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LAUREL SAVINGS ASSOCIATION ANNOUNCES RECORD FOURTH QUARTER AND YEAR-END EARNINGS

 LAUREL SAVINGS ASSOCIATION ANNOUNCES
 RECORD FOURTH QUARTER AND YEAR-END EARNINGS
 ALLISON PARK, Pa., Aug. 17 /PRNewswire/ -- Laurel Savings Association (NASDAQ: LARL) today reported record earnings for the year ended June 30, 1992.
 Net income for the period jumped over 103 percent to $1,166,000 or $2.33 per share as compared to $572,000 or $1.16 per share for the previous fiscal year. Net interest income before provision for loan losses rose 27 percent to $5,831,000 compared with $4,585,000 in fiscal 1991. At June 30, 1992, the association had total assets of $173,039,353 and stockholders' equity of $11,656,000 or $23.31 per share.
 For the three months ended June 30, 1992, Laurel Savings recorded a 157 percent increase in net income. Net income for the fourth quarter of fiscal 1992 was $393,000 or $0.78 per share compared with $153,000 or $0.31 per share in the same period last year. Net interest income before provision for loan losses rose 42 percent to $1,668,000 as compared to $1,174,000 for the comparable period last year. This represents the seventh consecutive quarter of record net interest income for Laurel Savings.
 Edwin R. Maus, president and chief executive officer, stated, "Fiscal 1992 was an outstanding year for Laurel Savings. The association's results reflect the culmination of a well-defined management strategy to build core earnings, fortify the loan loss reserve and improve asset quality. Concurrent with that strategy, we restructured our board of directors and added management expertise in key operating areas." Maus continued, "As a result of these actions we believe we have significantly enhanced stockholder value. At June 30, 1992, the market price per share of Laurel Savings' stock had risen 46 percent from June 30, 1991, and the book value per share had increased 8.4 percent. Furthermore, during fiscal 1992 the quarterly cash dividend was increased 23.0 percent. In addition, following the close of the current fiscal year, we announced a 5-for-4 stock split. We have continued our goal of building investment value for our stockholders while at the same time ensuring a sound financial institution for our customers."
 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)
 Period Ended Three Months 12 Months
 June 30 1992 1991 1992 1991
 (Unaudited)
 Interest income $3,721 $3,747 $14,947 $15,058
 Interest expense 2,053 2,573 9,116 10,473
 Net int. inc. bef. prov.
 for loan losses 1,668 1,174 5,831 4,585
 Prov. for loan losses 189 254 718 718
 Net int. inc. after prov.
 for loan losses 1,479 920 5,113 3,867
 Net gain on sale of
 investments and mortgage-
 backed securities 23 -- 25 33
 Other income 129 177 470 528
 Operating expenses 919 805 3,530 3,327
 Income before income taxes 712 292 2,078 1,101
 Provision for income taxes 319 139 912 529
 Net income 393 153 1,166 572
 Net income per share $0.78 $0.31 $2.33 $1.16
 Weighted average shares
 used to calculate
 earnings per share 500,717 491,372 500,717 491,372
 -0- 8/17/92
 /CONTACT: Edwin R. Maus, president of Laurel Savings Association, 412-487-7400/
 (LARL) CO: Laurel Savings Association ST: Pennsylvania IN: FIN SU: ERN


DM-KK -- PG007 -- 0686 08/17/92 17:11 EDT
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Date:Aug 17, 1992
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