FLPB Leesport Financial (MM)

WYOMISSING, Pa., Jan. 23 /PRNewswire-FirstCall/ -- Leesport Financial Corp. (NASDAQ:FLPB) reported net income for the twelve months ended December 31, 2006 was $9,153,000, a 4.8% increase over net income of $8,731,000 for the same period in 2005. Net income for the quarter ended December 31, 2006 was $2,276,000, a 5.3% decrease over net income of $2,403,000 for the same period in 2005. Total revenue for the twelve months ended December 31, 2006 was $82,835,000 as compared to $74,518,000 for the same period in 2005, an 11.2% increase. Total revenue for the quarter ended December 31, 2006 was $21,688,000 as compared to $19,902,000 for the same period in 2005, a 9.0% increase. Robert D. Davis, President and Chief Executive Officer of Leesport Financial Corp., said, "While we recognized severance charges, stock-based compensation, and startup costs for our new commercial banking team which impacted our 4th quarter earnings, we nevertheless are pleased with the continuing improvement in the year over year earnings of the Company and look forward to continued growth. "Our annual earnings growth provides further validation of our diversified financial services strategy," said Davis. "With over 40% of our revenue derived through fees and commissions generated from our banking, insurance and wealth management businesses, we are unique within the financial services industry. "Our fourth quarter results reflect committing over $.01 in EPS related to the hiring of a new senior commercial banking team. These experienced Relationship Managers joined our Madison Bank division in December of last year, and are a reflection of our strategic commitment to expanding our presence in the Philadelphia suburban market. We expect the incremental revenues associated with this new team to be fully accretive to our shareholders this calendar year." Included in the operating results for the twelve months ended December 31, 2006 were severance costs of approximately $594,000 resulting from the departure of the Company's Chief Lending Officer and other internal departmental restructuring associated with the Company's corporate-wide reorganization plan. In addition to these severance costs, included in net income for the twelve months ended December 31, 2006 were approximately $95,000 in costs associated with closing a retail branch office. Included in the operating results for the twelve months ended December 31, 2005 were severance costs of approximately $445,000 associated with the departure of the Company's Chairman, President and Chief Executive Officer. Included in the operating results for the quarter ended December 31, 2006 were severance costs of approximately $144,000 resulting from the departure of the Company's Chief Lending Officer and other internal departmental restructuring associated with the Company's corporate-wide reorganization plan. Excluding the above-mentioned severance and branch closing costs, the net income and earnings per share results for the periods indicated were: For the Twelve For the Three Months Ended Months Ended (unaudited) (unaudited) December December December December 31, 31, 31, 31, 2006 2005 2006 2005 Reported Net Income $9,153 $8,731 $2,276 $2,403 Charges: Branch Closing 95 - - - Severance Costs 594 445 144 - Total Charges 689 445 144 - Income tax effect 234 151 49 - Net Impact of Charges 455 294 95 - Net Income Adjusted $9,608 $9,025 $2,371 $2,403 Increase (decrease) From December 31, 2005 6.5% -1.3% Basic Earnings Per Share $1.71 $1.65 * $0.42 $0.45 * Adjusted Earnings Per Share 1.80 1.71 * 0.44 0.45 * Diluted Earnings Per Share $1.70 $1.63 * $0.42 $0.45 * Adjusted Diluted Earnings Per Share 1.78 1.69 * 0.44 0.45 * * References to per-share amounts reflect the 5% stock dividend distributed to shareholders on June 15, 2006. Net Interest Income For the twelve months ended December 31, 2006, net interest income before the provision for loan losses increased 5.8% to $32,096,000 compared to $30,334,000 for the same period in 2005. The increase in net interest income for the twelve months resulted from a 21.6% increase in total interest income to $61,617,000 from $50,653,000 and a 45.3% increase in total interest expense to $29,521,000 from $20,319,000. For the three months ended December 31, 2006, net interest income before the provision for loan losses increased 1.9% to $8,112,000 compared to $7,960,000 