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LAUREL SAVINGS ASSOCIATION RECORDS 133 PERCENT INCREASE IN SECOND QUARTER NET INCOME

 ALLISON PARK, Pa., Jan. 15 /PRNewswire/ -- Laurel Savings Association (NASDAQ: LARL) today reported record earnings for the three months ended Dec. 31, 1992.
 Net income for the period rose 133 percent to $532,000 or $0.83 per share compared to $228,000 or $0.37 per share for the second quarter of fiscal 1992. Income per share for the fiscal 1992 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 37 percent to $1,859,000 for the second quarter of fiscal 1993 compared to $1,355,000 in the same period last year. These results represent the fourth consecutive quarter of record net income and the ninth consecutive quarter of record net interest income for Laurel Savings.
 For the six months ended Dec. 31, 1992, the association recorded a 156 percent increase in net income to $1,055,000 or $1.65 per share compared to net income of $412,000 or $0.67 per share in the first half of fiscal 1992. Net interest income for the six month period rose 38 percent to $3,587,000 compared to $2,604,000 in the first half of last year. At Dec. 31, 1992, the association had total assets of $172,696,000 and stockholders' equity of $12,629,000 or $20.13 per share.
 Edwin R. Maus, president and chief executive officer, stated, "Fiscal 1993 is proving so far to be another excellent year for Laurel Savings. The association continued to benefit from improved net interest margins, a 30 percent rise in non-interest income, and ongoing control over operating expenses." Maus continued, "Our core business philosophy of maintaining the net interest margin, providing adequate reserves against loan losses and controlling expenses has laid the groundwork for continued growth and an increasing return 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 SUBSIDIARY


Selected data for the three months ended Dec. 31, 1992 and 1991
 (Unaudited)
 In thousands, except per share data
 1992 1991
 Interest income $3,635 $3,721
 Interest expense 1,776 2,366
 Net interest income before
 provision for loan losses 1,859 1,355
 Provision for loan losses 100 179
 Net interest income after
 provision for loan losses 1,759 1,176
 Net gain on sale of investments
 & mortgage-backed securities 4 --
 Other income 134 103
 Operating expenses 967 908
 Income before income taxes 930 371
 Provision for income taxes 398 143
 Net income 532 228
 Net income per share $0.83 $0.37
 Weighted average shares used to
 calculate earnings per share 639,168 611,562
 LAUREL SAVINGS ASSOCIATION AND SUBSIDIARY
 Selected data for the six months ended Dec. 31, 1992 and 1991
 (Unaudited)
 In thousands, except per share data
 1992 1991
 Interest income $7,311 $7,475
 Interest expense 3,724 4,871
 Net interest income before
 provision for loan losses 3,587 2,604
 Provision for loan losses 220 334
 Net interest income after
 provision for loan losses 3,367 2,270
 Net gain on sale of investments
 & mortgage-backed securities 12 13
 Other income 276 210
 Operating expenses 1,812 1,764
 Income before income taxes 1,843 729
 Provision for income taxes 788 317
 Net income 1,055 412
 Net income per share $1.65 $0.67
 Weighted average shares used to
 calculate earnings per share 639,168 611,562
 -0- 1/15/93
 /CONTACT: Edwin R. Maus, president of Laurel Savings, 412-487-7400/
 (LARL)


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

CD-EF -- PG019 -- 5591 01/15/93 17:58 EST
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Date:Jan 15, 1993
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