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                       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

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                    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




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                                   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






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