for the same period in 2005. The increase in net interest income for the three months resulted from a 19.7% increase in total interest income to $16,499,000 from $13,785,000 and a 44.0% increase in total interest expense to $8,387,000 from $5,825,000. The increase in total interest income resulted from an increase in average earning assets for the twelve and three months ended December 31, 2006 of $75,147,000 and $81,220,000, respectively, due to strong growth in commercial loans and higher interest rates over the same period in 2005. The increase in total interest expense for the twelve months ended December 31, 2006 resulted primarily from an increase in average interest- bearing deposits of $63,695,000 due to organic deposit growth and higher interest rates over the same period in 2005. The increase in total interest expense for the three months ended December 31, 2006 resulted primarily from an increase in average short-term borrowings and securities sold under agreements to repurchase of $28,433,000 and higher interest rates over the same period in 2005. For the twelve months ended December 31, 2006, the net interest margin on a fully taxable equivalent basis was 3.71% as compared to 3.82% for the same period in 2005. For the three months ended December 31, 2006, the net interest margin on a fully taxable equivalent basis was 3.59% as compared to 3.85% for the same period in 2005. The decrease in net interest margin for the three- and twelve-months periods ended December 31, 2006 was due mainly to higher cost of wholesale funds fueled by increases in short-term interest rates over the same periods in 2005 offset by strong organic commercial loan growth and a disciplined approach to deposit pricing. Net interest income after the provision for loan losses for the twelve and three months ended December 31, 2006 was $31,012,000 and $7,753,000, respectively, as compared to $28,874,000 and $7,710,000, respectively, for the same periods in 2005, an increase of 7.4% and 0.6%, respectively. The provision for loan losses for the twelve months ended December 31, 2006 was $1,084,000 compared to $1,460,000 for the same period in 2005. The provision for loan losses for the three months ended December 31, 2006 was $359,000 compared to $250,000 for the same period in 2005. Comparing December 31, 2005 to December 31, 2006, the decrease in the provision is due primarily to a decrease in total non-performing loans of $1,922,000 or 30.4%. The decrease in total non-performing loans is primarily attributable to a decrease in non- accrual loans and loans past due 90 days or more. As of December 31, 2006, the allowance for loan losses was $7,611,000 compared to $7,619,000 as of December 31, 2005, a decrease of 0.1%. Management continues to evaluate and classify the credit quality of the loan portfolio utilizing qualitative and quantitative internal loan review protocol and has determined that the current allowance for loan losses is adequate. Non-Interest Income Total non-interest income for the twelve months ended December 31, 2006 decreased 11.1% to $21,218,000 compared to $23,865,000 for the same period in 2005. Total non-interest income for the three months ended December 31, 2006 decreased 15.2% to $5,189,000 compared to $6,117,000 for the same period in 2005. Net securities gains were $515,000 for the twelve months ended December 31, 2006 compared to $371,000 for the same period in 2005. Net securities gains were $241,000 for the three months ended December 31, 2006 compared to $128,000 for the same period in 2005. These gains are primarily from the planned sales of equity portfolio holdings. For the twelve months ended December 31, 2006, revenue from commissions and fees from insurance sales decreased 3.1% to $11,269,000 compared to $11,634,000 for the same period in 2005. For the three months ended December 31, 2006, revenue from commissions and fees from insurance sales increased 0.9% to $2,752,000 compared to $2,727,000 for the same period in 2005. The decrease for the twelve months ended December 31, 2006 is mainly attributed to lower contingency income on insurance products offered through Essick & Barr, LLC, a wholly owned subsidiary of the Company. For the twelve months ended December 31, 2006, revenue from mortgage banking activity decreased to $3,574,000 from $5,379,000, or 33.6%, for the same period in 2005. For the three months ended December 