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LAUREL SAVINGS ASSOCIATION ANNOUNCES RECORD FIRST QUARTER EARNINGS

 LAUREL SAVINGS ASSOCIATION ANNOUNCES RECORD FIRST QUARTER EARNINGS
 ALLISON PARK, Pa., Oct. 21 /PRNewswire/ -- Laurel Savings Association (NASDAQ: LARL) today reported record earnings for the three months ended Sept. 30, 1992.
 Net income for the period rose 184 percent to $523,000 or $0.83 per share compared to $184,000 or $0.30 per share for the first quarter of fiscal 1992. Income per share for the 1991 period has been adjusted to reflect the effect of the 5-for-4 stock split in August 1992. Net interest income before provision for loan losses increased 38 percent to $1,728,000 compared to $1,249,000 in the same period last year.
 These results represent the third consecutive quarter of record net income and the eighth consecutive quarter of record net interest income for Laurel Savings. At Sept. 30, 1992, the association had total assets of $171,348,000 and stockholders' equity of $12,147,000 or $19.37 per share.
 Edwin R. Maus, president and chief executive officer, stated, "We are extremely pleased with the results for this quarter. The association's performance reflects the benefit of improved net interest margins, a 25 percent jump in other income, and the ongoing containment of operating expenses." Maus continued, "Fiscal 1993 should be another excellent year for Laurel Savings. We are confident that our strategic focus on strengthening core earnings, controlling expenses and improving asset quality will continue to yield benefits to our stockholders."
 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 for the three months ended Sept. 30, 1992 and 1991
 (in thousands, except per share data)
 1992 1991
 Interest income $ 3,676 $ 3,754
 Interest expense 1,948 2,505
 Net interest income before
 provision for loan losses 1,728 1,249
 Provision for loan losses 120 155
 Net interest income after
 provision for loan losses 1,608 1,094
 Net gain on sale of
 investments & mortgage-
 backed securities 8 13
 Other income 142 107
 Operating expenses 845 856
 Income before income taxes 913 358
 Provision for income taxes 390 174
 Net income 523 184
 Net income per share $0.83 $0.30
 Weighted average shares
 used to calculate earnings
 per share 627,246 613,333
 -0- 10/21/92
 /CONTACT: Edwin R. Maus, president of Laurel Savings, 412-487-7400/
 (LARL) CO: Laurel Savings Association ST: Pennsylvania IN: FIN SU: ERN


CD-LM -- PG020 -- 3168 10/21/92 17:43 EDT
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Date:Oct 21, 1992
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