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LAUREL SAVINGS ASSOCIATION ANNOUNCESRECORD FOURTH QUARTER AND YEAR-END RESULTS

 ALLISON PARK, Pa., Aug. 4 /PRNewswire/ -- Laurel Savings Association (NASDAQ: LARL) today reported record earnings for the year ended June 30, 1993.
 Net income for the period more than doubled to $2,340,000 or $3.64 per share as compared to $1,166,000 or $1.86 per share for the previous fiscal year. Net interest income before provision for loan losses increased 25.9 percent to $7,342,000 compared with $5,831,000 for fiscal 1992. At June 30, 1993, the association had total assets of $175,931,000 and stockholders' equity of $13,845,000 or $21.94 per share.
 For the three months ended June 30, 1993, Laurel Savings recorded an 83.7 percent increase in net income. Net income for the period was $722,000 or $1.12 per share compared to $393,000 or $0.62 per share during the final quarter of fiscal 1992. These results represent the sixth consecutive quarter of record net income for Laurel Savings. Net interest income before provision for loan losses rose 15.2 percent to $1,921,000 as compared to $1,668,000 for the fourth quarter of last year.
 Edwin R. Maus, president and chief executive officer, stated, "Laurel Savings completed another outstanding year. The association achieved record results in a challenging environment, substantially increasing stockholder value. In fiscal 1993 Laurel Savings recorded four consecutive quarters of record net income; achieved record-setting returns on average assets (1.35 percent) and average equity (18.45 percent); paid its 23rd consecutive cash dividend and experienced a 15.9 percent increase in the stock price."
 Maus continued, "We are well-prepared for the future. By maintaining flexibility in our balance sheet, continuing to fortify the loan loss reserve, and staying in close touch with our core constituencies, we believe that we will be able to continue our strong performance throughout fiscal 1994, barring any unexpected changes in the interest rate or economic environment."
 Laurel Savings Association is a 106-year-old, Pennsylvania-chartered, SAIF-insured savings association conducting business through six full-service offices in Allegheny and Butler counties.
 LAUREL SAVINGS ASSOCIATION AND SUBSIDIARY
 Selected data for the three months ended June 30, 1993 and 1992
 (Unaudited)
 In thousands, except per share data
 Period ended 1993 1992
 Interest Income $ 3,547 $ 3,721
 Interest Expense 1,626 2,053
 Net Interest Income before
 Provision for Loan Losses 1,921 1,668
 Provision for Loan Losses 75 189
 Net Interest Income after
 Provision for Loan Losses 1,846 1,479
 Net gain (loss) on sale of Investments
 and Mortgage-Backed Securities 2 23
 Other Income 180 129
 Operating Expenses 889 919
 Income before Income Taxes 1,139 712
 Provision for Income Taxes 417 319
 Net Income 722 393
 Net Income per Share $1.12 $0.62
 Weighted Average Shares Used to
 Calculate Earnings Per Share 643,185 626,387
 LAUREL SAVINGS ASSOCIATION AND SUBSIDIARY
 Selected data for the years ended June 30, 1993 and 1992
 In thousands, except per share data
 Period ended 1993 1992
 Interest Income $ 14,400 $ 14,947
 Interest Expense 7,058 9,116
 Net Interest Income before
 Provision for Loan Losses 7,342 5,831
 Provision for Loan Losses 385 718
 Net Interest Income after
 Provision for Loan Losses 6,957 5,113
 Net gain (loss) on sale of Investments
 and Mortgage-Backed Securities 32 25
 Other Income 590 470
 Operating Expenses 3,653 3,530
 Income before Income Taxes 3,926 2,078
 Provision for Income Taxes 1,586 912
 Net Income 2,340 1,166
 Net Income per Share $3.64 $1.86
 Weighted Average Shares Used to
 Calculate Earnings Per Share 643,185 626,387
 -0- 8/4/93
 /CONTACT: Edwin R. Maus, president of Laurel Savings Association, 412-487-7404/
 (LARL)


CO: Laurel Savings Association ST: Pennsylvania IN: FIN SU: ERN

KC-SB -- PG012 -- 9577 08/04/93 17:34 EDT
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Publication:PR Newswire
Date:Aug 4, 1993
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