31 1991 1990 1991 1990
 Interest income $3,721 $3,789 $7,475 $7,555
 Interest expense 2,366 2,641 4,871 5,301
 Net interest income before
 provision for loan losses 1,355 1,148 2,604 2,254
 Provision for loan losses 179 133 334 310
 Net interest income after
 provision for loan losses 1,176 1,015 2,270 1,944
 Gain on sale of investments -- 4 13 9
 Other income 103 124 210 239
 Operating expenses 908 857 1,764 1,622
 Income before income taxes 371 286 729 570
 Provision for income taxes 143 141 317 283
 Net income 228 145 412 287
 Net income per share $0.46 $0.30 $0.83 $0.58
 Weighted average shares used
 to calculate earnings per
 share 491,578 489,250 491,471 489,250
 -0- 1/22/92
 /CONTACT: Edwin R. Maus, president and CEO of Laurel Savings, 412-487-7400/
 (LARL) CO: Laurel Savings Association ST: Pennsylvania IN: FIN SU: ERN


DM -- PG010 -- 2523 01/22/92 17:22 EST
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Publication:PR Newswire
Date:Jan 22, 1992
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