31, 2006, revenue from mortgage banking activity decreased to $740,000 from $1,335,000, or 44.6%, for the same period in 2005. The decrease was primarily due to the reduction of the gain realized on a declining volume of loans sold into the secondary mortgage market. The Company operates its mortgage banking activities through Philadelphia Financial Mortgage Company, a division of Leesport Bank. For the twelve months ended December 31, 2006, revenue from brokerage and investment advisory commissions and fee activity decreased to $721,000 from $998,000, or 27.8%, for the same period in 2005. For the three months ended December 31, 2006, revenue from brokerage and investment advisory commissions and fee activity decreased to $158,000 from $341,000, or 53.7%, for the same period in 2005. The decrease is due primarily to a decrease in investment advisory service activity offered through Madison Financial Advisors, LLC, a wholly owned subsidiary of the Company. For the twelve months ended December 31, 2006, service charges on deposits increased to $2,689,000 from $2,687,000, or 0.1%, for the same period in 2005. The increase for the twelve months is due primarily to organic growth in deposits. For the three months ended December 31, 2006, service charges on deposits decreased to $677,000 from $710,000, or 4.6%, for the same period in 2005. The decrease for the three months is due primarily to lower core deposit balances. For the twelve months ended December 31, 2006, earnings on investment in life insurance increased to $560,000 from $443,000, or 26.4%, for the same period in 2005. The increase is due primarily to the purchase of $5 million additional bank owned life insurance ("BOLI"). For the twelve months ended December 31, 2006, other income including gain on sales of loans decreased to $1,890,000 from $2,353,000, or 19.68%, for the same period in 2005. For the three months ended December 31, 2006, other income including gain on sale of loans decreased to $448,000 from $834,000, or 46.28%, for the same period in 2005. The decrease for the twelve and three months is due primarily to a decrease in gains on sales of SBA and USDA loans. Non-Interest Expense Total non-interest expense for the twelve months ended December 31, 2006 decreased 2.5% to $40,238,000 compared to $41,281,000 for the same period in 2005. Total non-interest expense for the three months ended December 31, 2006 decreased 5.9% to $9,971,000 compared to $10,592,000 for the same period in 2005. Salaries and benefits were $22,142,000 for the twelve months ended December 31, 2006, a decrease of 4.1% compared to $23,090,000 for the same period in 2005. Salaries and benefits were $5,475,000 for the three months ended December 31, 2006, a decrease of 5.7% compared to $5,803,000 for the same period in 2005. Included in salaries and benefits for the twelve months ended December 31, 2006 and 2005 were severance costs mentioned earlier of $594,000 and $445,000, respectively. Included in salaries and benefits for the twelve and three months ended December 31, 2006 was stock-based compensation cost of $245,000 and $123,000, respectively. The overall decrease in salaries and benefits for the comparative twelve- and three-month periods is primarily attributed to a reduction in staff as a result of the Company's corporate-wide reorganization plan, as well as a decrease in commissions paid on both mortgage origination activity through Philadelphia Financial Mortgage Company and investment advisory activity through Madison Financial Advisors. Total commissions paid for the twelve months ended December 31, 2006 and 2005 were $2,324,000 and $3,638,000, respectively. Total commissions paid for the three months ended December 31, 2006 and 2005 were $577,000 and $989,000, respectively. For the twelve months ended December 31, 2006, occupancy expense and furniture and equipment expense increased to $7,106,000 from $6,989,000, or 1.7%, for the same period in 2005. The increase is due primarily to costs associated with building repairs and maintenance. For the three months ended December 31, 2006, occupancy expense and furniture and equipment expense decreased to $1,695,000 from $1,797,000, or 5.7%, for the same period in 2005. The decrease is due primarily to a reduction in building lease expense. Income Tax Expense Income tax expense for the twelve months ended December 31, 2006 was $2,839,000, a 