Local Financial Corporation Announces Second Quarter Earnings Gain
OKLAHOMA CITY, July 27 /PRNewswire/ -- Local Financial Corporation
(Nasdaq: LFIN), holding company for Local Oklahoma Bank, today announced
strong results for its second quarter which ended June 30, and for the year to
date. The Company reported second quarter net income of $5.5 million or $0.27
basic earnings per share, which represents an increase of 23% over the same
period of 1998. During the first six months of 1999, Local earned $10.7
million or $0.52 basic earnings per share, up 21% over the first half of 1998.
Results were positively affected by the continued strength of the
Company's lending program, with both commercial and consumer loan growth
exceeding expectations. Local Oklahoma Bank's conversion to a National Bank
Charter during the second quarter further enhanced its commercial lending
capabilities.
Edward A. Townsend, Chairman and CEO of Local Financial, said, "We are
pleased to report that 1999 is proceeding as a very good year for the Company.
We are excited about the pending acquisition of Guthrie Federal Savings Bank
which is expected to close during the fourth quarter. In addition, we have
recently opened a new Operations Center in Oklahoma City which will improve
our service to all of the Bank's deposit customers." |
