beat the street by .02. .22 vs ext .20
Local Financial Corporation Reports 2nd Quarter Profits
OKLAHOMA CITY, July 22 /PRNewswire/ -- Local Financial Corporation (Amex: LO), holding company for Local Federal Bank and Local America Bank, reported a change in fiscal year-end moving from June 30 fiscal year-end to December 31 calendar year-end. Net income for the 2nd calendar quarter ended June 30, 1998 was $4.5 million, $0.22 basic earnings per share (based on 20,537,209 average shares) compared to a net loss of $8.0 million for the same period one year ago ($0.54 loss per share based on 15,400,000 equivalent number of shares). Earnings for the June quarter remained stable in comparison to the March quarter earnings of $4.2 million, $0.21 basic earnings per share (based on 20,109,302 average shares).
The earning announcement comes approximately five weeks after the Company announced its plans to acquire BankSouth Corporation, a Lawton, Oklahoma bank holding company, with $157 million in deposits. The acquisition of BankSouth will add 5 branch offices in Lawton, Oklahoma, the third largest market in the state, and one branch in Norman, Oklahoma.
Chairman and CEO Edward A. Townsend stated "Local Financial Corporation intends to continue its efforts to increase franchise value and will be evaluating further strategic acquisition opportunities to further that goal." Mr. Townsend has been instrumental in implementing the new operating strategy of the Company since coming to Local Financial in September 1997 as part of a group of investors led by the Townsend Investment Group who raised $277 million in a Private Placement to redeem the shares held by the prior owners and recapitalize the 90-year-old institution. As part of its efforts to refocus operations within Oklahoma, management intends to increase the level of loan origination and deposit gathering activities within the state.
For any questions please contact Richard L. Park, 405-841-2298. |