4.1% increase as compared to income tax expense of $2,727,000 for the twelve months ended December 31, 2005. Income tax expense for the three months ended December 31, 2006 was $695,000, a 16.5% decrease as compared to income tax expense of $832,000 for the three months ended December 31, 2005. The effective income tax rate for the twelve months ended December 31, 2006 and 2005 was 23.7% and 23.8%, respectively. The effective income tax rate for the three months ended December 31, 2006 and 2005 was 23.4% and 25.7%, respectively. The decrease in the effective income tax rate for the twelve- and three-month periods is due primarily to tax exempt income remaining relatively flat while income before income taxes increased. Earnings Per Share Diluted earnings per share for the twelve months ended December 31, 2006 were $1.70 on average shares outstanding of 5,387,258, a 4.3% increase as compared to diluted earnings per share of $1.63 on average shares outstanding of 5,353,891 for the twelve months ended December 31, 2005. Diluted earnings per share for the three months ended December 31, 2006 were $0.42 on average shares outstanding of 5,412,663, a 6.7% decrease as compared to diluted earnings per share of $0.45 on average shares outstanding of 5,374,044 for the three months ended December 31, 2005. Share amounts and per share amounts reflect a 5% stock dividend distributed to shareholders on June 15, 2006. Assets, Liabilities and Equity Total assets as of December 31, 2006 were $1,041,632,000, an increase of 7.9% compared to December 31, 2005. Total loans as of December 31, 2006 increased $110,539,000 to $764,783,000, and total deposits increased $43,109,000 to $702,839,000, respectively, compared to December 31, 2005. Total loan and total deposit balances had increases of 16.9% and 6.5%, respectively. Commercial loan balances as of December 31, 2006 increased 23.8% compared to December 31, 2005. Total borrowings as of December 31, 2006 were $212,742,000, an increase of 7.0% as compared to December 31, 2005. Shareholders' equity increased as of December 31, 2006 to $102,130,000 from $94,756,000 at December 31, 2005, an increase of 7.8%. Included in shareholders' equity is an unrealized loss position on available for sale securities, net of taxes, at December 31, 2006 of $2,526,000 compared to an unrealized loss position on available for sale securities, net of taxes, of $3,143,000 at December 31, 2005. Leesport Financial Corp. is a diversified financial services company headquartered in Wyomissing, PA, offering banking, insurance (Insurance products offered through Essick & Barr, LLC), investments (Securities offered through UVEST Financial Services, a registered independent broker/dealer, Member NASD/SIPC), wealth management, equipment leasing, and title insurance services throughout Southeastern Pennsylvania. This release may contain forward-looking statements with respect to the Company's beliefs, plans, objectives, goals, expectations, anticipations, estimates, and intentions that are subject to significant risks and uncertainties, and are subject to change based on various factors, some of which are beyond the Company's control. The Company does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company. LEESPORT FINANCIAL CORP. CONSOLIDATED SELECTED FINANCIAL DATA (Dollar amounts in thousands, except per share data) Quarter Ended Balances December 31, December 31, 2006 2005 (unaudited) Assets Investment securities and interest bearing cash $168,048 $188,782 Mortgage loans held for sale 5,582 16,556 Loans: Commercial loans 592,026 478,301 Consumer loans 132,685 134,069 Mortgage loans 40,072 38,454 Other - 3,420 Total loans $764,783 $654,244 Earning assets $938,413 $859,582 Total assets 1,041,632 965,752 Liabilities and shareholders' equity Deposits: Non-interest bearing deposits 108,549 115,978 NOW, money market and savings 290,857 284,402 Time deposits 303,433 259,350 Total deposits $702,839 $659,730 Federal funds purchased $82,105 $66,230 Securities sold under agreements to repurchase 90,987 69,455 Long-term debt 19,500 43,000 Junior subordinated debt 20,150 20,150 Shareholders' equity $102,130 $94,756 Actual shares outstanding 5,386,355 5,314,561 * Book value per share $18.96 $17.83 * Asset Quality Data For the Year Ended December 31, December 31, 2006 2005 (unaudited) Non-accrual loans $3,989 $5,567 Loans past due 90 days or more 93 606 