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Previous: COHEN & STEERS TOTAL RETURN REALTY FUND INC, NSAR-B, 2000-02-23 |
Next: CHROMATICS COLOR SCIENCES INTERNATIONAL INC, S-3, 2000-02-23 |
<PAGE> 1
Securities and Exchange Commission
WASHINGTON, D. C. 20549
FORM 10-Q/A
[X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the Quarterly Period Ended: December 31, 1999
or
[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the Transition period from to
---------------- ----------------
Commission File Number: 0-23101
LAUREL CAPITAL GROUP, INC.
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Pennsylvania 25-1717451
- ------------------------------- -------------------
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
2724 Harts Run Road
Allison Park, Pennsylvania 15101
- --------------------------------------- ----------
(Address of principal executive office) (Zip Code)
Registrant's telephone number including area code: (412) 487-7404
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports) and (2) has been subject to such filing
requirements for the past 90 days. YES X NO
--- ---
The number of shares outstanding for each of the issuer's classes of common
stock, as of the latest practicable date is:
Class: Common stock, par value $.01 per share
Outstanding at February 1, 2000: 2,133,602 shares
<PAGE> 2
LAUREL CAPITAL GROUP, INC. AND SUBSIDIARY
Consolidated Statements of Operations
(Unaudited)
For the Three and Six Months Ended December 31, 1999 and 1998
(In thousands, except per share data)
<TABLE>
<CAPTION>
Three months ended Six months ended
December 31, December 31,
------------------- ------------------
1999 1998 1999 1998
------ ------ ------ ------
<S> <C> <C> <C> <C>
Interest Income:
Loans $2,928 $2,960 $5,836 $5,962
Mortgage-backed securities 206 200 424 410
Investments 899 613 1,767 1,273
Interest-earning deposits 20 111 45 212
------ ------ ------ ------
Total interest income 4,053 3,884 8,072 7,857
Interest expense:
Savings deposits 1,794 1,784 3,561 3,592
Borrowings 288 238 560 472
------ ------ ------ ------
Total interest expense 2,082 2,022 4,121 4,064
------ ------ ------ ------
Net interest income before provision
for loan losses 1,971 1,862 3,951 3,793
Provision for loan losses 4 5 9 9
------ ------ ------ ------
Net interest income after provision
for loan losses 1,967 1,857 3,942 3,784
------ ------ ------ ------
Other income:
Service charges 137 150 272 303
Net gain on sale of investments and
mortgage-backed securities available for sale -- 159 -- 225
Gain on the sale of loans held for sale 4 6 11 14
Other operating income 60 47 121 99
------ ------ ------ ------
Total other income 201 362 404 641
------ ------ ------ ------
Operating expenses:
Compensation, payroll taxes and
fringe benefits 470 433 934 902
Premises and occupancy costs 137 111 288 233
Federal insurance premiums 27 26 53 52
Net loss on real estate owned 0 12 40 16
Data processing expense 52 59 104 109
Professional fees 75 49 115 133
Other operating expenses 237 263 464 472
------ ------ ------ ------
Total operating expenses 998 953 1,998 1,917
------ ------ ------ ------
Income before income taxes 1,170 1,266 2,348 2,508
------ ------ ------ ------
Provision for income taxes:
Federal 309 355 613 707
State 56 86 115 171
------ ------ ------ ------
Total income taxes 365 441 728 878
------ ------ ------ ------
Net income $ 805 $ 825 $1,620 $1,630
====== ====== ====== ======
Earnings per share
Basic $ 0.38 $ 0.38 $ 0.75 $ 0.74
====== ====== ====== ======
Diluted $ 0.36 $ 0.36 $ 0.73 $ 0.71
====== ====== ====== ======
Dividends per share $ 0.16 $ 0.15 $ 0.32 $ 0.30
====== ====== ====== ======
</TABLE>
SEE ACCOMPANYING NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
-2-
<PAGE> 3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized
LAUREL CAPITAL GROUP, INC.
/s/ Edwin R. Maus
- -------------------------------------
Edwin R. Maus
President and Chief Executive Officer
/s/ John A. Howard, Jr.
- -------------------------------------
John A. Howard, Jr.
Senior Vice President and
Chief Financial Officer
Date: February 23, 2000
-3-
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