First Bell Bancorp (FBBC) 8-K Financial statements and exhibits

Exhibit 99.1

NEWS

RELEASE

FOR IMMEDIATE RELEASE

CONTACT: ALBERT H. ECKERT, II PRESIDENT AND CEO PHONE: (412) 734-2700

FIRST BELL BANCORP, INC., ANNOUNCES

FIRST QUARTER 2003 EARNINGS

Wilmington, Delaware, April 18, 2003—First Bell Bancorp, Inc. (NASDAQ—“FBBC”), today reported net income of $1,792,000 or $0.43 per share for the quarter ended March 31, 2003, in comparison to $1,975,000 or $0.47 per share for the quarter ended March 31, 2002. Net income for the quarter ended March 31, 2003 includes non-recurring expenses of $144,000 or $0.03 per share related to the merger of First Bell Bancorp, Inc. and Northwest Bancorp, Inc. Earnings per share amounts are based on diluted shares. The return on average equity was 9.62% for the first quarter of 2003 in comparison to 11.47% for the prior year.

Total consolidated assets at March 31, 2003 were $905.7 million compared to $892.9 million at December 31, 2002 representing a $12.8 million or 1.4% increase. Total deposits increased from $586.7 million at December 31, 2002 to $598.9 million at March 31, 2003. Stockholders’ equity as of March 31, 2003 was $74.2 million representing a book value per share of $16.36.

Total non-performing assets were $1.8 million or 0.20% of total assets as of March 31, 2003 in comparison to $1.1 million or 0.13% of total assets as of March 31, 2002. The reserve for loan losses was $925,000 or 52.0% of non-performing assets as of the end of the current quarter.

First Bell Bancorp, Inc. is the holding company of Bell Federal Savings and Loan Association of Bellevue, which operates 7 full service offices in the greater Pittsburgh metropolitan area. Additional information on First Bell Bancorp, Inc. can be found on the world wide web at www.bellfederalsavings.com.

FIRST BELL BANCORP, INC.

CONSOLIDATED STATEMENT OF INCOME

(unaudited)

(in thousands except per share amounts)

	THREE MONTHS ENDED MARCH 31, 2003			THREE MONTHS ENDED MARCH 31, 2002
Interest income:
Conventional mortgage loans	$	5,321		$	7,493
Interest-bearing deposits		107			151
Mortgage-backed securities		1,713			599
Federal funds sold		41			28
Investment securities		2,976			2,945
Other loans		4			11
Federal Home Loan Bank stock		98			116
Total interest income		10,260			11,343
Interest expense on deposits		4,456			5,519
Interest expense on borrowings		3,084			3,022
Total interest expense		7,540			8,541
Net interest income		2,720			2,802
Provision for loan losses		0			0
Net interest income after provision for loan losses		2,720			2,802
Other income:
Loan fees and service charges		355			301
Gains on sale of investments		2			0
Other income		257			262
Total other income		614			563
General and administrative expenses:
Compensation, payroll taxes and fringe benefits		925			585
Office occupancy expense, excluding depreciation		162			146
Depreciation		77			76
Computer services		87			82
Other expenses		373			329
Total general and administrative expenses		1,624			1,218
Net income before taxes		1,710			2,147
Provision for income taxes:
Current:
Federal		299			1,171
State		81			107
Deferred (credit)		(462	)		(1,106	)
Total provision for income taxes		(82	)		172
Net income	$	1,792		$	1,975
Basic earnings per share	$	0.46		$	0.48
Diluted earnings per share	$	0.43		$	0.47
Weighted average shares outstanding-Basic		3,931			4,122
Weighted average shares outstanding-Diluted		4,134			4,225

FIRST BELL BANCORP, INC.

SELECTED BALANCES AND FINANCIAL RATIOS

(unaudited)

(in thousands except per share amounts)

AVERAGE BALANCES	AS OF MARCH 31, 2003			AS OF MARCH 31, 2002
Loans, Net		314,915			425,999
Mortgage-Backed Securities		174,628			58,618
Other Investment Securities		300,304			283,193
Other Earning Assets		69,576			54,878
Total Earning Assets		859,423			822,688
Total Assets		897,611			862,977
Total Deposits		590,246			564,620
Borrowings		221,750			213,417
Advances by Borrower for Taxes and Insurance		7,981			11,194
Total Interest-Bearing Liabilities		819,977			789,231
Total Stockholders’ Equity		74,544			68,876
PERIOD END BALANCES AND RATIOS
Loans, Net		297,509			415,413
Reserve for Loan Losses		925			925
Mortgage-Backed Securities		217,824			62,715
Total Assets		905,741			872,328
Total Stockholders’ Equity		74,197			68,628
Deposits		598,940			573,302
Borrowings		220,500			213,000
Shares Outstanding		4,536			4,774
FTE Staff		52			50
Non-Accrual Loans		1,779			1,116
Other Real Estate Owned		0			0
Nonperforming Assets		1,779			1,116
Book Value Per Share	$	16.36		$	14.37
Period Ending Share Price	$	26.23		$	15.55
Nonperforming assets to total assets		0.20	%		0.13	%
Nonperforming loans to total loans		0.60	%		0.27	%
Allowance for possible loan losses to total loans		0.31	%		0.22	%
Allowance for possible loan losses to nonperforming assets		0.52	x		0.83	x
Number of:
Depositor accounts		50,501			53,727
Full-service customer service facilities		7			7
OTHER SELECTED RATIOS	THREE MONTHS ENDED MARCH 31, 2003			THREE MONTHS ENDED MARCH 31, 2002
Diluted Earnings Per Share	$	0.43		$	0.47
Return on average equity (1)		9.62	%		11.47	%
Return on average assets (1)		0.80	%		0.92	%
Net yield on average interest earning assets (1)		1.27	%		1.36	%
Other expenses to average assets (1)		0.72	%		0.56	%
Net interest income to other expenses		1.67	x		2.30	x
Average shareholders’ equity to avg. total assets		8.30	%		7.98	%
Average interest earning assets to average interest bearing liabilities		1.05	x		1.04	x
Efficiency ratio		48.71	%		36.20	%
Dividend payout ratio		37.95	%		27.80	%

(1) annualized rates