Renegotiated troubled debt 319 150 Total non-performing loans 4,401 6,323 Other real estate owned 858 87 Total non-performing assets $5,259 $6,410 Loans outstanding at end of period $764,783 $654,244 Allowance for loan losses 7,611 7,619 Net charge-offs to average loans (annualized) 0.16% 0.18% Allowance for loan losses as a percent of total loans 1.00% 1.16% Allowance for loan losses as percent of total non-performing loans 172.94% 120.50% * References to share amounts and per-share amounts reflect the 5% stock dividend distributed to shareholders on June 15, 2006. LEESPORT FINANCIAL CORP. CONSOLIDATED SELECTED FINANCIAL DATA (Dollar amounts in thousands) Average Balances Average Balances For the Three For the Twelve Months Ended Months Ended (unaudited) (unaudited) December December December December 31, 31, 31, 31, 2006 2005 2006 2005 Assets Investment securities and interest bearing cash $170,858 $186,688 $180,258 $183,720 Mortgage loans held for sale 4,449 14,622 8,450 14,562 Loans: Commercial loans 574,204 467,434 527,848 448,164 Consumer loans 135,199 135,688 135,508 129,466 Mortgage loans 39,856 38,584 39,434 40,244 Other - 330 - 195 Total loans $749,259 $642,036 $702,790 $618,069 Earning assets $924,566 $843,346 $891,498 $816,351 Goodwill and intangible assets 43,428 44,088 43,665 44,173 Total assets 1,026,863 945,836 993,563 917,699 Liabilities and shareholders' equity Deposits: Non-interest bearing deposits 106,734 110,545 111,759 111,525 NOW, money market and savings 294,933 283,779 290,921 277,700 Time deposits 302,066 243,860 288,644 238,404 Total deposits $703,733 $638,184 $691,324 $627,629 Short term borrowings $78,785 $65,005 $67,192 $59,611 Securities sold under agreements to repurchase 86,868 72,215 71,809 56,005 Long-term debt 23,239 43,000 34,038 50,214 Junior subordinated debt 20,150 20,150 20,150 20,150 Shareholders' equity $101,102 $95,102 $97,549 $93,263 LEESPORT FINANCIAL CORP. CONSOLIDATED SELECTED FINANCIAL DATA (Dollar amounts in thousands, except per share data) For the Three Months For the Twelve Months Ended Ended (unaudited) (unaudited) December December December December 31, 31, 31, 31, 2006 2005 2006 2005 Interest income $16,499 $13,785 $61,617 $50,653 Interest expense 8,387 5,825 29,521 20,319 Net interest income 8,112 7,960 32,096 30,334 Provision for loan losses 359 250 1,084 1,460 Net Interest Income after provision for loan losses 7,753 7,710 31,012 28,874 Securities gains, net 241 128 515 371 Commissions and fees from insurance sales 2,752 2,727 11,269 11,634 Mortgage banking activities 740 1,335 3,574 5,379 Brokerage and investment advisory commissions and fees 158 341 721 998 Service charges on deposits 677 710 2,689 2,687 Earnings on investment in life insurance 173 42 560 443 Other income 448 834 1,890 2,353 Total non-interest income 5,189 6,117 21,218 23,865 Salaries and employee benefits 5,475 5,803 22,142 23,090 Occupancy expense 1,071 1,126 4,465 4,466 Furniture and equipment expense 624 671 2,641 2,523 Other operating expense 2,801 2,992 10,990 11,202 Total non-interest expense 9,971 10,592 40,238 41,281 Income before income taxes 2,971 3,235 11,992 11,458 Income taxes 695 832 2,839 2,727 Net income $2,276 $2,403 $9,153 $8,731 Per Share Data: Basic average shares outstanding 5,369,135 5,323,428 * 5,342,348 5,291,466 * Diluted average shares outstanding 5,412,663 5,374,044 * 5,387,258 5,353,891 * Basic earnings per share $0.42 $0.45 * $1.71 $1.65 * Diluted earnings per share 0.42 0.45 * 1.70 1.63 * Cash dividends per share 0.19 0.17 * 0.73 0.67 * Profitability Ratios: Return on average assets 0.88% 1.01% 0.92% 0.95% Return on average shareholders' equity 8.93% 10.02% 9.38% 9.36% Return on average tangible equity (equity less goodwill and intangible assets) 15.66% 18.69% 16.99% 17.79% Net interest margin (fully taxable equivalent) 3.59% 3.85% 3.71% 3.82% Effective tax rate 23.39% 25.72% 23.67% 23.80% * References to share amounts and per-share amounts reflect the 5% stock dividend distributed to shareholders on June 15, 2006. LEESPORT FINANCIAL CORP. UNAUDITED CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except share data) December December 31, 31, 2006 2005 Assets Cash and due from banks $21,084 $29,063 Interest-bearing deposits in banks 751 68 Total cash and cash equivalents 21,835 29,131 Mortgage loans held for sale 5,582 16,556 Securities available for sale 164,180 182,541 Securities held to maturity 3,117 6,173 Loans, net of allowance for loan losses 12/2006 - $7,611; 12/2005 - $7,619 757,172 646,625 Premises and equipment, net 6,941 7,811 Identifiable intangible assets 4,514 5,150 Goodwill 39,189 38,814 Bank owned life insurance 17,190 11,703 Other assets 21,912 21,248 Total assets $1,041,632 $965,752 Liabilities And Shareholders' Equity Liabilities Deposits: Non-interest bearing $108,549 $115,978 Interest bearing 594,290 543,752 Total deposits 702,839 659,730 Securities sold under agreements to repurchase 90,987 69,455 Federal funds purchased 82,105 66,230 Long-term debt 19,500 43,000 Junior subordinated debt 20,150 20,150 Other liabilities 23,921 12,431 Total liabilities 939,502 870,996 Shareholders' Equity Common stock, $5.00 par value; Authorized 20,000,000 shares; 5,454,589 shares issued at December 31, 2006 and 5,111,178 shares issued at December 31, 2005 27,273 25,556 Surplus 58,733 52,581 Retained earnings 20,302 20,790 Accumulated other comprehensive loss (2,526) (3,143) Treasury stock; 68,234 shares at December 31, 2006 and 49,691 shares at December 31, 2005, at cost (1,652) (1,028) Total shareholders' equity 102,130 94,756 Total liabilities and shareholders' equity $1,041,632 $965,752 SELECTED HIGHLIGHTS Cash Dividends Declared 4th Qtr. 2005 $0.17 * 1st Qtr. 2006 $0.17 * 2nd Qtr. 2006 $0.18 3rd Qtr. 2006 $0.19 4th Qtr. 2006 $0.19 Common Stock (FLPB) Quarterly Closing Price 12/31/2005 $22.86 * 03/31/2006 $24.74 * 06/30/2006 $23.00 09/30/2006 $22.78 12/31/2006 $23.91 * References to share amounts and per-share amounts reflect the 5% stock dividend distributed to shareholders on June 15, 2006. LEESPORT FINANCIAL CORP. UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (Amounts in thousands, except per share data) Three Months Ended Year Ended December 31, December 31, 2006 2005 2006 2005 Interest Income Interest and fees on loans $14,449 $11,700 $52,971 $42,646 Interest on securities: Taxable 1,728 1,783 7,202 6,697 Tax-exempt 156 183 790 723 Dividend income 160 139 636 566 Other interest income 6 (20) 18 21 Total interest income 16,499 13,785 61,617 50,653 Interest Expense Interest on deposits 5,665 3,815 20,141 13,525 Interest on short-term borrowings 1,077 704 3,507 2,118 Interest on securities sold under agreements to repurchase 929 524 2,847 1,487 Interest on long-term debt 200 371 1,174 1,642 Interest on junior subordinated debt 516 411 1,852 1,547 Total interest expense 8,387 5,825 29,521 20,319 Net interest income 8,112 7,960 32,096 30,334 Provision for loan losses 359 250 1,084 1,460 Net interest income after provision for loan losses 7,753 7,710 31,012 28,874 Other income: Customer service fees 677 710 2,689 2,687 Mortgage banking activities, net 740 1,335 3,574 5,379 Commissions and fees from insurance sales 2,752 2,727 11,269 11,634 Broker and investment advisory commissions and fees 158 341 721 998 Earnings on investment in life insurance 173 42 560 443 Gain on sale of loans 70 275 102 676 Gain on sales of securities 241 128 515 371 Other income 378 559 1,788 1,677 Total other income 5,189 6,117 21,218 23,865 Other expense: Salaries and employee benefits 5,475 5,803 22,142 23,090 Occupancy expense 1,071 1,126 4,465 4,466 Furniture and equipment expense 624 671 2,641 2,523 Marketing and advertising expense 347 377 1,354 1,577 Identifiable intangible amortization 157 160 636 640 Professional services 356 630 1,257 1,728 Outside processing expense 801 745 2,981 2,741 Insurance expense 51 163 500 630 Other expense 1,089 917 4,262 3,886 Total other expense 9,971 10,592 40,238 41,281 Income before income taxes 2,971 3,235 11,992 11,458 Income taxes 695 832 2,839 2,727 Net income $2,276 $2,403 $9,153 $8,731 Per Share Data Average shares outstanding 5,369,135 5,323,428 * 5,342,348 5,291,466 * Basic earnings per share $0.42 $0.45 * $1.71 $1.65 * Average shares outstanding for diluted earnings per share 5,412,663 5,374,044 * 5,387,258 5,353,891 * Diluted earnings per share $0.42 $0.45 * $1.70 $1.63 * Cash dividends declared per share $0.19 $0.17 * $0.73 $0.67 * * References to share amounts and per-share amounts reflect the 5% stock dividend distributed to shareholders on June 15, 2006. DATASOURCE: Leesport Financial Corp. CONTACT: Edward C. Barrett, Chief Financial Officer, Leesport Financial Corp., +1-610-478-9922 x251, Web site: http://www.leesportfc.com/

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